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Market breadth turns negative
07-Dec-18   11:32 Hrs IST

Key indices held onto gains in mid-morning trade after an initial upmove on sustained buying demand in index pivotals. At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 193.17 points or 0.55% at 35,505.30. The Nifty 50 index was up 32 points or 0.3% at 10,633.15. Metal and mining stocks declined. Sentiment was boosted by positive Asian stocks.

Domestic stocks drifted higher in early trade on bargain hunting after three-day fall. Stocks extended early gains and hit intraday high in morning trade.

On the political front, the outcomes of the five state elections will likely set the tone for the general elections next year. Voting in Rajasthan and Telangana is underway today, 7 December 2018 and the counting of votes in all the states will be done on 11 December 2018. Assembly elections in Madhya Pradesh and Mizoram were held on 28 November 2018. The election in Chhattisgarh Assembly was held in two phases on 12 and 20 November 2018.

The S&P BSE Mid-Cap index was off 0.45%. The S&P BSE Small-Cap index was off 0.39%.

The market breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 916 shares rose and 1178 shares fell. A total of 134 shares were unchanged.

Metal and mining stocks declined. JSW Steel (down 1.51%), Tata Steel (down 1.34%), Vedanta (down 0.92%), Steel Authority of India (Sail) (down 4.34%), National Aluminium Company (down 0.79%), Hindustan Zinc (down 0.19%), Jindal Steel & Power (down 3.15%), Hindalco Industries (down 0.44%), NMDC (down 1.95%) and Hindustan Copper (down 0.85%) edged lower.

Kotak Mahindra Bank jumped 12.65% to Rs 1331.70 after media reports suggested that Warren Buffet promoted Berkshire Hathaway is looking to buy a 10% stake in the private sector lender. As per RBI guidelines, Uday Kotak needs to dilute his stake to below 20% by December 2018. As on 30 September 2018, Uday Suresh Kotak held 29.729% stake in Kotak Mahindra Bank.

Overseas, Asian stocks were trading higher Friday as investors grappled with shifting indications on Sino-American trade talks and prospects for a pause in Federal Reserve tightening.

US stocks closed mostly lower Thursday after a dramatic session that saw the Dow Jones Industrial Average plunge more than 700 points at one point on fears that the arrest of a Huawei executive would reignite trade worries. However, the market clawed back most of its losses on a report that the Federal Reserve may turn more accommodative.

Market participants are also monitoring a two-day meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, which is slated to wrap up Friday. Crude-oil prices renewed their descent after the Saudi energy minister proposed a smaller-than-expected cut to production, but added that the oil cartel hadn't yet agreed to any production declines.

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