Key benchmark indices cut losses in morning trade after an initial slide triggered by negative Asian stocks. At 10:19 IST, the barometer index, the S&P BSE Sensex, was down 138 points or 0.41% at 33,552.09. The Nifty 50 index was down 58.25 points or 0.58% at 10,066.65.
Trading for the day began on a weak note as the key benchmark indices drifted lower in early trade as most Asian stocks fell.
The S&P BSE Mid-Cap index was down 0.67%. The S&P BSE Small-Cap index was down 0.62%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 755 shares rose and 1126 shares fell. A total of 82 shares were unchanged.
Overseas, most Asian stocks were trading lower after disappointing results from Alphabet Inc and Amazon.com heightened concerns over the outlook for US corporate earnings, global trade and economic growth.
US stock benchmarks staged a comeback yesterday, 25 October 2018, on bargain hunting, with traders picking up stocks at reduced levels after the sell-off in the previous session. In economic data, the US pending home sales edged up 0.5% to a reading of 104.6 in September from 104.1 in August, the National Association of Realtors said Thursday.
Meanwhile, the European Central Bank reaffirmed its plan to end the asset-buying program at the heart of its quantitative-easing strategy in December provided data show inflation remains on track to eventually meet its target. The ECB left interest rates unchanged and repeated that they will remain at present levels at least through the summer of 2019.
Back home, Tata Motors (up 2.33%), Bharti Airtel (up 1.57%), Tata Steel (up 1.56%), Reliance Industries (up 1%) and HDFC (up 0.75%) edged higher from the Sensex pack.
Yes Bank (down 4.26%), NTPC (down 2.53%), Asian Paints (down 2.09%), Infosys (down 1.97%) and Coal India (down 1.54%) edged lower from the Sensex pack.
On the macro front, the fiscal deficit of the Central government has widened in the first half of 2018-19 to 95.3% of the Budget Estimate (BE), mainly on account of slow growth in revenue collections. The deficit was at 91.3% of BE at September-end of the last financial year.
The Government of India has received Rs 7,09,483 crore (39.03% of corresponding BE 18-19 of Total Receipts) upto September 2018 comprising Rs 5,82,783 crore Tax Revenue (Net to Centre), Rs 1,08,969 crore of Non-Tax Revenue and Rs 17,731 crore of Non-Debt Capital Receipts. Non-Debt Capital Receipts consists of Recovery of Loans (Rs 7,786 crore) and Disinvestment of PSUs (Rs 9,945 crore).
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