The market rose in choppy trade, backed by gains in oil and IT stocks. The barometer index, the S&P BSE Sensex, rose 114.19 points or 0.32% to 35,378.60, as per the provisional closing data. The Nifty 50 index rose 42.60 points or 0.40% to 10,699.90, as per the provisional closing data.
The market opened almost flat and hit fresh intraday low in early trade. Indices bounced back in mid-morning trade. Key benchmarks trimmed gains in early afternoon trade and turned range bound in mid-afternoon trade.
Among secondary barometers, the BSE Mid-Cap index rose 0.69%. The BSE Small-Cap index was rose 0.44%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1355 shares rose and 1259 shares fell. A total of 132 shares were unchanged.
Oil stocks were in demand. Among state-run oil marketing companies, BPCL (up 0.85%) and Indian Oil Corporation (up 0.84%), edged higher. HPCL fell 0.37%.
Among oil explorers, ONGC (up 1.12%), Reliance Industries (up 1.14%) and Oil India (up 0.53%), edged higher.
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IT shares rose. Infosys (up 1.58%), TCS (up 1.10%) and Wipro (up 0.11%), edged higher.
Hero MotoCorp rose 1.07%. The company reported 13% growth in sales to 7.04 lakh units of motorcycles and scooters in June 2018 over June 2017. With monsoon already hitting many parts of the country, the positive consumption pattern is expected to continue in the coming months. Hero MotoCorp is geared-up with an array of products - including its premium motorcycle and the new scooter range - to add to the positive sentiments and further delight the customers. The announcement was made after market hours yesterday, 2 July 2018.
Jindal Steel and Power (JSPL) gained 1.18% after the company recorded highest ever first quarter domestic steel production during April - June 2018. The domestic crude steel production at JSPL's integrated steel plants at Angul and Raigarh during the quarter April - June 2018 clocked a record 1.23 million tonnes, i.e. a rise of 36% from 0.90 million tonne, a year ago. The announcement was made during market hours today, 3 July 2018.
JSPL also recorded a 46% growth in domestic sales during Q1 2018-19 to 1.18 million tonnes, up from 0.81 million tonne in Q1 of the previous fiscal. The 9 MTPA Pellet Plant also recorded its highest ever production during the month of June 2018, bettering all its previous records. Jindal Shadeed - JSPL's subsidiary in Oman, also recorded the best ever quarter in its history, clocking its highest ever crude as well as finished steel production and sales during April - June 2018.
Overseas, European stocks were trading higher, though lingering concerns over global trade appeared to cap gains. Most Asian shares ended lower on concerns over the impact of ongoing trade wars.
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.
In US, shares reversed early losses to finish higher on the back of a rally in technology shares. However, worries over trade tensions between the US and its major trading partners lingered, weighing on investors' sentiment. A trade war is seen as providing a significant headwind to global growth.
On the US data front, a read on June manufacturing from Markit came in at 55.4, compared with a preliminary reading of 54.6. Separately, the Institute for Supply Management's manufacturing index rose to 60.2% in June from 58.7%. A read on construction spending rose 0.4% in May.
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