- At 10:49 am, the Sensex traded 53.26 points - or 0.13 per cent - lower at 39,533.15 while the Nifty was down 10.25 points - or 0.09 per cent - at 11,831.30.
- Top percentage laggards on the 50-scrip benchmark index at the time were Bharti Infratel, Zee Entertainment, Indiabulls Housing Finance, IndusInd Bank, ICICI Bank, Yes Bank, Vedanta and Tata Steel, trading between 0.96 per cent and 2.11 per cent higher.
- HDFC Bank, ICICI Bank and Reliance Industries weighed the most on Sensex. On the other hand, gains in Larsen & Toubro, Infosys and ITC provided some respite to the 30-scrip benchmark.
- Market breadth, however, was largely positive with 669 stocks on the BSE trading with gains and 573 struggling with losses. On the NSE, 840 stocks advanced while 766 declined.
- Banking stocks were in focus, a day after the Reserve Bank of India (RBI) said the country's financial system "remains stable" despite recent setbacks. The non-performing asset (NPA) cycle has "turned around" with a sharp reduction in the ratio of dud assets to 9.3 per cent, the central bank said in its Financial Stability Report.
- The Nifty Bank - a sectoral index on the National Stock Exchange comprising banking stocks - fell as much as 0.50 per cent. Gains in heavyweights State Bank of India and Punjab National Bank - rising as much as 0.79 per cent and 3.40 per cent respectively - however limited the downside.
- System-wide NPAs decreased to 9.3 per cent in March 2019 from 11.2 per cent a year ago, the RBI noted in its bi-yearly report said. However, the financial market risks continue to be perceived as a "high-risk category" affecting the system, it said.
- Market regulator Sebi on the same day reinforced disclosure rules for when the shares in a company are pledged as collateral. Such pledging refers to the use of shares as collateral when investors are seeking to borrow money. It also tightened rules for mutual funds to try to protect minority shareholders and retail investors.
- Meanwhile, equities in other Asian markets edged higher in early trade investors clung on to hopes that a highly anticipated meeting between US President Donald Trump and Chinese President Xi Jinping this weekend could lead to easing of trade tensions. The gains were small and underscored uncertainty over whether the talks will produce definitive progress in ending the year-long trade war between the world's two largest economies.
- MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.02 per cent, tracking modest gains in global equity markets overnight. Japan's Nikkei stock index was 0.3 per cent lower. Overnight in the US, the S&P 500 rose 0.38 per cent and the Nasdaq Composite added 0.73 per cent, but the Dow Jones industrial average eased 0.04 per cent.
- At 10:49 am, the Sensex traded 53.26 points - or 0.13 per cent - lower at 39,533.15 while the Nifty was down 10.25 points - or 0.09 per cent - at 11,831.30.
- Top percentage laggards on the 50-scrip benchmark index at the time were Bharti Infratel, Zee Entertainment, Indiabulls Housing Finance, IndusInd Bank, ICICI Bank, Yes Bank, Vedanta and Tata Steel, trading between 0.96 per cent and 2.11 per cent higher.
- HDFC Bank, ICICI Bank and Reliance Industries weighed the most on Sensex. On the other hand, gains in Larsen & Toubro, Infosys and ITC provided some respite to the 30-scrip benchmark.
- Market breadth, however, was largely positive with 669 stocks on the BSE trading with gains and 573 struggling with losses. On the NSE, 840 stocks advanced while 766 declined.
- Banking stocks were in focus, a day after the Reserve Bank of India (RBI) said the country's financial system "remains stable" despite recent setbacks. The non-performing asset (NPA) cycle has "turned around" with a sharp reduction in the ratio of dud assets to 9.3 per cent, the central bank said in its Financial Stability Report.
- The Nifty Bank - a sectoral index on the National Stock Exchange comprising banking stocks - fell as much as 0.50 per cent. Gains in heavyweights State Bank of India and Punjab National Bank - rising as much as 0.79 per cent and 3.40 per cent respectively - however limited the downside.
- System-wide NPAs decreased to 9.3 per cent in March 2019 from 11.2 per cent a year ago, the RBI noted in its bi-yearly report said. However, the financial market risks continue to be perceived as a "high-risk category" affecting the system, it said.
- Market regulator Sebi on the same day reinforced disclosure rules for when the shares in a company are pledged as collateral. Such pledging refers to the use of shares as collateral when investors are seeking to borrow money. It also tightened rules for mutual funds to try to protect minority shareholders and retail investors.
- Meanwhile, equities in other Asian markets edged higher in early trade investors clung on to hopes that a highly anticipated meeting between US President Donald Trump and Chinese President Xi Jinping this weekend could lead to easing of trade tensions. The gains were small and underscored uncertainty over whether the talks will produce definitive progress in ending the year-long trade war between the world's two largest economies.
- MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.02 per cent, tracking modest gains in global equity markets overnight. Japan's Nikkei stock index was 0.3 per cent lower. Overnight in the US, the S&P 500 rose 0.38 per cent and the Nasdaq Composite added 0.73 per cent, but the Dow Jones industrial average eased 0.04 per cent.
(With inputs from Reuters)
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