Stocks continued to trade with weakness in in morning trade. At 10:18 IST, the barometer index, the S&P BSE Sensex, was down 129.12 points or 0.37% at 35,020. The Nifty 50 index was down 34.30 points or 0.32% at 10,648.40. Telecom stocks rose.
Domestic stocks drifted lower in early trade.
The S&P BSE Mid-Cap index was down 0.14%. The S&P BSE Small-Cap index was down 0.31%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, turned negative from positive in morning trade. On the BSE, 1,019 shares fell and 957 shares rose. A total of 106 shares were unchanged.
ICICI Bank (down 1.72%), Wipro (down 1.6%) and Tata Motors (down 1.35%) edged lower from the Sensex pack.
Telecom stocks rose. Idea Cellular (up 0.19%), MTNL (up 0.29%), Tata Teleservices (Maharashtra) (up 0.79%) and Reliance Communications (up 14.8%) gained. Bharti Airtel (down 2.61%) fell.
Shares of Bharti Infratel fell 0.33%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Vijaya Bank rose 0.35% after the bank announced that a board meeting will be held on 20 May 2018 to discuss on the capital raising plan under BASEL-III for the financial year 2018-2019. The announcement was made after market hours yesterday, 17 May 2018.
Gujarat State Fertilizers & Chemicals (GSFC) lost 1.02%. GSFC said it signed a non-binding memorandum of understanding (MoU) with Centrex Metals, Australia, for the purchase of 3,00,000 tonnes per annum (dry basis) of rock phosphate for 10 years. The said proposal upon its implementation shall be immensely useful to GSFC for the purpose of its backward and forward integration strategies. The announcement was made after market hours yesterday, 17 May 2018.
India Tourism Development Corporation (ITDC) rose 2.01% after the company announced that a share transfer agreement has been signed amongst ITDC, Arunachal Pradesh Industrial Development & Financial Corp (APIDFC), Donyi Polo Ashok Hotel Corporation (DPAHCL) and Government of Arunachal Pradesh (GoAP) for transfer of 51% equity stake of ITDC in DPAHCL, the joint venture subsidiary company, to APIDFC/GoAP on a consideration amount of Rs 1.98 crore. The announcement was made after market hours yesterday, 17 May 2018.
Overseas, Asian stocks were trading on a mixed note as investors appeared to be readjusting their expectations about trade negotiations between the US and China. As high-level meetings between the world's two largest economies were being conducted in Washington, President Donald Trump kept expectations low, reportedly saying that China had become spoiled and that he doubted negotiations would be successful.
The three main US equity benchmarks finished lower yesterday, 17 May 2018 as selling in technology shares offset an advance in the energy sector. In US economic data, initial jobless claims rose by 11,000 to 222,000 in the latest week, the highest level in a month. The Philadelphia Fed manufacturing index came in at 34.4 in May.
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