A pullback in second half of the day's trading session helped the key benchmark indices cut steep intraday losses triggered by weak global cues. The barometer index, the S&P BSE Sensex, fell 159.07 points or 0.45% to settle at 35,264.41. The Nifty 50 index fell 57 points or 0.53% to settle at 10,657.30.
The barometer index, the S&P BSE Sensex, fell 159.07 points or 0.45% to settle at 35,264.41. The Sensex rose 154.76 points, or 0.44% at the day's high of 35,578.24 at the onset of trading session. The index fell 316.91 points, or 0.89% at the day's low of 35,106.57 in afternoon trade.
The Nifty 50 index fell 57 points or 0.53% to settle at 10,657.30. The Nifty rose 21.85 points, or 0.20% at the day's high of 10,736.15 at the onset of trading session. The index fell 109.65 points, or 1.02% at the day's low of 10,604.65 in afternoon trade.
Among secondary barometers, the BSE Mid-Cap index was down 0.75%. The BSE Small-Cap index was down 0.7%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On BSE, 941 shares rose and 1658 shares fell. A total of 166 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE IT index (up 0.88%), the S&P BSE Consumer Durables index (up 0.53%) and the S&P BSE Teck index (up 0.42%) outperformed the Sensex. The S&P BSE Metal index (down 1.8%), the S&P BSE Power index (down 1.69%) and the S&P BSE Realty index (down 1.29%) underperformed the Sensex.
Asian Paints (up 2.29%), Infosys (up 2.12%), Vedanta (up 1.25%), ICICI Bank (up 0.71%) and Sun Pharmaceutical Industries (up 0.54%) were the major Sensex gainers.
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Index heavyweight Reliance Industries (RIL) lost 1.22% to Rs 961.05.
Index heavyweight and housing finance major HDFC fell 1.11% to Rs 1,886.20.
Index heavyweight and cigarette major ITC fell 1.13% to Rs 263.05.
Engineering & construction major L&T dropped 1.22% to Rs 1,255.85.
NTPC (down 3.67%), Bharti Airtel (down 3.64%), Adani Ports and Special Economic Zone (down 2.37%), Hero MotoCorp (down 1.68%) and HDFC Bank (down 1.65%) were the major Sensex losers.
Metal shares declined. Jindal Steel & Power (down 7.2%), JSW Steel (down 4.09%), Hindustan Copper (down 2.25%), Hindalco Industries (down 3.15%), National Aluminium Company (down 3.94%), NMDC (down 2.55%) and Steel Authority of India (down 3.37%) edged lower. Vedanta (up 1.25%) rose.
Tata Steel fell 1.22%. Tata Steel and thyssenkrupp AG on 30 June 2018, signed definitive agreements to combine their European steel businesses in a 50/50 joint venture in a new company. This follows the signing of a Memorandum of Understanding in September 2017. The proposed new company, to be named thyssenkrupp Tata Steel BV, will be positioned as a leading pan European high quality flat steel producer with a strong focus on performance, quality and technology leadership. The joint venture is built on the strong foundations of common value systems and a long heritage in the industry. The transaction is subject to merger control clearance in several jurisdictions, including the European Union.
ONGC lost 1.64%. The company announced on Saturday, 30 June 2018, that its board, at the 308th meeting held on 29 June 2018, accorded its in-principle approval for exploring options for restructuring of ONGC group companies. Minister of Finance, Government of India, in the budget 2017-18, had announced the proposal for creating public sector 'oil major' which will be able to match the performance of international and domestic private sector oil and gas companies. Keeping in view the internal strategic plan duly aligning with the said proposal of the Government of India, ONGC acquired 51.11% in the equity capital of Hindustan Petroleum Corporation Limited (HPCL) from Government oflndia on 31 January 2018, and thereby HPCL has become another listed subsidiary of ONGC, in addition to Mangalore Refinery and Petrochemicals (MRPL).
The restructuring proposal shall safeguard the overall interest of the public shareholders of all ONGC group companies and would be famed up after taking into account the proposal of the Government of India referred above; the need to better value creation and synergy of ONGC group companies; and MRPL's obligation to meet the minimum public shareholding requirement. The implementation of any such restructuring proposal shall be subject to approval of the Government of India, board of directors of the relevant companies and other stakeholders of such companies in terms of applicable laws.
Bajaj Auto rose 1% after the company reported a 65% growth in its total vehicles sales at 4.04 lakh units in June 2018 over June 2017. Bajaj Auto's total domestic sales rose 85% to 2.34 lakh units, while total exports rose 44% to 1.69 lakh units in June 2018 over June 2017. The announcement was made before market hours today, 2 July 2018.
