Key benchmarks were hovering in narrow range with small losses in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was down 92.18 points or 0.26% at 34,919.47. The Nifty 50 index was down 40.35 points or 0.38% at 10,512.65.
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. Key benchmark indices cut losses in morning trade. Fresh selling dragged the key benchmark indices to intraday low in mid-morning trade.
The S&P BSE Mid-Cap index was off 0.46%. The S&P BSE Small-Cap index was off 0.18%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1201 shares rose and 1243 shares fell. A total of 156 shares were unchanged.
State Bank of India (up 1.87%), Maruti Suzuki India (up 1.19%), Coal India (up 1.19%), Wipro (up 1.07%), Reliance Industries (up 0.99%) and Sun Pharmaceutical Industries (up 0.82%), were the major Sensex gainers.
NTPC (down 3.04%), IndusInd Bank (down 2.65%), Power Grid Corporation of India (down 2.5%), HDFC (down 2.16%), Mahindra & Mahindra (down 1.7%) and Hero MotoCorp (down 1.7%), were the major Sensex losers.
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ONGC was down 0.35% after net profit rose 61.1% to Rs 8,264.61 crore on 47.6% increase in net sales to Rs 27,989.17 crore in Q2 September 2018 over Q2 September 2017. Oil production fell 6.9% to 4.93 million tonnes, but gas output was up 2.9% at 6.13 billion cubic metres in Q2 September 2018 over in Q2 September 2017. The result was announced on Saturday, 3 November 2018.
Axis Bank rose 2.72%. Net profit of Axis Bank rose 82.62% to Rs 789.61 crore on 15.5% rise in total income to Rs 15959.37 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours on Friday, 2 November 2018.
Separately, Axis Bank announced that its board approved the appointment of Amitabh Chaudhry, as managing director-designate in executive position of the bank, with effect from 19 November 2018 upto 31 December 2018 (both days inclusive). This will facilitate smooth transition and familiarize Amitabh Chaudhry with the business and operations of the bank, before he assumes charge as the managing director & CEO of the bank, with effect from 1 January 2019, as approved by RBI.
On the macro front, October data pointed to a stronger improvement in India's service sector, with an accelerated upturn in new work underpinning quicker rises in activity and jobs. Cost inflationary pressures eased, resulting in a softer increase in selling prices. Meanwhile, business sentiment remained positive, but was hampered by political uncertainty. At 52.2 in October, the seasonally adjusted Nikkei India Services Business Activity Index posted in expansion territory for the fifth straight month. Moreover, rising from 50.9 in September, the latest figure pointed to the quickest rate of growth since July.
Overseas, Asian stocks declined as fears of faster rate hikes in the United States and uncertainty around the US-China trade war dented risk sentiment. Growth in activity in China's service sector slipped to a 13-month low in October, a private gauge showed Monday. The Caixin China services purchasing managers' index slipped to 50.8 in October from 53.1 in September, Caixin Media Co. and research firm Markit said.
US stocks declined on Friday, 2 November 2018 after optimism over a potential US-China trade deal ebbed after White House economic adviser Larry Kudlow reportedly downplayed the potential for a quick deal with China.
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