Fresh selling in index pivotals pulled the key benchmark indices to fresh intraday low in early afternoon trade. At 12:23 IST, the barometer index, the S&P BSE Sensex, was down 92.37 points or 0.24% at 38,244.39. The Nifty 50 index was down 26.25 points or 0.23% at 11,556.50. Most FMCG stocks declined.
Stocks nudged lower in early trade. A bout of volatility was seen in morning trade as the key benchmark indices once again sink in negative zone after after briefly turning positive. Key benchmark indices hovered in negative zone in mid-morning trade.
The S&P BSE Mid-Cap index was off 0.32%, underperforming the Sensex. The S&P BSE Small-Cap index was off 0.21%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1049 shares rose and 1360 shares fell. A total of 158 shares were unchanged.
Most FMCG stocks declined. GlaxoSmithkline Consumer Healthcare (down 1.65%), Colgate-Palmolive (India) (down 1.28%), Dabur India (down 1.67%), Marico (down 0.92%), Nestle India (down 1.45%), Tata Global Beverages (down 0.13%), Jyothy Laboratories (down 1.52%), Bajaj Corp (down 1%) fell. Godrej Consumer Products (up 0.04%), Hindustan Unilever (up 0.46%) and Procter & Gamble Hygiene and Health Care (up 0.98%) rose.
Britannia Industries fell 1.02%. The company announced that its board approved sub-division of equity shares of the company from the existing face value of Rs 2 per equity share to face value of Re 1 per equity share. The announcement was made after market hours yesterday, 23 August 2018.
Overseas, Asian stocks were trading on a mixed note on little signs of progress in US-China trade negotiations. US stocks dropped yesterday, 23 August 2018 as the trade dispute with China showed no signs of easing.
In Europe, Germany's economic growth accelerated in the second quarter thanks to solid domestic demand. The Federal Statistical Office said Friday that Germany's gross domestic product--the broadest measure of goods and services produced in an economy--grew at a quarterly clip of 0.5% or an annualized rate of 1.8% in the second quarter.
Meanwhile, investor are keeping an eye on a gathering of central bankers in Jackson Hole, Wyo., where Federal Reserve Chairman Jerome Powell will be the featured speaker on Friday.
Closely watched trade talks between the US and China wrapped up on Thursday with no major progress. The conclusion of the talks came just hours after Beijing and Washington rolled out their latest round of tit-for-tat tariffs on Thursday. The $16 billion in imports hit by each side took the total value of goods covered as a result of President Donald Trump's trade war with China to $100 billion.
On the data front, IHS Markit US manufacturing PMI hit the lowest level in 9 months, with a reading of 54.3 in August from 55.3 in the prior month, while IHS US flash services PMI dropped to 55.2 in August from 56.
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