Stocks cut losses in morning trade after an initial slide. At 10:22 IST, the barometer index, the S&P BSE Sensex, was down 111.30 points or 0.29% at 37,677.83. The Nifty 50 index was down 31.70 points or 0.28% at 11,327.75. Negative Asian stocks weighed on the sentiment.
Key indices edged lower in early trade on negative Asian stocks.
The S&P BSE Mid-Cap index was down 0.41%. The S&P BSE Small-Cap index was down 0.31%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 772 shares rose and 959 shares fell. A total of 96 shares were unchanged.
Yes Bank (up 2.64%), Bajaj Finance (up 2.21%), Infosys (up 1.64%), TCS (up 0.85%) and Hero MotoCorp (up 0.79%) edged higher from the Sensex pack.
Reliance Industries (down 2.11%), NTPC (down 1.76%), HCL Technologies (down 1.7%), Power Grid Corporation of India (down 1.42%) and Tata Motors (down 1.32%) edged lower from the Sensex pack.
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Deepak Fertilisers & Petrochemicals Corporation rose 1.77%. Deepak Fertilisers & Petrochemicals Corporation announced that the securities issue committee of the company approved the terms and conditions for issue of foreign currency convertible bonds (FCCBs) aggregating to $30 million. The committee also approved the date of opening of the issuance of FCCBs as 8 May 2019. The proposed date of allotment of the FCCBs is the date as may be mutually decided between the parties. The regulatory floor price works out to Rs 139.59. Further, the committee also approved issuing compulsory convertible debentures (CCDs) by Smartchem Technologies (a wholly-owned subsidiary of the company) aggregating up to Rs 210 crore in two equal tranches to IFC, a sister organization of the World Bank. The announcement was made after market hours yesterday, 8 May 2019.
Dilip Buildcon rose 1.81%. Dilip Buildcon informed that DBL Mangalwedha Solapur Highways, a wholly owned subsidiary, has received the financial closure from the National Highways Authority of India for hybrid annuity model project in Maharashtra worth Rs 1141 crore. The announcement was made after market hours yesterday, 8 May 2019.
Overseas, Asian stocks were trading lower on Thursday as increased tensions ahead of key Sino-US trade negotiations fanned fresh concerns about the outlook for the global economy.
The U.S. stock market switched direction toward the closing bell to finish mostly lower Wednesday as worries over U.S.-China trade talks lingered.
The United States will raise tariffs from 10% to 25% on $200 billion worth of Chinese imports effective May 10, as per reports. The US Trade Representative's office will establish a process to seek exclusions for certain products from additional tariffs.
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