Stocks were trading in a small range in early afternoon trade. At 12:26 IST, the barometer index, the S&P BSE Sensex, was down 86.23 points or 0.24% at 35,982.10. The Nifty 50 index was down 27.60 points or 0.25% at 10,834.95. Metal and mining stocks declined.
The Sensex was currently trading a tad below the psychological 36,000 level after sliding below that level in early trade. Trading for calendar 2019 began on a volatile note as the key benchmark indices reversed early gains to sink in negative zone. Stocks extended fall and hit intraday low in morning trade. Key indices hovered in negative zone in mid-morning trade.
The S&P BSE Mid-Cap index was off 0.06%. The S&P BSE Small-Cap index was up 0.3%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1222 shares rose and 959 shares fell. A total of 130 shares were unchanged.
IndusInd Bank (down 1.32%), Tata Steel (down 1.03%), M&M (down 0.88%), Hindustan Unilever (down 0.83%) and Asian Paints (down 0.64%) edged lower from the Sensex pack.
Metal and mining stocks declined. Tata Steel (down 1.05%), Steel Authority of India (Sail) (down 1.42%), National Aluminium Company (down 1.22%), Vedanta (down 0.54%), JSW Steel (down 0.77%), Hindustan Zinc (down 0.09%), Jindal Steel & Power (down 1.21%), Hindalco Industries (down 1.7%), NMDC (down 1.03%) and Hindustan Copper (down 0.19%) edged lower.
KG Denim fell 1.49%. KG Denim said that its board will meet on 3 January 2019 to consider revisions in proposal for buyback of equity shares. The announcement was made after market hours yesterday, 31 December 2018.
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Dynamatic Technologies rose 2.43%. Dynamatic Technologies announced divestment of auto division at Chennai. The company executed a 'business transfer agreement' with Hi-Tech Arai on such terms and conditions as deemed fit, thereby concluding the said transaction. In respect of the divestment of the auto division, the company will receive Rs 40 crore as consideration for transfer of all the fixed assets relating to the aluminum business of the auto division, which is in excess of the book value of underlying assets, while the company has carved out and redeployed some machinery worth Rs 8 crore into its other businesses. Additionally, the purchaser has agreed to acquire the inventories of the auto division (approximately around Rs 5.5 crore to 6.5 crore) on an actual basis at a price that will be determined by the parties upon physical verification. The announcement was made after market hours yesterday, 31 December 2018.
On the macro front, the index of eight core industries comprising 40.27% of the weight of items included in the Index of Industrial Production (IIP) has posted 3.5% growth in November 2018 over November 2017. Its cumulative growth during April to November 2018-19 stood at 5.1%.
Overseas, markets across Japan, China, Hong Kong, UK, US, France, South Korea, Singapore, Germany and Brazil, among others, are closed on account of New Year holiday. Cautious optimism over US-China trade talks helped the US stocks to end higher in the final trading session of the year on Monday in thin pre-holiday trading.
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