Stocks turned volatile in morning trade as the key benchmark indices once again dipped in negative zone after briefly turning positive. At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 29.25 points or 0.08% at 35,660.35. The Nifty 50 index was down 10.45 points or 0.1% at 10,811.40. Oil stocks declined.
Domestic stocks edged lower in early trade on negative Asian stocks.
The S&P BSE Mid-Cap index was up 0.08%. The S&P BSE Small-Cap index was up 0.15%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was just about positive. On the BSE, 999 shares rose and 962 shares fell. A total of 112 shares were unchanged.
Oil stocks declined. Among shares of oil exploration and production (E&P) companies, ONGC (down 1.54%) and Oil India (down 1.54%) edged lower. Reliance Industries rose 0.13%.
Among PSU OMCs, HPCL (down 1.5%), BPCL (down 2.75%) and Indian Oil Corporation (down 2.17%) dropped.
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Phoenix Mills rose 1.53% after the company announced that it has acquired an under-construction retail asset in Indore. It acquired the asset for Rs 234 crore in an auction conducted by an asset reconstruction company. This brownfield expansion will add approx. 1.1 million square feet to Phoenix Mills' retail asset portfolio. The site offers a further development potential of approximately 800,000 square feet. The announcement was made after market hours on Friday, 22 June 2018.
Indian Hotels Company rose 0.07% With reference to news item titled "Taj Acquires Lutyen's Delhi Hotel Through NDMC Auction", Indian Hotels Company clarified after market hours on Friday, 22 June 2018, that it has not acquired The Connaught hotel as the property belongs to NDMC. The company had participated in an e-auction conducted by NDMC on 20 June 2018 for grant of licensing rights to operate the hotel. While NDMC has declared that the company is the successful bidder, the letter of award from NDMC is awaited, neither the company has entered into any agreement with NDMC. Accordingly, the company has currently nothing further to comment or disclose with respect to matters appearing in the news report.
Overseas, Asian stocks fell as investors assessed prospects for continuing trade tensions between US and China. US stocks climbed on Friday, 22 June 2018 following gains in Europe as OPEC's plans to boost output less than some investors had anticipated sent oil on a tear.
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