Stocks hovered in negative zone in morning trade on negative Asian stocks. At 10:21 IST, the barometer index, the S&P BSE Sensex, was down 60.58 points or 0.18% at 33,618.66. The Nifty 50 index was down 25.90 points or 0.25% at 10,363.80. Profit booking after recent upmove also weighed on the domestic stocks. Shares from cement and realty sectors saw mixed trend.
Domestic stocks edged lower in early trade on negative Asian stocks. Key equity benchmarks had logged gains for prior seven trading days in a row to Friday, 24 November 2017. The Sensex had jumped 918.80 points or 2.8% in seven sessions, from a close of 32,760.44 on 15 November 2017.
The S&P BSE Mid-Cap index was up 0.2%. The S&P BSE Small-Cap index was up 0.44%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,383 shares rose and 819 shares fell. A total of 129 shares were unchanged.
Overseas, Asian stocks gave back earlier modest gains and fell back from a decade high on Monday, weighed by weakness in the Chinese and South Korean markets.
In US, the S&P 500 and Nasdaq Composite finished at all-time highs on Friday, 24 November 2017 as retailers were in focus amid the Black Friday shopping holiday, a day after domestic markets were closed in observance of Thanksgiving.
On the data front, a survey of purchasing managers showed that businesses grew in November at the slowest pace in four months. The Markit flash manufacturing PMI fell to 53.8 from 54.6, while the flash services PMI fell to 54.3 from 54.6. A reading of 50 or better indicates improving conditions.
Back home, realty stocks saw mixed trend. DLF (up 1.2%), Indiabulls Real Estate (up 1.61%), D B Realty (up 0.83%), Godrej Properties (up 0.45%), Prestige Estates Projects (up 0.13%) rose. Housing Development and Infrastructure (down 0.16%), Unitech (down 0.16%), Sobha (down 0.16%) and Oberoi Realty (down 0.38%) fell.
Cement stocks saw mixed trend. ACC (down 0.62%) and UltraTech Cement (down 0.33%) fell. Ambuja Cements (up 0.21%) and Shree Cement (up 0.07%) gained.
Grasim Industries was off 0.14%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Meanwhile, global ratings agency Standard & Poor's Ratings Services affirmed its 'BBB-' long-term and 'A-3' short-term sovereign credit ratings on the Republic of India. The outlook remains stable. The ratings on India reflect the country's sound external profile and improved monetary credibility. The announcement was made after market hours on Friday, 24 November 2017.
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