Fresh selling in index pivotals pulled the key benchmark indices to day's low in mid-morning trade. At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 376.16 points or 1.03% at 36,055.48. The Nifty 50 index was down 119.55 points or 1.09% at 10,832.15. Realty stocks fell. Negative Asian stocks weighed on the local stocks.
Domestic stocks turned positive soon after opening lower on negative Asian stocks. Volatility ruled the roost as the key benchmark indices dropped in morning trade.
The S&P BSE Mid-Cap index was off 0.87%. The S&P BSE Small-Cap index was off 0.57%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 730 shares rose and 1459 shares fell. A total of 127 shares were unchanged.
Realty stocks fell. DLF (down 1.11%), Housing Development and Infrastructure (down 2%), D B Realty (down 1.23%), Unitech (down 0.49%), Sobha (down 3.33%), Godrej Properties (down 0.28%) and Oberoi Realty (down 2.8%) declined. Prestige Estates Projects (up 1.32%) and Indiabulls Real Estate (up 1.03%) rose.
Indian Hume Pipe Company rose 3.71%. Indian Hume Pipe Company said it has received letter of acceptance for the work of Rs 502.89 crore (excluding GST) from Andhra Pradesh Drinking Water Supply Corporation (APDWSC), Vijayawada, Andhra Pradesh for the work of construction of drinking water supply projects in Guntur District. The project is to be completed within 24 months. The announcement was made after market hours yesterday, 20 December 2018.
New Delhi Television hit an upper circuit limit of 10% to Rs 39.25. NDTV Convergence has struck a five-year deal with Taboola, the world's largest content discovery platform. The deal ties NDTV Convergence exclusively to Taboola and involves a minimum guarantee of more than Rs 300 crore for NDTV Convergence. The announcement was made before trading hours today, 21 December 2018.
Overseas, Asian stock markets declined Friday as US stocks dropped overnight. US stocks closed sharply lower Thursday with investors rattled after the Federal Reserve's interest-rate policy and fresh concerns of a partial government shutdown undercut buying appetite.
Meanwhile, fears over a potential partial government shutdown intensified after reports that President Donald Trump told House Republicans he would refuse to sign an appropriations bill passed by the Senate that would avert a shutdown, unless both houses of Congress agree to appropriate $5 billion in extra funds for expansion of the US southern border wall.
On the macro front, the Federal Reserve Bank of Philadelphia released the results of its monthly regional survey of manufacturers, with the index showing a reading of 9.4, down from 12.9 in November.
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