The market further extended losses in mid morning trade as selling pressure intensified. The Nifty traded just above the crucial 11,900 mark. Selling was wide spread. However, metal stocks bucked weak market trend. At 11:24 IST, the barometer index, the S&P BSE Sensex, was down 162.03 points or 0.4% at 40,413.14. The Nifty 50 index was down 48 points or 0.4% at 11,920.40.
The S&P BSE Mid-Cap index was down 0.35%. The S&P BSE Small-Cap index was down 0.03%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 967 shares rose and 1086 shares fell. A total of 127 shares were unchanged. In Nifty 50 index, 21 stocks advanced while 29 stocks declined.
Economy:
The Organisation for Economic Co-operation and Development (OECD) on Thursday cut India's economic growth forecast for 2019 to 5.8%, but said it would pick up to 6.2% in 2020 and further to 6.4% in 2021. India's economy grew 6.8% in FY19.
The World GDP growth is expected to be 2.9% this year - its lowest annual rate since the financial crisis - and remain at 2.9%-3.0% in 2020 and 2021, the OECD said on Thursday in an update of its forecasts. Global GDP expanded 3.5% in 2018.
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Trade conflict, weak business investment and persistent political uncertainty are weighing on the world economy and raising the risk of long-term stagnation. Any further escalation of the trade conflict would disrupt supply networks and weigh on confidence, jobs and incomes. Uncertainty about a future EU-UK trade relationship poses a further risk to growth as does the current high level of corporate debt, it added.
Buzzing Index:
The Nifty Metal index was up 0.95% at 2,493.90 in today's trade. The index recovered after shedding 2.16% in previous trading session.
Jindal Steel & Power (up 3.2%), Vedanta (up 1.73%), Hindustan Copper (up 1.54%), Steel Authority of India (up 1.52%), Tata Steel (up 1.25%), National Aluminium Company (up 0.85%), Hindalco Industries (up 0.61%) and NMDC (up 0.15%) surged higher.
Stocks in Spotlight:
Bajaj Holdings & Investment was up 0.79% at Rs 3721.05. Bajaj Holdings & Investment clarified that as an investment company, the company manages a large investment portfolio and evaluate many companies on a regular basis. No decision has been taken on any investment in Ratnakar Bank (RBL).
Network18 Media & Investments was up 12.45% to Rs 31.15. The stock has surged 21.21% in two trading sessions amid media reports that Japan's Sony Corporation is planning to acquire a stake in the media company.
Foreign Markets:
Asian stocks were trading higher on Friday, but gains were capped by persistent worries over the status of trade negotiations between China and the United States.
US stocks closed modestly lower on Thursday after investors digested mixed headlines on the progress of trade.
Chinese Vice Premier Liu He has reportedly invited U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to Beijing to sit down for further talks.
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