Key equity indices traded mildly lower in early afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex, was down 28.79 points or 0.07% at 38,694.14. The Nifty 50 index was down 16.70 points or 0.14% at 11,675.20.
Broader market traded with decent gains. Among secondary barometers, the BSE Mid-Cap index was up 0.49%. The BSE Small-Cap index was up 0.37%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1347 shares rose and 1036 shares fell. A total of 133 shares were unchanged.
Cement stocks were in demand. Ambuja Cements (up 1.56%), UltraTech Cement (up 0.45%) and ACC (up 0.38%), edged higher.
Grasim Industries was up 0.11%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Telecom shares were mixed. Tata Teleservices (Maharashtra) (up 4.25%), MTNL (up 1.68%), Bharti Airtel (up 1.15%), edged higher. Idea Cellular (down 0.61%) and Reliance Communications (down 0.7%), edged lower.
Telecom tower infrastructure provider Bharti Infratel was down 0.32%.
Overseas, 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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