Key equity indices hovered near the flat line in mid-morning trade. Metal shares were under pressure amid the risk to commodity demand from the spread of a new flu-like virus in China. The Nifty traded tad above the 12,100 mark. At 11:23 IST, the S&P BSE Sensex, was up 25.27 points or 0.06% at 41,158.02. The Nifty 50 index was up 0.65 points or 0.01% at 12,119.65.
The broader market traded with minor gains. The S&P BSE Mid-Cap index was up 0.05% while the S&P BSE Small-Cap index was up 0.26%.
The market breadth, indicating the overall health of the market, was almost even. On the BSE, 1021 shares rose and 1003 shares fell. A total of 125 shares were unchanged. In Nifty 50 index, 19 stocks advanced while 31 stocks declined.
Buzzing Index:
The Nifty Metal declined 1.61% to 2,666.10, extending losses for second session. The index has tumbled 4.65% in two days. The China virus outbreak could sap demand for industrial metals if it spreads far enough to make an impact on China's construction season, which tends to start in earnest after the Lunar New Year break.
Steel Authority of India (down 3.48%), Vedanta (down 2.82%), Tata Steel (down 2.32%), JSW Steel (down 2.19%) and Jindal Steel & Power (down 2.15%) Coal India (down 1.37%), Hindalco Industries (down 0.96%), Tata Metaliks (down 0.88%), National Aluminium Company (down 0.77%), NMDC (down 0.76%) and Hindustan Zinc (down 0.55%) were top losers in metal segment.
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Global Markets:
Overseas, most Asian markets were trading lower on Tuesday as the spread of the coronavirus in Asia fed risk-off sentiment among traders. China took more drastic steps to combat the coronavirus, while bonds found favour on expectations central banks would need to keep stimulus flowing to offset the likely economic drag.
US markets on Monday closed sharply lower, with all three indexes posting their worst daily losses in months, amid growing worries about the economic implications of a rising death tolls and growing infections from a fast-moving virus in China.
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