Key barometers extended losses and hit fresh intraday low in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 191.48 points or 0.54% at 35,232. The Nifty 50 index was down 62.90 points or 0.59% at 10,651.40. Mixed cues from other Asian stocks spoiled investors sentiment.
The indices opened higher, but reversed trend in early trade and hit fresh intraday low in morning trade. The Sensex rose 154.76 points, or 0.44% at the day's high of 35,578.24 at the onset of trading session. The index fell 196.39 points, or 0.55% at the day's low of 35,227.09 in morning trade. The Nifty rose 21.85 points, or 0.20% at the day's high of 10,736.15 at the onset of trading session. The index fell 68.40 points, or 0.64% at the day's low of 10,645.90 in morning trade.
Among secondary barometers, the BSE Mid-Cap index was down 0.47%. The BSE Small-Cap index was down 0.37%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 910 shares rose and 1066 shares fell. A total of 87 shares were unchanged.
Metal shares declined. Hindustan Copper (down 0.88%), Hindalco Industries (down 1.91%), Jindal Steel & Power (down 3.99%), JSW Steel (down 1.62%), National Aluminium Company (down 4.72%), NMDC (down 2.22%), Steel Authority of India (down 2.11%) and Vedanta (down 2.27%), edged lower.
Tata Steel was up 1.15%. Tata Steel and thyssenkrupp AG on 30 June 2018, signed definitive agreements to combine their European steel businesses in a 50/50 joint venture in a new company. This follows the signing of a Memorandum of Understanding in September 2017. The proposed new company, to be named thyssenkrupp Tata Steel BV, will be positioned as a leading pan European high quality flat steel producer with a strong focus on performance, quality and technology leadership. The joint venture is built on the strong foundations of common value systems and a long heritage in the industry. The transaction is subject to merger control clearance in several jurisdictions, including the European Union.
Power generation stocks fell. Adani Power (down 3.41%), CESC (down 1.79%), JSW Energy (down 2.89%), NHPC (down 2.35%), NTPC (down 3.98%), Reliance Infrastructure (down 1.52%), Reliance Power (down 1.88%), Tata Power (down 0.89%) and Torrent Power (down 1.77%), edged lower. GMR Infrastructure (up 1.63%) and Jaiprakash Power Ventures (up 1.40%), edged higher.
State-run Coal India was down 1.23%. State-run Power Grid Corporation of India was down 1.23%.
Overseas, Asian stocks were trading mixed, with trade tensions between the US and its trading partners still a key concern for investors.
China's official manufacturing Purchasing Managers' Index (PMI) declined to 51.5 for the month of June. The figure still came in above the 50-point level indicating growth.
In Japan, confidence among large manufacturers weakened for the second straight quarter in three months to June amid growing concerns about the potential impact of trade friction on the global economy. The main index measuring large manufacturers' sentiment was at plus 21 in the April-June period, compared with plus 24 in the previous survey in March, according to the Bank of Japan's quarterly tankan survey.
US stocks closed higher Friday, 29 June 2018, led by energy and materials sectors. Financials also rose earlier after several banks announced plans to return capital to shareholders late Thursday after the Federal Reserve released results of its annual stress test. However, financials finished in the red as investors pocketed profits toward the closing bell.
On the US data front, the personal-consumption expenditures index, the Federal Reserve's preferred inflation gauge, rose 0.2% as did the core rate that strips out food and energy. The rate of inflation over the past 12 months rose to 2.3%, the fastest pace since March 2012.
Chicago PMI climbed to a reading of 64.1 in June, up from 62.7, the fastest reading since January and the highest level in six month. Any reading above 50 indicates improving conditions. The final University of Michigan consumer sentiment index for June came in at 98.2. Thursday's data showed first-quarter growth for the US economy was trimmed to 2% from 2.2%.
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