The market sharply pared intraday losses in afternoon trade. At 13:25 IST, the barometer index, the S&P BSE Sensex, was down 94.76 points or 0.26% at 36,389.57. The Nifty 50 index was down 25.15 points or 0.23% at 10,942.15. Profit booking after seven straight days of gains and negative Asian stocks weighed on the sentiment. The Nifty regained 10,900 mark after slipping below that level in morning trade.
Domestic stocks opened on a subdued note as the key benchmark indices dropped on negative Asian stocks. Stocks extended fall in morning trade. Key indices pared losses in afternoon trade.
The S&P BSE Mid-Cap index was up 0.27%. The S&P BSE Small-Cap index was up 0.32%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1222 shares rose and 1110 shares fell. A total of 156 shares were unchanged.
Yes Bank (up 3.51%), Tata Motors (up 1.58%), Mahindra & Mahindra (up 1.53%), Asian Paints (up 1.39%), ONGC (up 1.28%) and Sun Pharmaceutical Industries (up 0.78%), were the major Sensex gainers.
Vedanta (down 1.72%), Bharti Airtel (down 1.27%), Axis Bank (down 1.2%), Wipro (down 1%) and NTPC (down 0.87%), were the major Sensex losers.
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Reliance Industries (RIL) fell 1.06%. With reference to news item quoting, "DoT rejects RCom-Jio spectrum trading deal", RIL clarified after market hours yesterday, 19 December 2018, that the article pertains to the application for trading of spectrum in the 800MHz band filed by Reliance Jio lnfocomm, a subsidiary of the company, and Reliance Communications and Reliance Telecom. A correspondence was received from DoT with respect to the application and RIL is seeking appropriate clarifications in this regard.
Overseas, Asian stocks declined Thursday following an overnight slide in US equities. US stocks dropped on Wednesday after Jerome Powell failed to quell investor angst that the Federal Reserve's tightening policy will throttle economic growth. Investors had anticipated a less aggressive approach amid concern that global growth is slowing.
The US Federal Reserve raised interest rates on Wednesday, as expected, but forecast fewer rate hikes next year and signaled its tightening cycle is nearing an end in the face of financial market volatility and slowing global growth. The rate hike, the fourth of 2018, lifted the target range for the Fed's benchmark overnight lending rate by a quarter of a percentage point to a range of 2.25% to 2.50%.
In economic data, the Commerce Department reported that the US trade deficit increased to $124.8 billion in the third quarter, up from $101.2 billion the second quarter of 2019.
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