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Nifty slips into the red; PSU OMCs slide

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The Sensex was almost flat while the Nifty slipped into negative terrain in mid-afternoon trade. At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 12.82 points or 0.03% at 39,059.16. The Nifty 50 index was down 11.55 points or 0.10% at 11,680.00.

The S&P BSE Mid-Cap index was down 0.77%. The S&P BSE Small-Cap index was down 1.29%.

The market breadth was tilted towards the sellers. On the BSE, 632 shares rose and 1846 shares fell. A total of 119 shares were unchanged.

Blue Star gained 2.98%. The company announced that the it has received an order from Mumbai Metro Rail Corporation (MMRCL) for design, manufacture, supply, installation, testing and commissioning of tunnel ventilation and air conditioning system. The order is approximately valued at Rs 253 crore. The order is subject to the definitive agreements between the Company and MMRCL.

IT stock were trading lower. Oracle Financial Services Software (down 1.83%), Wipro (down 1.28%), Tech Mahindra (down 1.03%), HCL Technologies (down 0.60%), Persistent Systems (down 0.43%), MindTree (down 0.18%) and Infosys (down 0.13%), declined. While, TCS (up 0.07%), Mphasis (up 0.20%) and Hexaware Technologies (up 1.24%), advanced.

Shares of public sector oil marketing companies (PSU OMCs) declined as Brent crude oil price increased. Hindustan Petroleum Corporation (down 3.02%), Indian Oil Corporation (down 2.73%) and Bharat Petroleum Corporation (down 2.10%), declined.

In the commodities market, Brent crude for August 2019 settlement was up 22 cents at $62.36 a barrel. The contract rose $1.20, or 1.96% to settle at $62.14 a barrel during the previous trading session on hopes of a US-China trade deal and potential economic stimulus from the European Central Bank (ECB).

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 69.77, compared with its close of 69.70 during the previous trading session.

Overseas, European shares were trading lower ahead of a much-anticipated US Federal Reserve decision on interest rates. The US Fed kicked off its two-day monetary policy meeting yesterday. The Fed is expected to leave borrowing costs unchanged this time but possibly lay the groundwork for a rate cut later this year.

Asian stocks were trading higher on Wednesday. President Donald Trump on Tuesday announced plans on Twitter for an "extended meeting" with Chinese President Xi Jinping at next week's G-20 summit, sparking hopes of a resolution to the ongoing trade war between the two nations. The US and China.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 19 2019. 14:28 IST