The market reversed early trend and hit fresh intraday low in morning trade. At 10:40 IST, the barometer index, the S&P BSE Sensex, was down 60.65 points or 0.16% at 38,816.47. The Nifty 50 index was down 17.90 points or 0.15% at 11,626.05.
The resolution of Reserve Bank of India's (RBI) two-day Monetary Policy Committee (MPC) meeting, which kicked off on 2 April 2019, will be announced at 11.45 IST today, 4 April 2019.
Among secondary barometers, the BSE Mid-Cap index was down 0.10%. The BSE Small-Cap index was down 0.17%.
The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 811 shares rose and 1021 shares fell. A total of 109 shares were unchanged.
HCL Technologies (down 1.57%), Yes Bank (down 1.26%), ONGC (down 1.16%), Tata Steel (down 0.94%), Reliance Industries (down 0.89%) and Infosys (down 0.73%), were the major Sensex losers.
Bharti Airtel (up 2.26%), Asian Paints (up 1.35%), Hero MotoCorp (up 1.22%), Maruti Suzuki India (up 1.17%) and Power Grid Corporation of India (up 1.10%), were the major Sensex gainers.
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On the economic front, the Nikkei India Services PMI eased in March 2019. At 52.0 in March, the seasonally adjusted Nikkei India Services Business Activity Index indicated expansion for the tenth straight month. Falling from 52.5 in February, however, the latest reading showed the slowest upturn since last September. A reading below 50 indicates contraction in activity, while a number above it signals expansion. The data was announced during trading hours today, 4 April 2019.
Overseas, most shares in Asia were trading higher on Thursday as hopes rise amid ongoing negotiations on the US-China trade front.
High-level trade negotiations between China and the US resumed on Wednesday in Washington. Hopes were high that both countries were closer to a deal, with US President Donald Trump planning to meet with Chinese Vice Premier Liu He on Thursday in Washington. White House economic advisor Larry Kudlow told the media Wednesday that China has acknowledged for the first time that the United States has legitimate gripes about IP theft, forced technology transfer and cyber hacking.
US stock closed higher Wednesday as investors reacted to upbeat comments on US-China trade talks, but weighed a shaky private-sector employment report. Payroll services firm ADP estimated that the US private sector added 129,000 jobs in March, the weakest reading in 18 months.
Among other data, Markit's March services purchasing managers index came in at 55.3. A reading of at least 50 indicates improving conditions, while those below that level denote contraction. Further, the Institute for Supply Management's services sector gauge fell to 56.1% in March, down from 59.7% in February.
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