A divergent trend was witnessed in mid-morning trade as the Sensex was trading with small gains while the Nifty 50 index was trading with small losses. At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 26.32 points or 0.07% at 38,338.84. The Nifty 50 index was down 13.20 points or 0.11% at 11,569.15. FMCG stocks dropped.
A bout of volatility was seen in early trade as the key benchmark indices reversed initial gains to sink in red on negative Asian stocks. Key benchmark indices were off day's low in morning trade.
The S&P BSE Mid-Cap index was down 1.14%. The S&P BSE Small-Cap index was down 0.67%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 856 shares rose and 1500 shares fell. A total of 111 shares were unchanged.
Asian Paints (down 2.68%), IndusInd Bank (down 2.36%), Vedanta (down 1.56%) and Coal India (down 1.49%) edged lower from the Sensex pack.
FMCG stocks dropped. Hindustan Unilever (down 3.34%), Britannia Industries (down 2.12%), Colgate-Palmolive (India) (down 1.5%), Dabur India (down 3.13%), Godrej Consumer Products (down 1.58%), Marico (down 1.44%), Nestle India (down 2.32%), Tata Global Beverages (down 1.22%), Procter & Gamble Hygiene and Health Care (down 1.03%), Jyothy Laboratories (down 0.71%), Bajaj Corp (down 3.22%) edged lower. GlaxoSmithkline Consumer Healthcare (up 0.38%) rose.
SORIL Infra Resources hit an upper circuit limit of 5% at Rs 663.70. SORIL Infra Resources said that a meeting of the board of directors of the company would be held on Thursday, 6 September 2018, to consider and approve the preferential issue of equity shares/convertible securities of the company, to promoter group and/or their persons acting in concert (PACs). The announcement was made during trading hours today, 3 September 2018.
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Overseas, most Asian stocks fell amid continuing concerns about stability in emerging markets and prospects for escalating US-China trade tensions. US markets were closed yesterday, 3 September 2018 for the Labor Day holiday.
Reportedly, US and Canadian officials are still due to resume talks Wednesday on a revised North American Free Trade Agreement (NAFTA) deal, after they failed to reach an agreement last week. Mexico and the US have already struck a deal.
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