Volatility ruled the roost as the key benchmark indices dropped in morning trade soon after regaining positive zone after a subdued start. At 10:16 IST, the barometer index, the S&P BSE Sensex, was down 175.87 points or 0.48% at 36,255.80. The Nifty 50 index was down 56.80 points or 0.52% at 10,894.90. Negative Asian stocks weighed on the local stocks.
Domestic stocks turned positive soon after opening lower on negative Asian stocks.
The S&P BSE Mid-Cap index was off 0.53%. The S&P BSE Small-Cap index was off 0.24%.
The market breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 817 shares rose and 1059 shares fell. A total of 100 shares were unchanged.
Overseas, Asian stock markets declined Friday as US stocks dropped overnight. US stocks closed sharply lower Thursday with investors rattled after the Federal Reserve's interest-rate policy and fresh concerns of a partial government shutdown undercut buying appetite.
Meanwhile, fears over a potential partial government shutdown intensified after reports that President Donald Trump told House Republicans he would refuse to sign an appropriations bill passed by the Senate that would avert a shutdown, unless both houses of Congress agree to appropriate $5 billion in extra funds for expansion of the US southern border wall.
On the macro front, the Federal Reserve Bank of Philadelphia released the results of its monthly regional survey of manufacturers, with the index showing a reading of 9.4, down from 12.9 in November.
Back home, Maruti Suzuki India (down 2.95%), Yes Bank (down 2.09%), Infosys (down 1.89%), Bajaj Auto (down 1.74%) and Asian Paints (down 1.69%) edged lower from the Sensex pack.
Tata Motors (up 1.19%), M&M (up 0.96%), Tata Steel (up 0.25%), edged higher from the Sensex pack.
Bosch fell 0.41%. Bosch announced that considering the current market situation and reduction in the volumes due to reduction in the customers' requirement, it is proposed to suspend all manufacturing operations at the company's Bidadi Plant in Karnataka on Friday, 28 December 2018 and Saturday, 29 December 2018. There is no financial impact on account of the proposed suspension of operations. The announcement was made after market hours yesterday, 20 December 2018.
Punjab National Bank (PNB) rose 0.07%. PNB said that credit ratings agency CRISIL revised ratings on PNB's bonds to CRISIL AA+/CRISIL AA- from 'CRISIL AAA/CRISIL AA. CRISIL has removed its ratings on the debt instruments from rating watch with 'Negative' and has assigned a 'Stable' outlook on the long-term rating. The announcement was made after market hours yesterday, 20 December 2018.
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