The S-P BSE Sensex and NSE Nifty 50 indexes edged lower in trade on Friday tracking weak global cues.
Analysts say that efforts by China to smooth the path forward in US-China trade talks helped sooth investor sentiment, though fears remained that a phase one deal might not occur until next year.
Overnight, on Wall Street, the Dow Jones Industrial Average fell 54.8 points, or 0.2 per cent, to 27,766.29.
The S-P 500 lost 4.92 points, or 0.16 per cent, to 3,103.54 and the Nasdaq Composite dropped 20.52 points, or 0.24 per cent, to 8,506.21.Back home, the Sensex declined as much as 67 points to hit an intraday low of 40,507.99 and the NSE Nifty 50 index fell below 11,950.
The benchmarks were trading on a flat note with a negative bias as gains in Reliance Industries, ITC, NTPC and Power Grid were offset with losses in Infosys, Tata Consultancy Services, HDFC Bank and Kotak Mahindra Bank.As of 9:21 am, the Sensex traded 23 points lower at 40,552 and the NIfty was down 18 points at 11,950.Six of 11 sector gauges compiled by National Stock Exchange were trading lower led by the Nifty Information Technology index's nearly 2 per cent decline.
Nifty Bank, Nifty Auto and Nifty Financial Services indices were also trading with a negative bias.On the other hand, Nifty Media index was top gainer, up 1.1 per cent.Mid- and small-cap shares were also trading on a flat note as the Nifty Midcap 100 index fell 0.1 per cent while the Nifty Smallcap 100 index rose 0.1 per cent.Bharti Infratel was top loser in the Nifty 50 basket of shares, the stock fell2.6 per cent to Rs 235.60.
Infosys, Wipro, Tech Mahindra, HCL Technologies, UPL, TCS, Eicher Motors and Cipla were also among the losers.On the flipside, NTPC, Sun Pharma, Power Grid, Yes Bank, Reliance Industries, ITC and Coal India were among the gainers.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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