Key indices were hovering in negative terrain in afternoon trade. At 13:22 IST, the barometer index, the S&P BSE Sensex, was down 88.18 points or 0.23% at 37,833.99. The Nifty 50 index was down 24.50 points or 0.21% at 11,413.60. Investors sentiment was fragile due to negative Asian cues amid lingering global trade war concerns.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1219 shares rose and 1278 shares fell. A total of 149 shares were unchanged.
ITC (down 2.24%), Power Grid Corporation of India (down 1.86%), Hero MotoCorp (down 1.81%), Bharti Airtel (down 1.55%), Hindustan Unilever (down 1.28%), HDFC (down 1.11%) and TCS (down 1.01%), were the major Sensex losers.
Mahindra & Mahindra (up 2.02%), State Bank of India (up 1.95%), Axis Bank (up 1.29%), IndusInd Bank (up 1.28%), Infosys (up 1.19%) and Asian Paints (up 1.13%), were the major Sensex gainers.
Drug maker Sun Pharmaceutical Industries was up 1.09%. The company said that one of its wholly-owned subsidiaries has agreed to acquire 18.75% stake in Israel-based Tarsius Pharma for $3 million. The company is an early-stage research and development company focusing on development of drug candidates in the field of ophthalmology. The announcement was made after trading hours yesterday, 10 September 2018.
Overseas, markets in Europe traded cautiously higher on Tuesday, following some of the positive momentum seen across other global assets.
Asian shares were trading lower as the spectre of a Sino-US trade war haunted investors. US stocks closed mostly higher Monday, with the S&P 500 and the Nasdaq each snapping a four-day losing streak on the back of a recovery in technology shares.
The White House reportedly announced that it was in the process of coordinating a second meeting between US President Donald Trump and North Korean leader Kim Jong Un.
Trade also remains another focal point for markets, with Canada and the US yet to secure a deal that would replace the North American Free Trade Agreement. Trump announced last Friday that he was ready to slap tariffs on an additional $267 billion of Chinese imports, on top of the $200 billion already in the administration's sights.
On the data front, consumer borrowing picked up in July, according to the Federal Reserve on Monday. Total consumer credit rose $16.6 billion in July to a seasonally adjusted $3.91 trillion. That's an annual growth rate of 5.1%.
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