Key benchmark indices once regained positive zone amid volatility. At 12:21 IST, the barometer index, the S&P BSE Sensex, was up 16.76 points or 0.05% at 35,449.15. The Nifty 50 index was up 3.70 points or 0.03% at 10,744.80. Most FMCG stocks declined. Negative Asian stocks weighed on the domestic bourses.
Domestic stocks edged lower in early trade on negative Asian stocks. Volatility struck bourses in morning trade as the key benchmark once again dipped in negative zone after staging an intraday recovery. Stocks traded with small losses in mid-morning trade after alternately swinging between positive and negative zone.
The S&P BSE Mid-Cap index was down 0.08%. The S&P BSE Small-Cap index was down 0.2%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 910 shares rose and 1,321 shares fell. A total of 131 shares were unchanged.
Reliance Industries (down 1.46%), Wipro (down 1.33%) and IndusInd Bank (down 0.94%) edged lower from the Sensex pack.
Index heavyweight and cigarette major ITC gained 1.55% to Rs 264.85.
Most FMCG stocks declined. GlaxoSmithkline Consumer Healthcare (down 1.01%), Colgate-Palmolive (India) (down 0.53%), Britannia Industries (down 0.55%), Dabur India (down 0.26%), Godrej Consumer Products (down 0.82%), Marico (down 0.92%), Procter & Gamble Hygiene and Health Care (down 0.6%), Jyothy Laboratories (down 0.07%) and Bajaj Corp (down 0.07%) rose.
Tata Global Beverages (up 1.51%), Hindustan Unilever (up 0.56%) and Nestle India (up 0.54%) rose.
Overseas, Asian stocks fell as trade tensions between the US and China remained high. US stocks fell yesterday, 21 June 2018 as fears of a potential global trade war continued to weigh on investor sentiment. Investors are worried the tensions and recent tariffs could develop into a headwind for the global economy.
In US economic data, the Philadelphia Fed's manufacturing index slowed sharply to a reading of 19.9 in June from 34.4 in May.
In Europe, the Bank of England (BOE) left its key interest rate at 0.5% in an announcement Thursday following a regular meeting, as British inflation holds at a 14-month low. BOE policymakers voted 6-3 to keep the rate on hold. The bank also voted unanimously to maintain its quantitative easing stimulus policy, under which it has pumped 445 billion ($586 billion, 506 billion euros) around the UK economy.
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