The market was trading with modest losses in mid-afternoon trade. At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 242.48 points or 0.66% at 36,728.61. The Nifty 50 index was down 64.65 points or 0.58% at 11,004.75. The Nifty regained 11,000 mark after slipping below that level in morning trade.
The market opened lower and declined further as the session progressed. Negative leads from Asian markets and overnight slide on the Wall Street spoiled investors sentiment. Indices turned range bound in early afternoon trade. Indices cut losses soon after hitting fresh intraday low in afternoon trade.
Selling was broad based. Among secondary barometers, the BSE Mid-Cap index was down 1%. The BSE Small-Cap index was down 0.59%.
The market breadth, indicating the overall health of the market, was weak. On BSE, 895 shares rose and 1492 shares fell. A total of 129 shares were unchanged.
Auto major Mahindra & Mahindra (M&M) was up 0.56%. The company's profit from ordinary activities after tax (after EI) rose 7% to Rs 1,396 crore on 14% increase in revenue and other income to Rs 13,235 crore in Q3 December 2018 over Q3 December 2017. The results include numbers of the company's commercial vehicle unit—Mahindra Vehicle Manufacturers (MVML).
Most FMCG shares declined. Nestle India (down 2.92%), Britannia Industries (down 2.45%), Tata Global Beverages (down 1.84%), Godrej Consumer Products (down 1.33%), Hindustan Unilever (down 0.77%), Dabur India (down 0.72%), GlaxoSmithKline Consumer Healthcare (down 0.49%), Marico (down 0.43%) and Procter & Gamble Hygiene & Health Care (down 0.2%), edged lower. Bajaj Corp (up 0.28%), Colgate Palmolive (India) (up 0.71%) and Jyothy Laboratories (up 2.75%), edged higher.
Most realty shares advance. Parsvnath Developers (up 9.89%), D B Realty (up 3.82%), Phoenix Mills (up 2.67%), DLF (up 2.59%), Anant Raj (up 2.25%), Mahindra Lifespace Developers (up 2.11%), Housing Development and Infrastructure (HDIL) (up 1.60%), Godrej Properties (up 1.07%), Indiabulls Real Estate (up 0.52%), Prestige Estates Projects (up 0.38%), Oberoi Realty (up 0.23%) and Peninsula Land (up 0.13%), edged higher. Omaxe (down 0.05%), Sobha (down 1.26%), Sunteck Realty (down 1.72%) and Unitech (down 2.38%), edged lower.
Overseas, most stocks in Europe decline on Friday as trade fears returned. Stocks in Asia slipped on Friday amid growing concerns over the trade fight between the US and China. Media reports on Thursday suggested that President Donald Trump is unlikely to meet Chinese leader Xi Jinping before March. As a result, investors are considering whether they will reach an agreement over trade before a self-imposed deadline of March 2. Failing to reach a compromise would mean additional tariffs on Chinese goods straight away.
Meanwhile, a round of weak data from the European Union underscored global growth concerns. German industrial production unexpectedly fell by 0.4% in December from the month before. Meanwhile, the European Commission cut its growth forecast for the shared currency bloc Thursday, predicting that the 19-member eurozone will collectively grow by just 1.3% this year, down from the 1.9% forecast in November.
US stock benchmarks on Thursday finished the session firmly lower as worries about sluggish growth outside of the US and diminishing expectations for a quick resolution to a US-China trade spat, buffeted markets.
The number of Americans applying for jobless benefits fell in the week ended 2 February by 19,000 to 234,000.