The Sensex and the Nifty were almost flat in mid-morning trade. At 11:17 IST, the barometer index, the S&P BSE Sensex, was down 36.49 points or 0.10% at 37,885.68. The Nifty 50 index was down 6.55 points or 0.06% at 11,431.55. Investors sentiment was fragile due to negative global cues amid lingering global trade war concerns.
Among secondary barometers, the BSE Mid-Cap index was up 0.37%. The BSE Small-Cap index was up 0.15%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1238 shares rose and 1037 shares fell. A total of 136 shares were unchanged.
Most FMCG shares declined. Godrej Consumer Products (down 2.54%), Colgate Palmolive (India) (down 1.58%), Hindustan Unilever (down 1.34%), Dabur India (down 1.18%), Nestle India (down 1.14%), Marico (down 0.63%), Jyothy Laboratories (down 0.61%), Britannia Industries (down 0.45%) and GlaxoSmithKline Consumer Healthcare (down 0.3%), edged lower. Bajaj Corp (up 0.01%), Tata Global Beverages (up 0.25%) and Procter & Gamble Hygiene & Health Care (up 0.77%), edged higher.
Most metal shares rose. Vedanta (up 1.57%), Hindalco Industries (up 1.50%), Hindustan Copper (up 1.45%), Steel Authority of India (up 0.33%), Jindal Steel & Power (up 0.23%) and JSW Steel (up 0.01%), edged higher. National Aluminium Company (down 0.07%), Hindustan Zinc (down 0.2%) and Tata Steel (down 0.51%), edged lower.
NMDC was up 0.96%. The company said production and sales of iron ore from April to August stood at 9.85 million tonnes and 11.04 million tonnes, respectively. The company has fixed iron ore price with effect from 7 September 2018 with lump ore priced at Rs 3,550 per ton and fines at Rs 3,110 per ton. Both the announcements were made after trading hours yesterday, 10 September 2018.
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Overseas, Asian shares were trading lower as the spectre of a Sino-US trade war haunted investors. US stocks closed mostly higher Monday, with the S&P 500 and the Nasdaq each snapping a four-day losing streak on the back of a recovery in technology shares.
The White House reportedly announced that it was in the process of coordinating a second meeting between US President Donald Trump and North Korean leader Kim Jong Un.
Trade also remains another focal point for markets, with Canada and the US yet to secure a deal that would replace the North American Free Trade Agreement. Trump announced last Friday that he was ready to slap tariffs on an additional $267 billion of Chinese imports, on top of the $200 billion already in the administration's sights.
On the data front, consumer borrowing picked up in July, according to the Federal Reserve on Monday. Total consumer credit rose $16.6 billion in July to a seasonally adjusted $3.91 trillion. That's an annual growth rate of 5.1%.
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