Key indices firmed up further and hit fresh intraday high in mid-afternoon trade. At 14:22 IST, the barometer index, the S&P BSE Sensex, was up 221.11 points or 0.62% at 35,599.71. The Nifty 50 index was up 54.70 points or 0.51% at 10,754.60.
After opening higher, indices reversed trend and hit fresh intraday low in early trade. Indices bounced back in mid-morning trade and hit fresh intraday high in mid-afternoon trade.
Among secondary barometers, the BSE Mid-Cap index was down 0.31%. The BSE Small-Cap index was up 0.18%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1192 shares rose and 1299 shares fell. A total of 126 shares were unchanged.
Most auto stocks rose. Bajaj Auto (up 2.66%), Maruti Suzuki India (up 1.75%), TVS Motor Company (up 1.35%), Mahindra & Mahindra (up 0.87%), Eicher Motors (up 0.60%) and Hero MotoCorp (up 0.49%), edged higher. Escorts (down 0.28%), Tata Motors (down 0.37%) and Ashok Leyland (down 1.55%), edged lower.
Most realty shares declined. D B Realty (down 4.58%), Indiabulls Real Estate (down 1.98%), Anant Raj (down 1.95%), Oberoi Realty (down 1.38%), Mahindra Lifespace Developers (down 1.26%), Housing Development and Infrastructure (HDIL) (down 0.99%), DLF (down 0.89%), Phoenix Mills (down 0.65%), Unitech (down 0.24%) and Godrej Properties (down 0.01%), edged lower. Prestige Estates Projects (up 0.61%), Omaxe (up 0.74%), Peninsula Land (up 0.94%), Parsvnath Developers (up 1.87%), Sunteck Realty (up 2.15%) and Sobha (up 6.76%), edged higher.
On the economic front, the Cabinet Committee on Economic Affairs at its meeting today, 4 July 2018, reportedly approved the minimum support price (MSP) of 14 Kharif (summer-sown) crops. The MSP of paddy (common grade) has been increased by Rs 200 to Rs 1,750 per quintal, while that of Grade A variety by Rs 160 per quintal to Rs 1,750. The MSP of paddy (common) was Rs 1,550 per quintal and Rs 1,590 per quintal for paddy (grade A) variety. Hike in paddy MSP will increase the food subsidy bill by over Rs 11,000 crore based on procurement figure of the 2016-17 marketing year (October-September), media reports added.
On the macro front, the seasonally adjusted Nikkei India Services Business Activity Index rose from 49.6 in May to 52.6 in June. The latest upturn pointed to solid growth that was the fastest since last June. The rise in activity was supported by greater inflows of new work. Meanwhile, the seasonally adjusted Nikkei India Composite PMI Output Index rose from 50.4 in May to 53.3 in June, supported by output growth in both the manufacturing and service sectors. The latest reading was the strongest seen since October 2016 and indicative of a solid rate of expansion. The data was announced during trading hours today, 4 July 2018.
Overseas, European shares slipped as worries over global trade persisted, with sentiment souring around semiconductor stocks in particular after US peer Micron was banned from selling chips in China.
Asian stocks were mixed as trade jitters continued to simmer ahead of a deadline when tariffs are due to take effect. A looming 6 July 2018 deadline is set to see the US impose a 25% tariff on $34 billion worth of Chinese goods from more than 800 product categories. China has also announced that it will retaliate with duties on the same value of US products.
US stock-market indexes closed lower on Tuesday, reversing earlier gains as losses in the technology and financials sectors outweighed advances in energy, telecoms and real-estate shares. On the data front, US factory orders climbed 0.4% in May.
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