A bout of volatility was seen as key benchmarks bounced back in mid-afternoon trade after hitting fresh intraday low in afternoon trade. At 14:22 IST, the barometer index, the S&P BSE Sensex, was up 11.84 points or 0.03% at 35,219.98. The Nifty 50 index was up 0.75 points or 0.01% at 10,716.25.
Trading was volatile. The Sensex rose 180.73 points, or 0.51% at the day's high of 35,388.87 in early trade, its highest intraday level since 2 February 2018. The index fell 72.13 points, or 0.20% at the day's low of 35,136.01 in afternoon trade. The Nifty rose 43.05 points, or 0.40% at the day's high of 10,758.55 in early trade, its highest intraday level since 2 May 2018. The index fell 26.10 points, or 0.24% at the day's low of 10,689.40 in afternoon trade.
Among secondary barometers, the BSE Mid-Cap index was off 0.17%. The BSE Small-Cap index was down 0.02%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,455 shares fell and 1,113 shares rose. A total of 123 shares were unchanged.
Auto shares were mixed. Mahindra & Mahindra (down 2.55%), Escorts (down 1.45%), Tata Motors (down 1.1%), Bajaj Auto (down 0.89%) and TVS Motor Company (down 0.2%), edged lower. Hero MotoCorp (up 0.10%), Ashok Leyland (up 0.30%), Maruti Suzuki India (up 0.49%) and Eicher Motors (up 1.76%), edged higher.
Power generation stocks were mixed. JSW Energy (down 4.42%), Jaiprakash Power Ventures (down 2.35%), Adani Power (down 1.79%), Reliance Infrastructure (down 1.43%), Tata Power (down 1.23%) and CESC (down 0.62%), edged lower. NTPC (up 0.21%), Torrent Power (up 0.29%), Reliance Power (up 0.39%), NHPC (up 1.08%) and GMR Infrastructure (up 1.28%), edged higher.
Overseas, European stocks were mostly lower as investors awaited critical news surrounding the Iran nuclear accord. Asian markets were trading higher following firm leads from Wall Street. China's Shanghai Composite was up 0.79%. China's April exports rose 12.9% from a year earlier, rebounding from a drop in March, while imports grew 21.5%, both growing much faster than expected despite worries over an escalating trade dispute with the United States. That left the country with a trade surplus of $28.78 billion for the month, data showed on Tuesday, 8 May 2018.
US stock market settled higher on Monday, but well off the peak of the day, as energy shares pulled back following a late-afternoon tweet from President Donald Trump indicated that a decision was imminent on whether the US would decertify a 2015 Iran nuclear pact.
Trump tweeted that he would make an announcement on a possible decertification of the Iran nuclear agreement that the Obama administration had reached with the Middle Eastern country back in 2015. European leaders had urged Trump not to abandon the pact. Trump had until 12 May 2018 to decide whether to keep the deal intact. Abandoning it would trigger a reimposition of economic sanctions on Iran, hampering oil exports from the country and cutting global supply.
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