Key indices were trading in a narrow range near day's high in mid-afternoon trade. At 14:23 IST, the barometer index, the S&P BSE Sensex, was up 138.17 points or 0.39% at 35,402.58. The Nifty 50 index was up 49.55 points or 0.46% at 10,706.85.
The market opened almost flat and hit fresh intraday low in early trade. Indices bounced back in mid-morning trade. Key benchmarks trimmed gains in early afternoon trade and turned range bound in mid-afternoon trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.60%, outperforming the Sensex. The BSE Small-Cap index was up 0.37%, underperforming the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1242 shares rose and 1241 shares fell. A total of 132 shares were unchanged.
Oil stocks were in demand. Among state-run oil marketing companies, BPCL (up 0.78%), HPCL (up 0.37%) and Indian Oil Corporation (up 0.19%), edged higher.
Among oil explorers, ONGC (up 1.25%), Reliance Industries (up 0.72%) and Oil India (up 0.24%), edged higher.
Most auto stocks rose. Mahindra & Mahindra (up 0.30%), Tata Motors (up 0.67%), Bajaj Auto (up 1%), TVS Motor Company (up 1.03%) and Maruti Suzuki India (up 1.61%), edged higher. Escorts (down 1.24%), Ashok Leyland (down 1.1%) and Eicher Motors (down 0.11%), edged lower.
Hero MotoCorp was up 1.54%. The company reported 13% growth in sales to 7.04 lakh units of motorcycles and scooters in June 2018 over June 2017. With monsoon already hitting many parts of the country, the positive consumption pattern is expected to continue in the coming months. Hero MotoCorp is geared-up with an array of products - including its premium motorcycle and the new scooter range - to add to the positive sentiments and further delight the customers. The announcement was made after market hours yesterday, 2 July 2018.
Overseas, European stocks were trading higher, though lingering concerns over global trade appeared to cap gains. Most Asian shares were trading lower on concerns over the impact of ongoing trade wars.
A looming 6 July 2018 deadline is set to see the US impose a 25% tariff on $34 billion worth of Chinese goods from more than 800 product categories. China has also announced that it will retaliate with duties on the same value of US products.
In US, shares reversed early losses to finish higher on the back of a rally in technology shares. However, worries over trade tensions between the US and its major trading partners lingered, weighing on investors' sentiment. A trade war is seen as providing a significant headwind to global growth.
On the US data front, a read on June manufacturing from Markit came in at 55.4, compared with a preliminary reading of 54.6. Separately, the Institute for Supply Management's manufacturing index rose to 60.2% in June from 58.7%. A read on construction spending rose 0.4% in May.
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