Key equity indices extended losses and hit fresh intraday low in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was down 90.78 points or 0.24% at 38,245.98. The Nifty 50 index was down 31.45 points or 0.27% at 11,551.30.
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. Indices extended losses and hit fresh intraday low in afternoon trade.
The S&P BSE Mid-Cap index was off 0.46%. The S&P BSE Small-Cap index was off 0.43%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,014 shares rose and 1,510 shares fell. A total of 174 shares were unchanged.
Yes Bank (down 3.3%), Sun Pharmaceutical Industries (down 2.9%), ICICI Bank (down 2.49%), IndusInd Bank (down 1.58%), Adani Ports & Special Economic Zone (down 1.54%), Hero MotoCorp (down 1.32%) and ITC (down 0.8%), were the major Sensex losers.
ONGC (up 2.42%), Vedanta (up 0.98%), Wipro (up 0.90%), (up 0.89%), Coal India (up 0.81%) and HDFC (up 0.62%), were the major Sensex gainers.
Overseas, European stocks edged higher Friday following US-China trade talks and ahead of a key speech by Jerome Powell, the chair of the US Federal Reserve.
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.
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.
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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