Key benchmark indices extended fall and hit fresh intraday low in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 180.83 points or 0.58% at 31,080.29. The Nifty 50 index was down 55.65 points or 0.58% at 9,612.60. FMCG stocks saw mixed trend. Most metal and mining stocks fell as copper prices declined in global commodity markets. Weak global cues played the spoilsport for domestic stocks.
The Sensex lost 214.76 points or 0.69% at the day's low of 31,047.30 in mid-afternoon trade, its lowest level since 29 May 2017. The index fell 36.63 points or 0.12% at the day's high of 31,225.43 at the onset of the session. The Nifty lost 68.30 points or 0.71% at the day's low of9,599.95 in mid-afternoon trade, its lowest level since 1 June 2017. The index fell 21.20 points or 0.22% at the day's high of 9,647.05 at the onset of the session.
Domestic stocks kick-started trading for the week on a dull note on negative global cues. Key indices extended initial fall and hit fresh intraday low in morning trade. Stocks languished in the negative terrain later during the session.
The S&P BSE Mid-Cap index was down 0.53%. The S&P BSE Small-Cap index was down 0.44%. The fall in both these indices was lower than the Sensex's decline in percentage terms.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 1,597 shares fell and 1,016 shares rose. A total of 157 shares were unchanged.
FMCG stocks saw mixed trend. Britannia Industries (down 1.04%), Hindustan Unilever (down 0.11%), Marico (down 0.58%), Nestle India (down 0.12%), Tata Global Beverages (down 1.13%), Jyothy Laboratories (down 0.74%) fell.
GlaxoSmithkline Consumer Healthcare (up 0.22%), Colgate-Palmolive (India) (up 0.62%), Dabur India (up 0.66%), Godrej Consumer Products (up 0.42%), Procter & Gamble Hygiene and Health Care (up 0.58%), Bajaj Corp (up 0.52%) rose.
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Most metal and mining stocks fell as copper prices declined in global commodity markets. JSW Steel (down 1.58%), Vedanta (down 0.33%), Steel Authority of India (Sail) (down 0.87%), National Aluminium Company (down 1.66%), Jindal Steel & Power (down 0.69%), Hindalco Industries (down 0.96%), NMDC (down 0.61%), edged lower. Hindustan Copper (up 1.01%), Tata Steel (up 0.05%), Hindustan Zinc (up 0.29%) rose.
Copper edged lower in the global commodities market. High Grade Copper for July 2017 delivery was currently off 0.68% at $2.6315 per pound on the COMEX.
Meanwhile, the GST Council in its 16th meeting on Sunday, 11 June 2017 reportedly decided to revise tax rates on 66 products and widened the scope of a concessional tax payment scheme for small businesses and restaurants. The council will meet again on 18 June 2017 to take stock of the rollout preparedness and any new proposal. The council also decided to go ahead with the planned 1 July 2017 rollout.
Siti Networks lost 2.11% to Rs 30.20, with the stock sliding on profit taking after recent rally. Shares of Siti Networks had rallied 15.11% in the preceding three trading sessions to settle at Rs 30.85 on Friday, 9 June 2017, from its closing of Rs 26.80 on 6 June 2017.
Gulf Oil Lubricants India rose 0.56% to Rs 814.50 after Morgan Stanley purchased bulk shares of the company on Friday, 9 June 2017. Morgan Stanley Investment Funds Indian Equity Fund bought 8.78 lakh shares of Gulf Oil Lubricants India from Local Government Superannuation Scheme at Rs 810 per share in a bulk deal on the BSE on Friday, 9 June 2017.
Morgan Stanley Investment Holding Company held 1.77% stake in Gulf Oil Lubricants India as per the shareholding pattern as on 31 March 2017.
Among domestic macro economic data, the government will announce industrial production data for the month of April 2017 after market hours today, 12 June 2017. The data on inflation based on consumer price index (CPI) or retail inflation for May 2017 will also be announced after market hours today, 12 June 2017.
Overseas, European and most Asian stocks dropped as investors assessed the risks from political turmoil in the UK. In US, technology stocks sold off sharply on Friday, 9 June 2017 taking a toll on the Nasdaq and dragging on other major Wall Street indexes, which touched record highs earlier in the day.
Markets turned cautious, following the surprise hung parliament result from the UK election on Friday, 9 June 2017. Investors are also weighing France's parliamentary elections, where the first round showed President Emmanuel Macron's party headed for a majority.
Among global macro economic data, French economic growth will accelerate in the second quarter of the year and business sentiment indicators remain above their long-term average, the Bank of France said. French gross domestic product will rise 0.5% in the second quarter from the first, when it rose 0.4%, according to business activity indicators, the Bank of France said.
Japanese core machinery orders fell in April for the first time in three months, the government said. Core machinery orders, a leading indicator of business investment, decreased 3.1% from the previous month, following a 1.4% rise in March, the Cabinet Office said. On a year-on-year basis, core orders rose 2.7%.
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