Key indices were almost flat in the morning trade with the Nifty trading around 11,000 mark. At 10:21 IST, the barometer index, the S&P BSE Sensex, was down 3.68 points or 0.01% at 37,324.48. The Nifty 50 index was down 8.35 points or 0.08% at 11,008.265.
The S&P BSE Mid-Cap index was down 0.37%. The S&P BSE Small-Cap index was down 0.27%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 724 shares rose and 969 shares fell. A total of 98 shares were unchanged.
IDBI Bank (down 1.31%) DHFL (up 1.83%) are barred from trading in F&O segment by NSE after crossing 95% of market wide position limit.
Metals stocks tumbled. Hindalco Industries (down 2.4%), Vedanta (down 2.11%), Steel Authority of India (down 1.88%), Tata Steel (down 1.37%), Hindustan Zinc (down 1.14%), National Aluminium Company (down 1.11%), Jindal Steel & Power (down 1.06%) and Hindustan Copper (down 0.8%) declined.
NMDC declined 1.5% to Rs 88.8. Karnataka government has decided to cancel the lease given to the state-run company for the Donimalai iron ore mine and to put it under auction.
Telecom infrastructure developer, Himachal Futuristic Communications rose 0.5% to Rs 19.95 after the company received an order worth Rs 2467 crore from Bharat Sanchar Nigam (BSNL) for turnkey development, operations and maintenance of Communication Network for the Indian Army. The project also comes with operations & maintenance component of Rs 862 crore to be realised over a period of 10 years. The project which is to be completed within 18 months has a total value of Rs 3329 crore.
IOL Chemicals & Pharmaceuticals reported that it has made the pre-payment of term loan of Rs 9.52 crore due to banks in addition to other repayments. So far the company has made an aggregate repayment of Rs 107.7 crore. This move will reduce the company's term debt which remains at Rs 123.45 crore. The stock rose 2.63% to Rs 188.95.
Deepak Nitrite rose 0.09% to Rs 275. The company announced that credit rating agency ICRA has upgraded company's long term ratings. ICRA upgraded company's long-term rating from lCRA A+ to ICRA AA-. The outlook on the long term rating has been revised from 'Positive' to 'Stable'. ICRA has also re-affirmed the rating on company's commercial paper of Rs 200 crore at lCRA A1+.
Overseas, Asian shares were trading lower on Wednesday as fresh worries about a global recession led investors to dump risky assets, with US President Donald Trump showing no signs of backing down in his trade war with China.
Financial shares led US stocks lower on Tuesday to end a three-day rally as investors awaited comments from Federal Reserve Chair Jerome Powell at the end of the week.
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