Key benchmark indices wiped off intraday losses and were trading almost flat in afternoon trade. At 13:18 IST, the barometer index, the S&P BSE Sensex, was down 3.52 points or 0.01% at 34,613.12. The Nifty 50 index was down 9.75 points or 0.09% at 10,604.60. Trading was a bit volatile ahead of April derivatives expiry due on Thursday, 26 April 2018.
Among secondary barometers, the BSE Mid-Cap index was up 0.01%. The BSE Small-Cap index was up 0.19%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,471 shares fell and 962 shares rose. A total of 144 shares were unchanged.
Cement shares were mixed. UltraTech Cement (up 0.49%) and ACC (up 0.04%), edged higher. Ambuja Cements was down 0.22%.
Grasim Industries was down 1.88%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Realty shares were mixed. D B Realty (up 14.21%), Indiabulls Real Estate (up 4.67%), Peninsula Land (up 3.79%), DLF (up 2.88%), Anant Raj (up 2.51%), Oberoi Realty (up 1.70%), Housing Development and Infrastructure (HDIL) (up 1.41%), Mahindra Lifespace Developers (up 0.80%) and Prestige Estates Projects (up 0.33%), edged higher. Omaxe (down 0.5%), Sobha (down 0.79%), Godrej Properties (down 1.47%), Phoenix Mills (down 1.66%), Unitech (down 1.84%), Sunteck Realty (down 2.06%) and Parsvnath Developers (down 2.13%), edged lower.
Overseas, European markets were trading lower as rising yields in the bond markets offset positive sentiment surrounding corporate earnings. Asian shares fell across the board, following an overnight drop in US stocks. Rising bond yields also worried investors. US stocks tumbled overnight, led by a selloff in industrials, materials and technology shares. The selling pressure came after the 10-year Treasury yield briefly touched the psychologically important 3% level for the first time in four years. Caterpillar, an industrial heavyweight, beat earnings estimates due to strong global demand but its shares slumped after management warned their results could cool in the near term.
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