Equity benchmark indices pared morning gains in the afternoon trade on Wednesday after Skymet said India’s monsoon rains were seen below normal this year. Shares of Jain Irrigation, Escorts, and PI Industries slipped in the afternoon trade.
According to Skymet Weather, monsoon in 2019 was likely to be ‘below normal’ to the tune of 93% of the long period average (LPA) of 887 mm for the fourth-month period from June to September, the media report stated.
The Sensex slipped by 87 points at 38,969 levels, and the Nifty50 index down 30 points at 11,683 levels. The market breadth was negative on the NSE with 645 shares advancing, 1,092 shares declining, and 348 remaining unchanged.
Shares of Marico rose 3% on the hopes of improved operating margin in the March quarter.
The volatility index, India VIX, was up 3.16% at 18.65.
Among stocks, Indiabulls HF, Maruti, and Bajaj Finance were trading higher, BPCL, IOC, and Zee were trading lower on the NSE.
The most active stocks on the NSE are Indiabulls HF, Tata Motors, Reliance Industries, and SBI.