Indices gyrated in a small range near the flat line in mid-morning trade. At 11:19 IST, the barometer index, the S&P BSE Sensex, was down 28.29 points or 0.07% at 38,257.46. The Nifty 50 index was down 14.75 points or 0.13% at 11,556.15. Metal and mining stocks fell as copper prices declined in global commodity markets.
Domestic stocks edged higher in early trade with the Sensex and the Nifty, both, scaling record high. Indices sink in negative zone in morning trade.
The S&P BSE Mid-Cap index was off 0.08%. The S&P BSE Small-Cap index was off 0.28%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1066 shares rose and 1302 shares fell. A total of 133 shares were unchanged.
Metal and mining stocks fell as copper prices declined in global commodity markets.
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Vedanta (down 2.35%), JSW Steel (down 1.05%), Tata Steel (down 1.37%), Steel Authority of India (Sail) (down 1.81%), National Aluminium Company (down 3.03%), Jindal Steel & Power (down 2.65%), Hindalco Industries (down 2.16%), NMDC (down 0.1%) and Hindustan Copper (down 1.71%) edged lower. Hindustan Zinc (up 0.16%) rose.
Copper edged lower in the global commodities market. High Grade Copper for September 2018 delivery was currently off 1.23% at $2.6405 per pound on the COMEX.
Nestle India gained 4.89% after the company announced that it will partner with Flipkart to launch MAGGI Special Masala Noodles. As a part of the partnership, from August 21 consumers can pre-book MAGGI Special Masala Noodles on Flipkart, this product will also be available exclusively on Flipkart from August 25 - 30, following which it will be available nationwide through Nestle's strong distribution reach. The announcement was made after market hours on Tuesday, 21 August 2018.
Shares of CreditAccess Grameen were trading at Rs 411, a discount of 2.61% over the initial public offer price of Rs 422. The stock debuted at Rs 385, a discount of 8.77% to the initial public offer (IPO) price. So far the stock hit a high of Rs 414.80 and low of Rs 385. The IPO of CreditAccess Grameen received bids for 4.17 crore shares. The IPO was subscribed 2.22 times. The issue opened for subscription on 8 August 2018 and closed on 10 August 2018. The price band for the issue was fixed at Rs 418 to Rs 422 per share.
Overseas, Asian shares were trading lower as a deadline loomed for fresh US tariffs on China and amid speculation US President Donald Trump's political position could be threatened by the legal woes of two former advisers. US and Chinese officials met for the first time in over two months to find a way out of their deepening trade conflict, but there was no evidence the low-level discussions would halt a new round of US tariffs due Thursday.
Japanese manufacturing activity grew at a slightly faster pace in August as domestic demand jumped, a preliminary survey showed on Thursday. The flash Markit/Nikkei Japan Manufacturing Purchasing Managers Index (PMI) rose to 52.5 in August on a seasonally adjusted basis from a final 52.3 in July.
US stocks closed mostly lower Wednesday, with the S&P 500 and the Dow snapping a four-day winning streak, as the minutes from the latest Federal Open Market Committee's most recent meeting reaffirmed the central bank's hawkish bias.
The Fed minutes indicated broad-based support for another interest-rate hike in September with many officials stating that as long as economic data remain strong, it would likely soon be appropriate to take another step in removing policy accommodation. However, they also suggested that any tightening will have to pause if the US trade tensions with partners continue to escalate.
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