Domestic markets slipped tracking weak trend seen in Asian markets after data on Friday showed China’s factory activity shrank for a 10th straight month in December.
At 9:20 am, the 30-share index was trading at 26,008.79, down 152.11 points, while broad-based 50-share index was quoting 7,916.30, up 46.90 points.
Market breadth remained fairly negative with 26 of the 30 Sensex components trading in red.
“We expect the Nifty to remain within a small range of 7850-8000. During the concluded week, a number of individual stocks performed favorably and we expect such outperformance to continue in the coming week as well. Traders should stick to stock centric approach with a proper exit strategy,” said Angel Broking in a research note.
The Caixin/Markit China Manufacturing Purchasing Managers’ Index (PMI) slipped to 48.2 in December as compared to 48.6 in November. Any reading below 50-point level signals contraction.
Among Asian markets, China’s Shanghai Composite was trading lower by 4 per cent, while Hong Kong’s Hang Seng index shed over 2 per cent. Japan’s Nikkei was down nearly 3 per cent.