The Sensex and the Nifty were trading near day's low in mid-afternoon trade. At 14:16 IST, the barometer index, the S&P BSE Sensex, was down 104.12 points or 0.27% at 38,618.81. The Nifty 50 index was down 38.30 points or 0.33% at 11,653.60.
Broader market traded with decent gains. Among secondary barometers, the BSE Mid-Cap index was up 0.38%. 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 positive. On BSE, 1359 shares rose and 1247 shares fell. A total of 146 shares were unchanged.
Most realty shares declined. Housing Development and Infrastructure (HDIL) (down 3.33%), D B Realty (down 1.52%), Anant Raj (down 1.41%), Sobha (down 1.24%), Parsvnath Developers (down 1.2%), Phoenix Mills (down 1.19%), Peninsula Land (down 1.02%), Oberoi Realty (down 0.48%), DLF (down 0.23%) and Omaxe (down 0.16%), edged lower. Godrej Properties (up 0.06%), Sunteck Realty (up 0.19%), Mahindra Lifespace Developers (up 0.25%), Unitech (up 0.26%), Indiabulls Real Estate (up 0.74%) and Prestige Estates Projects (up 0.76%), edged higher.
Most power generation stocks rose. Jaiprakash Power Ventures (up 14.94%), Reliance Power (up 7.53%), JSW Energy (up 2.62%), CESC (up 2.06%), GMR Infrastructure (up 1.26%), NTPC (up 0.75%) and Adani Power (up 0.14%), edged higher. Torrent Power (down 0.04%), Tata Power (down 0.2%) and NHPC (down 0.4%), edged lower.
State-run Power Grid Corporation of India was up 0.05%. State-run Coal India was up 0.24%.
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Reliance Infrastructure was up 6.72%. The company announced the successful completion of the sale of its 100% shareholding in integrated mumbai power distribution business to Adani Transmission. The total transaction value is Rs 18800 crore. The announcement was made after market hours yesterday, 29 August 2018.
Overseas, European stocks were lower as investors continued to monitor global trade talks and corporate earnings. Asian stocks gave up earlier gains and fell as concerns persist over the development of the Sino-US trade spat.
The US stock market extended gains Wednesday as the S&P 500 and the Nasdaq closed at a record for a fourth session, while the Dow finished at its highest since February. Investor sentiments were also boosted by the announcement that Canada had rejoined the North American Free Trade Agreement (NAFTA) talks, following the deal reached by the US and Mexico earlier this week.
On the US data front, an update to second-quarter gross domestic product (GDP) came in showing growth at a 4.2% annualized pace, which represented the fastest pace of expansion in almost four years.
Pending-home sales declined 0.7% in July, the National Association of Realtors said. NAR's index, which tracks real-estate transactions where a contract has been signed but the deal has not yet closed, fell to a reading of 106.2.
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