Volatility ruled the roost in mid-morning trade as fresh selling pulled the key benchmark indices to intraday low, derailing a brief intraday recovery. At 11:27 IST, the barometer index, the S&P BSE Sensex, was down 66.74 points or 0.19% at 35,150.37. The Nifty 50 index was down 35.85 points or 0.34% at 10,635.55. Cement stocks rose. Realty stocks declined.
Domestic stocks edged lower in early trade tracking mostly lower Asian stocks. A divergent trend was witnessed in morning trade as the barometer index, the S&P BSE Sensex, was trading with small gains while the Nifty 50 index was trading with small losses.
Trading could be volatile as traders roll over positions in the F&O segment from the near month June 2018 series to July 2018 series. The June 2018 F&O contracts expire today, 28 June 2018.
The S&P BSE Mid-Cap index was down 0.58%. The S&P BSE Small-Cap index was down 0.79%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 772 shares rose and 1446 shares fell. A total of 111 shares were unchanged.
Cement stocks rose. Shree Cement (up 1.36%), Ambuja Cements (up 0.63%), ACC (up 0.3%) and UltraTech Cement (up 0.08%) gained.
Grasim Industries was off 1.92%. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
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Realty stocks declined. DLF (down 2.83%), Indiabulls Real Estate (down 3.44%), Housing Development and Infrastructure (down 1.97%), Sobha (down 1.85%), Godrej Properties (down 0.64%), Prestige Estates Projects (down 3.49%) and Oberoi Realty (down 0.28%) fell. D B Realty (up 1.72%) and Unitech (up 0.49%) rose.
Overseas, Asian markets are trading mostly lower in view of conflicting messages from US President Donald Trump and his aides over whether he would adopt a confrontational approach to limit Chinese investment in America. US stocks fell yesterday, 27 June 2018 as a drop in technology stocks and financials more than offset an advance in the energy sector.
Trump has softened the threat of new curbs on Chinese investment in US firms. Separately, top US economic advisor Larry Kudlow said the Trump administration has no intention of backing down from the current China situation.
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