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Market hovers near day's high

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Capital Market
Last Updated : Aug 09 2018 | 3:31 PM IST

Key barometers were hovering near the day's high in mid-afternoon trade. At 14:22 IST, the barometer index, the S&P BSE Sensex, was up 148.59 points or 0.39% at 38,036.15. The Nifty 50 index was up 28.20 points or 0.25% at 11,478.20. The Sensex was trading above the psychologically important 38,000 mark. The Sensex and the Nifty, both, hit fresh record high levels in intraday trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.64%, outperforming the Sensex. The BSE Small-Cap index was up 0.34%, underperforming the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1348 shares rose and 1254 shares fell. A total of 130 shares were unchanged.

Most realty shares rose. Sobha (up 5.80%), DLF (up 5.71%), Housing Development and Infrastructure (HDIL) (up 5.51%), Sunteck Realty (up 4.44%), Indiabulls Real Estate (up 3.54%), Unitech (up 2.46%), Peninsula Land (up 1.85%), Anant Raj (up 1.79%), Prestige Estates Projects (up 1.12%), D B Realty (up 0.45%), Omaxe (up 0.16%) and Mahindra Lifespace Developers (up 0.13%), edged higher. Phoenix Mills (down 0.11%), Oberoi Realty (down 0.82%), Godrej Properties (down 0.88%) and Parsvnath Developers (down 1.13%), edged lower.

Most power generation stocks rose. Adani Power (up 5.60%), Reliance Power (up 2.37%), JSW Energy (up 1.56%), GMR Infrastructure (up 1.40%), Tata Power (up 1.08%), NTPC (up 1.07%), Torrent Power (up 0.37%) and NHPC (up 0.20%), edged higher. Reliance Infrastructure (down 0.08%), CESC (down 1.74%) and Jaiprakash Power Ventures (down 2.48%), edged lower.

State-run Coal India was up 2.10%. State-run Power Grid Corporation of India was down 0.05%.

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Overseas, European shares declined Thursday amid a deepening US-China trade dispute and a flurry of corporate earnings.

Asian shares were mixed on Thursday amid rising trade tensions between the US and China. Beijing said on Wednesday that it will retaliate against the latest round of US tariffs on Chinese imports. The Chinese Ministry of Commerce announced a 25% tariff on $16 billion worth of American goods. The 333 goods being targeted by China include vehicles such as large passenger cars and motorcycles.

The announcement came after the US Trade Representative's office released a finalised list of $16 billion worth of Chinese goods that will be hit with tariffs, taking effect on 23 August 2018. The latest US list brings the total amount of Chinese goods facing a 25% tariff to $50 billion.

US stock-market indices closed mostly lower on Wednesday as investors grappled with a fresh round of tariff clashes between the Trump administration and China and a batch of weak earnings from high-profile firms such as Walt Disney Co. and Snap Inc.

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First Published: Aug 09 2018 | 2:23 PM IST

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