Key benchmark indices cut losses in morning trade after seeing a lower opening on negative Asian stocks. At 10:23 IST, the barometer index, the S&P BSE Sensex, was down 52.23 points or 0.15% at 34,959.42. The Nifty 50 index was down 18 points or 0.17% at 10,535. The Sensex was trading below the psychological 35,000 level after sliding below that level in early trade.
Domestic stocks drifted lower in early trade on negative Asian stocks with the Sensex sliding below the psychological 35,000 level.
The S&P BSE Mid-Cap index was up 0.25%. The S&P BSE Small-Cap index was up 0.28%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1190 shares rose and 808 shares fell. A total of 110 shares were unchanged.
Overseas, Asian stocks fell amid concern over whether trade tensions with China can be mended. US stocks declined on Friday, 2 November 2018 as investors assessed whether the US and China will be able to ease trade tensions.
Back home, Axis Bank (up 3.39%), Tata Steel (up 1.53%), State Bank of India (up 1.47%), Maruti Suzuki India (up 1.03%) and Vedanta (up 0.78%) edged higher from the Sensex pack.
NTPC (down 3.1%), IndusInd Bank (down 2.1%) and Power Grid Corporation of India (down 1.89%) edged lower from the Sensex pack.
Laurus Labs fell 0.18%. Laurus Labs announced that it successfully completed the US Food and Drug Administration (USFDA) inspection of its unit-6 API intermediate facility with one observation, which is related to a procedure, on 2 November 2018. The manufacturing facility unit-6 is located at Atchutapuram in Visakhapatnam, Andhra Pradesh and has 42 reactors with 253 kilo-liters capacity. The announcement was made after market hours on Friday, 2 November 2018.
KEC International lost 3.22%. KEC International said it signed a share purchase agreement (SPA) with Adani Transmission for selling its entire stake in KEC Bikaner Sikar Transmission at an enterprise value of approximately Rs 227.5 crore, subject to regulatory and other approvals. KEC Bikaner Sikar Transmission is having an operational transmission line of 344 ckt. kms in Rajasthan from Bikaner to Sikar. This sale is in line with KEC's strategy to focus on its core EPC business. The result was announced on Saturday, 3 November 2018.
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