Maruti Suzuki India rose 0.07%. The company said that its total sales rose 36.3% to 1.44 lakh units in June 2018 over June 2017. Maruti Suzuki India said total domestic sales rose 45.5% to 1.35 lakh units, while total exports dropped 29% to 9,319 units in June 2018 over June 2017. The announcement was made on Sunday, 1 July 2018.
Mahindra & Mahindra (M&M) fell 1.43%. The company's total auto sales rose 26% to 45,155 units in June 2018 over June 2017. The announcement was made on Sunday, 1 July 2018.
Shares of RITES settled at Rs 212.70 on BSE, a premium of 14.97% over the issue price of Rs 185 on its debut on the bourses today, 2 July 2018. The stock listed at Rs 190 on the BSE , a premium of 2.7% over the initial public offer (IPO) price. The stock had hit a high of Rs 224.40 and low of Rs 190 during the day.
The IPO of RITES received bids for 169.43 crore shares, as against 2.52 crore shares on offer, the National Stock Exchange of India (NSE) data showed. The issue was subscribed 67.24 times. The issue opened for subscription on 20 June 2018 and closed on 22 June 2018. The price band for the issue was fixed at Rs 180 to Rs 185 per share.
Shares of Fine Organic Industries settled at Rs 822.80, a premium of 5.08% over the issue price of Rs 783 on its debut on the bourses today, 2 July 2018. The stock listed at Rs 815 on the BSE, a premium of 4.08% over the issue price of Rs 783. The stock had hit a high of Rs 823 and low of Rs 787 during the day.
The initial public offer (IPO) of Fine Organic Industries received bids for 4.82 crore shares, as against 53.65 lakh shares on offer, the National Stock Exchange of India (NSE) data showed. The issue was subscribed 8.99 times. Fine Organics Industries is the largest manufacturer of oleo chemical-based additives in India and a strong player globally in this industry. It produces a wide range of specialty plant derived oleo chemicals-based additives.
Cadila Healthcare rose 2.19% after the company announced that it has received final approval from the USFDA for Triamterene and Hydrochlorothiazide Tablets USP. The announcement was made on Saturday, 30 June 2018.
Zydus Cadila has received the final approval from the USFDA to market Triamterene and Hydrochlorothiazide Tablets USP in strengths of 37.5 mg/25 mg and 75 mg/SO mg. It is used for the treatment of high blood pressure. This combination drug is used by patients who have developed or are at risk for having low potassium levels on hydrochlorothiazide. It will be manufactured at the group's manufacturing facility at SEZ, Ahmedabad.
Thermax fell 2.45%. The company has concluded an order of Rs 340 crore from a leading Indian steel manufacturer for a specially designed boiler, electric turbo generators and ancillary equipment for their production facility in Maharashtra. The announcement was made after market hours on Friday, 29 June 2018.
On the economic front, India's manufacturing conditions improved in June at the strongest pace since December 2017, supported by the sharpest gains in output and new orders in 2018 so far. The Nikkei India Manufacturing Purchasing Managers' Index (PMI) rose from 51.2 in May to 53.1 in June. This was consistent with the fastest improvement in the health of India's manufacturing economy in 2018 so far.
Overseas, European shares were trading lower as on-going worries about the US trade policies and concerns about German Chancellor Angela Merkel's coalition weighed on sentiment. Asian stocks tumbled, with trade tensions between the US and its trading partners still a key concern for investors. US stocks closed higher Friday, 29 June 2018, led by energy and materials sectors.
China's official manufacturing Purchasing Managers' Index (PMI) declined to 51.5 for the month of June. The figure still came in above the 50-point level indicating growth.
In Japan, confidence among large manufacturers weakened for the second straight quarter in three months to June amid growing concerns about the potential impact of trade friction on the global economy. The main index measuring large manufacturers' sentiment was at plus 21 in the April-June period, compared with plus 24 in the previous survey in March, according to the Bank of Japan's quarterly tankan survey.
On the US data front, the personal-consumption expenditures index, the Federal Reserve's preferred inflation gauge, rose 0.2% as did the core rate that strips out food and energy. The rate of inflation over the past 12 months rose to 2.3%, the fastest pace since March 2012.
Chicago PMI climbed to a reading of 64.1 in June, up from 62.7, the fastest reading since January and the highest level in six month. Any reading above 50 indicates improving conditions. The final University of Michigan consumer sentiment index for June came in at 98.2. Thursday's data showed first-quarter growth for the US economy was trimmed to 2% from 2.2%.
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