Domestic stocks logged modest losses in a highly volatile session of trade on subdued global stocks. The barometer index, the S&P BSE Sensex, lost 179.47 points or 0.51% at 35,037.64, as per the provisional closing data. The Nifty 50 index lost 82.30 points or 0.77% at 10,589.10, as per the provisional closing data. The Sensex regained the psychological 35,000 mark in volatile trade. Today's market slide was led by index heavyweights ICICI Bank, Reliance Industries and HDFC.
Trading was volatile as traders rolled over positions in the F&O segment from the near month June 2018 series to July 2018 series. The June 2018 F&O contracts expired today, 28 June 2018.
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. Volatility ruled the roost in mid-morning trade as fresh selling pulled the key benchmark indices lower, derailing a brief intraday recovery. Indices turned range-bound in afternoon trade. A selling frenzy pulled the key benchmark indices sharply lower in mid-afternoon trade with the Sensex sliding below the psychological 35,000 mark. Stocks cut losses after hitting fresh intraday low in late trade with the Sensex regaining the psychological 35,000 level.
The S&P BSE Mid-Cap index was down 1.62%. The S&P BSE Small-Cap index was down 1.5%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 824 shares rose and 1794 shares fell. A total of 145 shares were unchanged.
Private sector banking major ICICI Bank dropped 2.99% to Rs 270.55.
More From This Section
Index heavyweight Reliance Industries fell 1.69% to Rs 949.
Index heavyweight and housing finance major HDFC lost 0.95% to Rs 1,888.90
PSU OMCs declined sharply. HPCL (down 5.61%), BPCL (down 3.65%) and Indian Oil Corporation (down 1.41%) fell.
L&T rose 0.07%. Adani Ports and Special Economic Zone shed 0.63%. L&T has entered into a Share Purchase Agreement on 27 June 2018 between Marine Infrastructure Developers, L&T Shipbuilding and Adani Kattupalli Port and Adani Ports and Special Economic Zone for the divestment of its entire 97% stake in Marine Infrastructure Developers, a subsidiary, to Adani Ports and Special Economic Zone. The announcement was made during market hours today, 28 June 2018.
Overseas, European stocks were trading lower as uncertainty over US President Donald Trump's trade policies on China lingered. Asian markets fell 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.
Powered by Capital Market - Live News