Key barometers hit fresh intraday low in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was down 111.77 points or 0.30% at 37,382.63. The Nifty 50 index was down 26.65 points or 0.24% at 11,292.90. Negative leads from Asian markets and overnight fall on the Wall Street spoiled investors sentiment.
Indices opened lower and hit fresh intraday low in mid-morning trade. The Sensex rose 40.55 points, or 0.11% at the day's high of 37,534.95 at the onset of trading session. The index fell 195.65 points, or 0.52% at the day's low of 37,298.75 in mid-morning trade. The Nifty fell 6.9 points, or 0.06% at the day's high of 11,312.65 at the onset of trading session. The index fell 51.80 points, or 0.46% at the day's low of 11,267.75 in mid-morning trade.
Broader market bucked weak market trend. Among secondary barometers, the BSE Mid-Cap index was up 0.09%. The BSE Small-Cap index was up 0.05%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1169 shares rose and 1063 shares fell. A total of 123 shares were unchanged.
IT shares were mixed. Tech Mahindra (up 4.06%), HCL Technologies (up 1.77%), MphasiS (up 1.50%), Hexaware Technologies (up 1.13%), Persistent Systems (up 1.05%) and MindTree (up 0.77%), edged higher. TCS (down 0.6%), Oracle Financial Services Software (down 0.71%) and Infosys (down 0.76%), edged lower. IT major Wipro was flat at Rs 273.45.
Pharmaceutical shares were mixed. Divi's Laboratories (down 0.88%), Wockhardt (down 0.61%), Piramal Enterprises (down 0.52%), Strides Shasun (down 0.33%), GlaxoSmithKline Pharmaceuticals (down 0.27%), Alkem Laboratories (down 0.15%) and Aurobindo Pharma (down 0.11%), edged lower. Cadila Healthcare (up 0.13%), Lupin (up 0.65%), Glenmark Pharmaceuticals (up 0.71%), IPCA Laboratories (up 1.01%), Dr Reddy's Laboratories (up 1.37%), Sun Pharmaceutical Industries (up 1.56%) and Cipla (up 1.82%), edged higher.
On the macro front, the Reserve Bank of India's (RBI)'s Monetary Policy Committee (MPC) will meet today, 31 July and tomorrow, 1 August 2018 for the third bi-monthly monetary policy statement for 2018-2019. The resolution of the MPC will be unveiled at 14:30 IST on 1 August 2018. RBI raised its benchmark policy repo rate by 0.25% to 6.25% in its second bi-monthly monetary policy for 2018-2019 on 6 June 2018.
Overseas, Asian shares were trading lower after Wall Street posted losses amid weakness in the technology sector. Growth in China's services industry in July moderated for the first time in five months, an official survey showed on Tuesday, a sign activity is slowing in a major part of the world's second largest economy. The official non-manufacturing Purchasing Managers' Index (PMI) fell to 54.0 from 55.0 in June, well above the 50-point mark that separates growth from contraction.
Meanwhile, investors are set to focus on the Bank of Japan's decision at the end of its policy meeting later in the day. The US Federal Reserve's Federal Open Market Committee, meanwhile, was due to begin its own monetary policy meeting on Tuesday US hours, with a decision due on Wednesday. The Fed is expected to keep rates steady at the end of its meeting.
On the US data front, US pending home sales rose 0.9% in June, the National Association of Realtors said Monday.
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