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. At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 20.01 points or 0.05% at 38,316.75. The Nifty 50 index was down 4.35 points or 0.04% at 11,578.40. Cement stocks rose.
Key benchmark indices nudged lower in early trade.
The S&P BSE Mid-Cap index was off 0.07%. The S&P BSE Small-Cap index was off 0.16%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 992 shares rose and 1100 shares fell. A total of 116 shares were unchanged.
Overseas, Asian stocks were mixed 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.
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.
Back home, cement stocks rose. Ambuja Cements (up 0.87%), ACC (up 0.58%), UltraTech Cement (up 0.05%) and Shree Cement (up 0.09%) gained.
Grasim Industries was up 1.69%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Ashok Leyland rose 0.3% after the company announced a tender win in the tracked vehicle space. This tender is for developmental work and marks Ashok Leyland's foray into tracked vehicle business. As per the scope of work, the company will collaborate with Combat Vehicles Research and Development Establishment (CVRDE), Chennai for manufacture, assembly and testing of light weight clutch for the design and development of weight optimized 1500-horse power (HP) automatic transmission for main battle tanks. The announcement was made during trading hours today, 24 August 2018.
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