The market came off day's low and was trading with modest losses in morning trade. At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 252 points or 0.67% at 37,617.23. The Nifty 50 index was down 75.15 points or 0.66% at 11,354.35. Weak global cues spoiled investors sentiment in domestic market.
The indices opened lower and hit fresh intraday low in early trade. Indices came off day's low and was trading with modest losses in morning trade. The Sensex fell 176.04 points, or 0.46% at the day's high of 37,693.19 in early trade. The index fell 309.97 points, or 0.82% at the day's low of 37,559.26 in early trade. The Nifty fell 59.7 points, or 0.52% at the day's high of 11,369.80 in early trade. The index fell 89.20 points, or 0.78% at the day's low of 11,340.30 in early trade.
Among secondary barometers, the BSE Mid-Cap index was down 0.28%. The BSE Small-Cap index was down 0.60%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On BSE, 742 shares rose and 1385 shares fell. A total of 105 shares were unchanged.
Most metal shares declined. Vedanta (down 3.26%), Hindustan Copper (down 3.25%), NMDC (down 1.37%), Jindal Steel & Power (down 1.3%), Hindustan Zinc (down 1.19%), Hindalco Industries (down 0.85%) and Tata Steel (down 0.37%), edged lower. JSW Steel (up 0.03%), Steel Authority of India (up 0.38%) and National Aluminium Company (up 0.79%), edged higher.
Most FMCG shares rose. Godrej Consumer Products (up 1.66%), Procter & Gamble Hygiene & Health Care (up 1.40%), Nestle India (up 1.26%), Jyothy Laboratories (up 1.08%), Tata Global Beverages (up 0.82%), Dabur India (up 0.20%), Britannia Industries (up 0.09%) and GlaxoSmithKline Consumer Healthcare (up 0.08%), edged higher. Hindustan Unilever (down 0.02%), Marico (down 0.4%), Colgate Palmolive (India) (down 0.57%) and Bajaj Corp (down 0.72%), edged lower.
On the economic front, India's industrial production growth rebounded to five month high of 7% in June 2018, while recovering from a seven-month low of 3.9% in May 2018. The industrial production growth for May 2018 has been revised upwards from 3.2% increase reported provisionally.
Overseas, Asian shares tumbled on Monday after investor sentiment took a hit amid the slump in the Turkish currency, lira, on geopolitical developments. US stocks dropped on Friday, triggered by fears over the sell-off in the lira after US President Donald Trump said he had approved the doubling of metals tariffs against Turkey on Friday.
The lira's decline was the latest sign of turmoil in international economies, particularly emerging markets. The currency tumbled on worries over Turkish President Tayyip Erdogan's increasing control over the economy and deteriorating relations with the United States.
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