The Indian benchmark indices so far continued the subdued trade in line with other Asian peers as investors awaited the Friday"s EU Summit. Europe"s sovereign debt crisis, which has been lingering over for more than two years, is set to get a breakthrough as leaders across the continent would meet to prevent a collapse of the euro and a financial panic from spreading. Besides the approval of new budgetary measures for Italy and positive economic data of US as its unemployment rate fell to 8.6 per cent also failed to woo investors.
Closer home, India"s services sector has expanded in November for the first time in three months, as new business received by Indian private companies grew at the fastest rate since August 2011.
The seasonally adjusted HSBC Markit Business Activity Index, based on a survey of around 350 firms, stood at 53.2 in November, above the 50-mark that separates growth from contraction. The reading had contracted for the first time in September in two years at 49.8, and thereafter it further fell to 49.1 in October month. However, the ongoing logjam in Parliament over FDI in retail also kept the heat under water as some senior leaders stated that the decision has been put on hold for final approval. However the silver lining may be seen later during the month, as RBI is expected to cut the CRR by 25 basis points amid tightened liquidity situation.
At 12:17 hours, the bellwether index of BSE, Sensex was trading at 16737.72 points reflecting a decline of 109.11 points or 0.65 per cent from its previous close of 16,846.83, while the 50-share index of NSE, Nifty was trading at 5,015.2 points, reflecting the decline of 34.95 points or 0.69 per cent.
The BSE MIDCAP was at 5762.91 down by -0.49 points or by -0.01 %. while the BSE SMLCAP was at 6193.66 up by 3.63 points or by 0.06 %.
Overall market breadth was negative on BSE as 1,166 stocks advanced in contrast to decline in 1,180 stocks while 129 remained unchanged at 12:25 hours.
The top losers of the BSE Sensex pack were Tata Steel Ltd. (Rs. 410.35,2.03%), Sun Pharmaceutical Industries Ltd. (Rs. 524.00,1.70%), ITC Ltd. (Rs. 203.00,1.65%), Housing Development Finance Corporation Ltd. (Rs. 657.40,1.46%), Sterlite Industries (India) Ltd. (Rs. 107.90,1.42%), among others.
Lagging the most among sectoral indices, BSE_CDS index was at 5818.71 down by 64.53 points or by 1.1%. VIP Industries Ltd. (Rs. 117.90,4.96%), Titan Industries Ltd. (Rs. 187.40,1.91%), Whirlpool of India Ltd. (Rs. 182.00,1.52%), Bajaj Electricals Ltd. (Rs. 177.90,0.95%), TTK Prestige Ltd. (Rs. 2691.00,0.62%).
Following the Consumer Durables index, BSE Metal index was at 10810.23 down by 103.34 points or by 0.95%. JSW Steel Ltd. (Rs. 611.15,3.94%), Tata Steel Ltd. (Rs. 410.35,2.03%), National Aluminium Company Ltd. (Rs. 53.85,1.64%), Sesa Goa Ltd. (Rs. 186.75,1.56%), Sterlite Industries (India) Ltd. (Rs. 107.90,1.42%).
Meanwhile other Asian markets were trading on mixed note with the Shanghai Composite and Taiwan Weighted trading around 0.90 per cent and 0.60 per cent respectively, while Hang Seng and Nikkei 225 trading around up around 0.24 per cent and 0.60 per cent respectively.