Key benchmark indices hit fresh intraday low in morning trade. At 10:24 IST, the barometer index, the S&P BSE Sensex, was down 90.11 points or 0.26% at 34,921.78. The Nifty 50 index was down 39.30 points or 0.37% at 10,589.20.
The indices displayed some volatility in early trade and later slipped into negative terrain. The Sensex rose 61.23 points, or 0.17% at the day's high of 35,073.12 in early trade. The index fell 114.72 points, or 0.33% at the day's low of 34,897.17 in morning trade, its lowest intraday level since 30 May 2018. The Nifty rose 4.65 points, or 0.04% at the day's high of 10,633.15 in early trade. The index fell 38.80 points, or 0.37% at the day's low of 10,589.70 in morning trade, its lowest intraday level since 30 May 2018.
Broader market declined sharply. Among secondary barometers, the BSE Mid-Cap index was down 0.68%. The BSE Small-Cap index was down 1.52%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On BSE, 468 shares rose and 1674 shares fell. A total of 85 shares were unchanged.
Metal shares declined. Hindustan Zinc (down 1.99%), Jindal Steel & Power (down 1.29%), NMDC (down 1.26%), Vedanta (down 1.12%), Steel Authority of India (down 0.93%), JSW Steel (down 0.69%), National Aluminium Company (down 0.65%), Hindustan Copper (down 0.38%), Tata Steel (down 0.37%) and Hindalco Industries (down 0.29%), edged lower.
FMCG shares were mixed. Jyothy Laboratories (down 0.9%), Bajaj Corp (down 0.71%), Nestle India (down 0.41%), GlaxoSmithKline Consumer Healthcare (down 0.33%), Hindustan Unilever (down 0.2%), Godrej Consumer Products (down 0.17%) and Procter & Gamble Hygiene & Health Care (down 0.12%), edged lower. Dabur India (up 0.10%), Marico (up 1.07%), Britannia Industries (up 1.08%), Colgate Palmolive (India) (up 1.89%) and Tata Global Beverages (up 2.76%), edged higher.
Overseas, Asian markets were mixed as profit booking emerged after the previous day's rally. US market posted strong gains Monday, led by a rally in the technology and consumer discretionary sectors, as traders appeared to shrug off global trade tensions and focused on a favorable economic backdrop instead.
US factory orders fell by 0.8% in April. The decline was concentrated in commercial aircraft. Orders for nondurable goods rose slightly. The increase in factory orders in March, meanwhile, was raised a tick to 1.7%.
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