Key benchmark indices trimmed gains soon after hitting fresh intraday high in afternoon trade. At 13:25 IST, the barometer index, the S&P BSE Sensex, was up 79.33 points or 0.22% at 35,343.74. The Nifty 50 index was up 27.15 points or 0.25% at 10,684.45.
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.
Among secondary barometers, the BSE Mid-Cap index was up 0.25%, outperforming the Sensex. The BSE Small-Cap index was up 0.21%, underperforming the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1184 shares rose and 1220 shares fell. A total of 132 shares were unchanged.
ONGC (up 1.57%), Hero MotoCorp (up 1.39%), Maruti Suzuki India (up 1.27%), Infosys (up 1.06%) and TCS (up 1.03%) edged higher from the Sensex pack.
Vedanta (down 2.85%), ICICI Bank (down 1.14%) and SBI (down 0.59%) edged lower from the Sensex pack.
Jindal Steel and Power (JSPL) gained 2.15% after the company recorded highest ever first quarter domestic steel production during April - June 2018. The domestic crude steel production at JSPL's integrated steel plants at Angul and Raigarh during the quarter April - June 2018 clocked a record 1.23 million tonnes, i.e. a rise of 36% from 0.90 million tonne, a year ago. The announcement was made during market hours today, 3 July 2018.
JSPL also recorded a 46% growth in domestic sales during Q1 2018-19 to 1.18 million tonnes, up from 0.81 million tonne in Q1 of the previous fiscal. The 9 MTPA Pellet Plant also recorded its highest ever production during the month of June 2018, bettering all its previous records.
On the global front, Jindal Shadeed - JSPL's subsidiary in Oman, also recorded the best ever quarter in its history, clocking its highest ever crude as well as finished steel production and sales during April - June 2018.
Overseas, a late-session rally in China, spurred by speculation of intervention from the People's Bank of China, boosted shares in Asia and lifted European stock into the green at the start of trading Tuesday, but concerns over the impact of ongoing trade wars has investors continuing to favor risk-averse assets.
Meanwhile, 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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