The key indices recovered sharply and were trading near flat line in mid-afternoon trade. At 14:22 IST, the barometer index, the S&P BSE Sensex, was up 5.11 points or 0.01% at 37,499.51. The Nifty 50 index was up 2.85 points or 0.03% at 11,322.40.
Indices opened lower and hit fresh intraday low in mid-morning trade. Indices came off day's low and were hovering near flat line in mid-afternoon trade. The Sensex rose 40.55 points, or 0.11% at the day's high of 37,534.95 at the onset of trading session. The index fell 195.65 points, or 0.52% at the day's low of 37,298.75 in mid-morning trade. The Nifty rose 5.35 points, or 0.05% at the day's high of 11,324.90 in mid-afternoon trade. The index fell 51.80 points, or 0.46% at the day's low of 11,267.75 in mid-morning trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.22%. The BSE Small-Cap index was up 0.08%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1346 shares rose and 1196 shares fell. A total of 156 shares were unchanged.
Auto stocks were mixed. Hero MotoCorp (up 2.20%), Escorts (up 1.61%), Maruti Suzuki India (up 1.27%), Bajaj Auto (up 1.10%) and TVS Motor Company (up 0.18%), edged higher. Ashok Leyland (down 0.13%), Mahindra & Mahindra (down 0.14%), Tata Motors (down 1.33%) and Eicher Motors (down 2.5%), edged lower.
Realty shares were mixed. Housing Development and Infrastructure (HDIL) (up 18.91%), Anant Raj (up 6.24%), DLF (up 3.63%), D B Realty (up 3.08%), Unitech (up 2.91%), Peninsula Land (up 2.84%), Sobha (up 2.47%), Phoenix Mills (up 1.21%), Parsvnath Developers (up 0.91%) and Omaxe (up 0.29%), edged higher. Godrej Properties (down 0.04%), Indiabulls Real Estate (down 0.95%), Sunteck Realty (down 1.51%), Mahindra Lifespace Developers (down 2.96%) and Prestige Estates Projects (down 3.75%), edged lower.
Oberoi Realty rose 1.58% after consolidated net profit surged 238.65% Rs 309.42 crore on 230.78% jump in total income to Rs 896.47 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 30 July 2018.
Oberoi Realty said that the company's order book stands at Rs 4429.62 crore at the end of Q1 June 2018 as against Rs 5360.82 crore at the end of Q4 March 2018 and Rs 5043.07 crore at the end of Q1 June 2017. Total area booked for Q1 June 2018 was 2.87 lakh sq. ft. as against 0.98 lakh sq. ft. booked in Q1 June 2017 and the total value was Rs 623.46 crore for Q1 June 2018 as against Rs 287.92 crore in Q1 June 2017.
On the macro front, the Reserve Bank of India's (RBI)'s Monetary Policy Committee (MPC) will meet today, 31 July and tomorrow, 1 August 2018 for the third bi-monthly monetary policy statement for 2018-2019. The resolution of the MPC will be unveiled at 14:30 IST on 1 August 2018. RBI raised its benchmark policy repo rate by 0.25% to 6.25% in its second bi-monthly monetary policy for 2018-2019 on 6 June 2018.
Overseas, most European shares declined. Most Asian shares bounced back from early lows. Growth in China's services industry in July moderated for the first time in five months, an official survey showed on Tuesday, a sign activity is slowing in a major part of the world's second largest economy. The official non-manufacturing Purchasing Managers' Index (PMI) fell to 54.0 from 55.0 in June, well above the 50-point mark that separates growth from contraction.
Meanwhile, investors are set to focus on the Bank of Japan's decision at the end of its policy meeting later in the day. The US Federal Reserve's Federal Open Market Committee, meanwhile, was due to begin its own monetary policy meeting on Tuesday US hours, with a decision due on Wednesday. The Fed is expected to keep rates steady at the end of its meeting.
US market declined overnight amid weakness in the technology sector. On the data front, US pending home sales rose 0.9% in June, the National Association of Realtors said Monday.
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