Key equity market barometers trimmed losses after hitting fresh intraday low in afternoon trade. The Nifty was trading below the 11,900 level. At 13:21 IST the barometer index, the S&P BSE Sensex, was down 244.40 points or 0.56% at 40,348.01. The Nifty 50 index was down 70.30 points or 0.59% at 11,897.50.
In the broader market, the S&P BSE Mid-Cap index was down 0.56%. The S&P BSE Small-Cap index was down 0.26%.
The market breadth was negative. On the BSE, 993 shares rose and 1331 shares fell. A total of 162 shares were unchanged. In Nifty 50 index, 19 stocks advanced while 31 stocks declined.
Buzzing Index:
The Nifty Metal index was up 0.63% to 2,485.90, reversing losses acquired in the previous session.
Jindal Steel & Power (up 4.37%), Hindustan Copper (up 1.41%), Steel Authority of India (up 1.24%), Tata Steel (up 1.12%), JSW Steel (up 0.84%), Vedanta (up 0.83%), National Aluminium Company (up 0.73%), Hindalco Industries (up 0.45%) and Hindustan Zinc (up 0.02%) advanced. NMDC was down 0.4%.
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Stocks in Spotlight:
Zee Entertainment Enterprises (up 4.19%), Eicher Motors (up 2.08%), ONGC (up 1.98%), NTPC (up 1.86%) and Power Grid Corporation of India (up 1.78%) advanced.
Bharti Infratel (down 5.85%), Infosys (down 3.04%), Tech Mahindra (down 2.55%), TCS (down 2.37%) and HCL Technologies (down 1.99%) declined.
Bajaj Holdings & Investment slipped 0.06% to Rs 3689.70. The company clarified that as an investment company, the company manages a large investment portfolio and evaluate many companies on a regular basis. No decision has been taken on any investment in RBL Bank, the firm added.
RITES was currently trading lower by 2.70% to Rs 297.60. The government has proposed sale of 2.5 crore equity shares or 10% stake in the company through an offer-for-sale at a floor price for Rs 293.50 per share.
Reliance Industries (RIL) rose 0.78% to Rs 1,549.20 after a foreign brokerage retained its 'buy' rating on the stock while raising the target price to Rs 1,700 from Rs 1,565 per share.
The brokerage reportedly stated that the operating trends for both telecom and organised retail remained strong. Telecom and retail were set to drive near-term upside potential and Jio's plan to raise tariffs offered scope for rapid improvement in profitability, it said.
Foreign Markets:
Overseas, stocks in Europe opened higher while Asian stocks continued trading higher on Friday. The gains were, however, capped by persistent worries over the status of trade negotiations between China and the United States.
In UK, the main opposition Labour Party launched its election manifesto, featuring a promise to raise taxes on corporations and re-nationalize infrastructure groups.
US stocks closed modestly lower on Thursday after investors digested mixed headlines on the progress of trade.
Against the backdrop of ongoing trade negotiations, tensions between the world's two largest economies have come under strain this week over a U.S. bill supporting Hong Kong protesters, while U.S. Navy warships twice sailed near islands in the South China Sea over the past few days, further angering Beijing.
Media reports said that Chinese Vice Premier Liu He had invited U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to Beijing for further talks.
China's Ministry of Commerce spokesman Gao Feng said on Thursday that China is willing to work toward an agreement despite reports of pessimism in Beijing over President Donald Trump's refusal to roll back existing tariffs.
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