Key benchmark indices hovered near day's high in mid-afternoon trade. At 14:21 IST, the barometer index, the S&P BSE Sensex, was up 70.67 points or 0.2% at 35,503.06. The Nifty 50 index was up 20.90 points or 0.19% at 10,762. Most capital goods stocks fell. Telecom stocks saw mixed trend.
Domestic stocks edged lower in early trade on negative Asian stocks. Volatility struck bourses in morning trade as the key benchmark once again dipped in negative zone after staging an intraday recovery. Stocks traded with small losses in mid-morning trade after alternately swinging between positive and negative zone. Key benchmark indices once regained positive zone in early afternoon trade. Stocks extended gains and hit fresh intraday high in afternoon trade.
The S&P BSE Mid-Cap index was up 0.13%. The S&P BSE Small-Cap index was down 0.16%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,009 shares rose and 1,430 shares fell. A total of 141 shares were unchanged.
Most capital goods stocks fell. Thermax (down 0.81%), Bharat Heavy Electricals (Bhel) (down 0.66%), BEML (down 1.07%), Bharat Electronics (down 0.09%) and Siemens (down 0.16%) fell.
ABB India (up 1.01%), L&T (up 0.68%) and Punj Lloyd (up 0.35%) rose.
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Telecom stocks saw mixed trend. Idea Cellular (down 0.33%), Tata Teleservices (Maharashtra) (down 0.21%) and Reliance Communications (down 1.01%) fell. Bharti Airtel (up 1.03%) and MTNL (up 7.58%) rose.
Shares of Bharti Infratel gained 2.15%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Overseas, European markets are trading slightly higher amid ongoing tensions in the energy market ahead of an OPEC meeting that could expand crude production. In Europe, the Bank of England (BOE) left its key interest rate at 0.5% in an announcement Thursday following a regular meeting, as British inflation holds at a 14-month low. BOE policymakers voted 6-3 to keep the rate on hold. The bank also voted unanimously to maintain its quantitative easing stimulus policy, under which it has pumped 445 billion ($586 billion, 506 billion euros) around the UK economy.
Asian stocks were trading lower as trade tensions between the US and China remained high. US stocks fell yesterday, 21 June 2018 as fears of a potential global trade war continued to weigh on investor sentiment. Investors are worried the tensions and recent tariffs could develop into a headwind for the global economy.
In US economic data, the Philadelphia Fed's manufacturing index slowed sharply to a reading of 19.9 in June from 34.4 in May.
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