Key barometers came off day's low and were trading with small losses in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 15.19 points or 0.04% at 35,201.13. The Nifty 50 index was down 7.65 points or 0.07% at 10,710.15. The undertone of the market was negative as investors assessed the implications of President Donald Trump's decision to scrap a nuclear deal with Iran.
Shares witnessed some volatility in early trade. The Sensex rose 29.90 points, or 0.08% at the day's high of 35,246.22 in early trade. The index fell 82.12 points, or 0.23% at the day's low of 35,134.20 in early trade. The Nifty rose 8.30 points, or 0.08% at the day's high of 10,726.10 in early trade. The index fell 27.95 points, or 0.26% at the day's low of 10,689.85 in early trade.
Among secondary barometers, the BSE Mid-Cap index was down 0.34%, underperformed the Sensex. The BSE Small-Cap index was up 0.14%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, turned positive from negative in morning trade. On BSE, 1099 shares rose and 896 shares fell. A total of 96 shares were unchanged.
Metal shares were in demand. Vedanta (up 1.17%), National Aluminium Company (up 1.14%), Tata Steel (up 1.13%), NMDC (up 0.63%), JSW Steel (up 0.42%), Hindustan Copper (up 0.28%) and Hindustan Zinc (up 0.03%), edged higher. Steel Authority of India was down 0.39%.
Hindalco Industries was up 1.65% after its subsidiary Novelis posted record results for the fourth quarter and fiscal year 2018. In Q4, net income excluding special items increased 38% YoY. Adjusted EBITDA rose 9% to $319 million. Net sales increased 17% to $3.1 billion.
Jindal Steel & Power was up 2%. The company will announce Q4 results today, 9 May 2018.
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Most FMCG shares declined. Godrej Consumer Products (down 1.91%), Marico (down 1.11%), Dabur India (down 1.05%), Colgate Palmolive (India) (down 0.57%), Britannia Industries (down 0.3%), Hindustan Unilever (down 0.25%), Nestle India (down 0.2%), Procter & Gamble Hygiene & Health Care (down 0.19%) and Tata Global Beverages (down 0.07%), edged lower. Jyothy Laboratories (up 0.53%), GlaxoSmithKline Consumer Healthcare (up 0.56%) and Bajaj Corp (up 0.59%), edged higher.
Overseas, Asian shares were mixed following President Donald Trump's announcement that the US would pull out of the Iran nuclear deal.
US stocks came off their lows on Tuesday to end a choppy session little changed, after Trump announced the US was abandoning the 2015 Iran nuclear deal, which was forged by former President Barack Obama three years ago. The president also said he planned to ramp up penalties against Tehran, including the highest level of economic sanctions.
In US, an index of small-business optimism from the National Federation of Independent Businesses ticked up 0.1 point to 104.8 in April. Separately, a report on US job openings, known as the Job Openings and Labor Turnover Survey, or JOLTS, showed a record 6.6 million job openings in March.
Meanwhile, US Fed Chairman Jerome Powell reportedly said early Tuesday at an event in Switzerland that emerging-market economies should be able to manage as advanced economies move toward tighter monetary policy.
Crude oil prices surged as Trump walking away from an international nuclear deal with Iran could curb the OPEC-member's crude exports in an already tight market. In the global commodities markets, Brent crude oil futures for July 2018 settlement was up $1.81 at $76.66 a barrel.
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