Key benchmark indices extended fall and hit fresh intraday low in afternoon trade led by weakness in bank stocks. At 13:20 IST, the barometer index, the S&P BSE Sensex, was down 139.74 points or 0.4% at 35,087.52. The Nifty 50 index was down 48.55 points or 0.45% at 10,647.65.
The market breadth, indicating the overall health of the market, was weak. On BSE, 622 shares rose and 1,901 shares fell. A total of 164 shares were unchanged.
Yes Bank (up 1.29%), Tata Steel (up 1.27%), RIL (up 1.16%), M&M (up 1.16%) and Tata Motors (up 0.89%) edged higher from the Sensex pack.
Asian Paints (down 2.06%), HDFC Bank (down 1.6%), Bharti Airtel (down 1.56%), Hindustan Unilever (down 1.29%) and SBI (down 1.18%) edged lower from the Sensex pack.
Dr Reddy's Laboratories gained 3.29% after the company announced that the audit of its API Srikakulam Plant (SEZ), Andhra Pradesh by the USFDA, has been completed with no observations. The announcement was made on Saturday, 2 June 2018.
Overseas, European stocks were trading higher as optimism for the world's largest economy helped investors put concerns over protectionism to one side. Asian stocks were trading higher, tracking gains seen on Wall Street on Friday, 1 June 2018. US stock-market indices jumped on Friday, following a solid jobs data for May, while shrugging off concerns over Italian politics and trade wars.
The US labor market remains strong with 223,000 new jobs created in May, while the unemployment rate fell to an 18-year low of 3.8%. Wage growth was modest, with the yearly rate of pay rising to 2.7% from 2.6%. Receding fears about political upheaval in Italy also helped boost sentiment.
Despite the positive mood, trade concerns continued to linger after US-China trade talks yielded no major breakthroughs. China threatened that previous trade agreements negotiated by the countries will not take effect if the Trump administration goes ahead with a planned tariff increase.
US allies also took aim during a G-7 finance leaders meeting at metals tariffs imposed by the Trump administration.
On the US data front, the Institute for Supply Management said Friday that its manufacturing index rose to 58.7%, up 1.4% from April and a two-month high.
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