Stocks gyrated near day's high in mid-afternoon trade. At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 80.03 points or 0.21% at 38,322.84. The Nifty 50 index was up 32.50 points or 0.31% at 11,569.40. Metal and mining stocks gained.
Domestic stocks drifted lower in early trade on negative Asian stocks. Key benchmark indices cut almost entire intraday losses in morning trade. Indices hovered near the flat line in a small range in mid-morning trade. Stocks gyrated in a small range near the flat line in early afternoon trade. Indices bounced back and hit fresh intraday high in afternoon trade.
The S&P BSE Mid-Cap index was up 1.06%. The S&P BSE Small-Cap index was up 0.65%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1513 shares rose and 1112 shares fell. A total of 166 shares were unchanged.
Hero MotoCorp (up 4.38%), Bajaj Auto (up 3.9%), M&M (up 3.78%), Bharti Airtel (up 3.69%) and Tata Steel (up 3.08%) edged higher from the Sensex pack.
Metal and mining stocks gained. Tata Steel (up 2.84%), Steel Authority of India (Sail) (up 2.02%), National Aluminium Company (up 0.98%), Vedanta (up 0.2%), JSW Steel (up 2.1%), Jindal Steel & Power (up 3.23%), Hindalco Industries (up 2.97%), NMDC (up 4.89%) and Hindustan Copper (up 1.61%) edged higher. Hindustan Zinc (down 0.12%) fell.
Overseas, European shares were mixed while most Asian stocks were trading lower amid ongoing concerns about global trade and emerging markets. Overall, market sentiment was dragged by ongoing concerns over a trade war between the United States and China. On Thursday, President Donald Trump told the media that he will take his trade fights to Japan next. The news sent the dollar lower against the yen on Friday morning.
US stocks fell yesterday, 6 September 2018, amid renewed selling in technology shares as the Trump administration eyed escalating the trade war and concerns mounted over flagging demand for computer chips.
As per reports, turmoil in Argentina and Turkey, as their currencies continue to sink on deteriorating confidence, is dragging on the global market as investors fear a spillover effect on other healthier emerging markets and beyond.
On the trade front, the US and Canada continued high-stakes negotiations in the effort to revamp the North American Free Trade Agreement, which President Donald Trump said he is prepared to move forward with even without Canada's participation.
On the data front, the Institute for Supply Management's August read on the services sector rose to 58.5% from 55.7% in the previous month, while the final IHS Markit reading on the services purchasing managers index fell to 54.8 in August from 56 in July.
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