Key benchmark indices were trading a tad below the flat line in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex, was down 10.95 points or 0.03% at 38,267.80. The Nifty 50 index was off 1.85 points or 0.02% at 11,549.90. Cement stocks gained. Shares of index heavyweights Hindustan Unilever and ICICI Bank declined.
Domestic stocks reversed intraday gains soon after a gap-up opening pushed the Sensex and the Nifty to record high. Stocks once again regained positive zone in morning trade. A divergent trend was witnessed in mid-morning trade as the Sensex was trading with small losses while the Nifty was trading with small gains.
The S&P BSE Mid-Cap index was up 0.4%. The S&P BSE Small-Cap index was up 0.2%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, turned negative from positive in early afternoon trade. On the BSE, 1206 shares rose and 1226 shares fell. A total of 141 shares were unchanged.
Tata Steel (down 2.12%), Hindustan Unilever (down 1.36%), State Bank of India (down 1.24%), ICICI Bank (down 1.02%) and Vedanta (down 0.81%) edged lower from the Sensex pack.
Cement stocks gained. Ambuja Cements (up 3.99%), ACC (up 2.36%) and UltraTech Cement (up 1.26%) rose. Shree Cement (down 0.21%) fell.
Grasim Industries was off 0.33%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
FDC lost 4.55% after the company said that USFDA has issued Form 483 with 8 observations for its sterile ophthalmic manufacturing facility at Waluj, Aurangabad. The announcement was made after market hours yesterday, 20 August 2018.
Overseas, Asian stocks rose on optimism over trade talks between the United States and China. Immediate focus was on the lower-level trade talks due to start this week between the United States and China. However, this week will also see the imposition of 25% tariffs on $16 billion worth of Chinese imports, an action by the Trump administration that China has said it would retaliate against.
US stocks closed higher for a third session Monday as a pair of billion-dollar deals reaffirmed confidence that the US economy continues its steady expansion. Meanwhile, the minutes from the Federal Reserve's most recent meeting will be released later in the global day today, which could provide insight into the central bank's thinking in terms of policy changes.
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