Steep volatility was witnessed as key benchmarks were trading almost flat after displaying wild swings in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex, was down 7.69 points or 0.02% at 35,219.57. The Nifty 50 index was down 6.65 points or 0.06% at 10,689.55.
Volatility was high. The Sensex rose 328.33 points, or 0.93% at the day's high of 35,555.59 in early trade. The index fell 137.60 points, or 0.39% at the day's low of 35,089.66 in morning trade. The Nifty rose 74.10 points, or 0.69% at the day's high of 10,770.30 in early trade. The index fell 48 points, or 0.45% at the day's low of 10,648.20 in morning trade.
Among secondary barometers, the BSE Mid-Cap index was down 0.10%. The BSE Small-Cap index was down 0.88%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, turned weak. On BSE, 624 shares rose and 1,516 shares fell. A total of 142 shares were unchanged.
Most metal shares declined. Hindustan Copper (down 3.04%), National Aluminium Company (down 1.36%), Hindustan Zinc (down 1.34%), Vedanta (down 0.3%), Jindal Steel & Power (down 0.09%), JSW Steel (down 0.06%) and NMDC (down 0.04%), edged lower. Hindalco Industries (up 0.73%), Tata Steel (up 1.10%) and Steel Authority of India (up 1.73%), edged higher.
Most FMCG shares declined. Jyothy Laboratories (down 1.34%), Colgate Palmolive (India) (down 1.04%), Hindustan Unilever (down 0.88%), GlaxoSmithKline Consumer Healthcare (down 0.72%), Marico (down 0.6%), Tata Global Beverages (down 0.55%), Godrej Consumer Products (down 0.43%) and Dabur India (down 0.27%), edged lower. Nestle India (up 0.02%), Britannia Industries (up 0.47%), Procter & Gamble Hygiene & Health Care (up 0.51%) and Bajaj Corp (up 1.68%), edged higher.
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Overseas, Asian stocks were trading higher, tracking gains seen on Wall Street on Friday, 1 June 2018. US stock-market indices jumped on Friday, following a solid jobs data for May, while shrugging off concerns over Italian politics and trade wars.
The US labor market remains strong with 223,000 new jobs created in May, while the unemployment rate fell to an 18-year low of 3.8%. Wage growth was modest, with the yearly rate of pay rising to 2.7% from 2.6%. Receding fears about political upheaval in Italy also helped boost sentiment.
Despite the positive mood, trade concerns continued to linger after US-China trade talks yielded no major breakthroughs. China threatened that previous trade agreements negotiated by the countries will not take effect if the Trump administration goes ahead with a planned tariff increase.
US allies also took aim during a G-7 finance leaders meeting at metals tariffs imposed by the Trump administration.
On the US data front, the Institute for Supply Management said Friday that its manufacturing index rose to 58.7%, up 1.4% from April and a two-month high.
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