Stocks hovered near the flat line in afternoon trade amid a divergent trend among various index constituents. At 13:26 IST, the barometer index, the S&P BSE Sensex, was down 2.72 points or 0.01% at 35,642.68. The Nifty 50 index was down 3.95 points or 0.04% at 10,765.95. Shares of index heavyweights ITC and HDFC gained. However, shares of index heavyweight Infosys dropped. Investors were cautious ahead of a deadline when tariffs from the US and China are due to be enforced.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1027 shares rose and 1365 shares fell. A total of 152 shares were unchanged.
ITC (up 2.44%), Asian Paints (up 1.78%), Bajaj Auto (up 1.58%), M&M (up 1.28%) and HDFC (up 1.03%) edged higher from the Sensex pack
Infosys (down 4.68%), Vedanta (down 2.7%) and Tata Motors (down 2.48%) were the key Sensex losers.
Yes Bank gained 3.13% after the bank announced that it has received the final regulatory approval (Certificate of Registration) from the Securities & Exchange Board of India (Sebi) to commence its mutual fund business. This approval is subsequent to the Reserve Bank of India's (RBI) approval granted to Yes Bank to sponsor a mutual fund followed by Sebi's in-principle approval received subsequently. The announcement was made after market hours yesterday, 4 July 2018.
Overseas, European shares gained ground at the open as auto sector surged on a report of tariff talks between the US and Europe. Asian markets were trading lower as investors searched for direction ahead of a deadline when tariffs from the US and China are due to be implemented.
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. US stock market was shut on Wednesday for the Independence Day holiday.
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