Key barometers trimmed gains after hitting fresh intraday high in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex, was up 196.24 points or 0.56% at 35,482.98. The Nifty 50 index was up 45.90 points or 0.43% at 10,756.35. Recovery in global stocks boosted sentiment on the domestic bourses.
After opening higher, key indices pared gains in morning trade. Indices firmed up once again in mid-morning trade and hit fresh intraday high in mid-afternoon trade. The Sensex rose 244.46 points, or 0.69% at the day's high of 35,531.20 in mid-afternoon trade. The index rose 42.77 points, or 0.12% at the day's low of 35,329.51 in morning trade. The Nifty rose 61.70 points, or 0.58% at the day's high of 10,772.15 in mid-afternoon trade. The index rose 13.60 points, or 0.13% at the day's low of 10,724.05 in morning trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.18%. The BSE Small-Cap index was up by 0.25%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,261 shares rose and 1,230 shares fell. A total of 157 shares were unchanged.
Most power generation stocks declined. Reliance Power (up 3.53%), Reliance Infrastructure (up 2.90%), JSW Energy (up 2.59%), Torrent Power (up 2.02%), Jaiprakash Power Ventures (up 1.88%), GMR Infrastructure (up 0.96%), Tata Power (up 0.82%), NTPC (up 0.58%) and Adani Power (up 0.54%), edged higher. NHPC (down 0.2%) and CESC (down 0.29%), edged lower.
State-run Power Grid Corporation of India was up 0.08%. State-run Coal India was down 1.28%.
Most realty shares rose. DLF (up 1.89%), Housing Development and Infrastructure (HDIL) (up 1.60%), Anant Raj (up 1.45%), Prestige Estates Projects (up 1.26%), Indiabulls Real Estate (up 1.24%), Peninsula Land (up 1.11%), Phoenix Mills (up 0.86%), Godrej Properties (up 0.76%), Sunteck Realty (up 0.67%), Sobha (up 0.51%), D B Realty (up 0.48%) and Omaxe (up 0.07%), edged higher. Mahindra Lifespace Developers (down 0.06%), Unitech (down 0.22%), Oberoi Realty (down 0.28%) and Parsvnath Developers (down 1.35%), edged lower.
State-run Bhel was up 0.20%. The company announced during trading hours today, 20 June 2018, that it has bagged two major orders for emission control equipment from Telangana State Power Generation Corporation (TSGENCO). Valued at Rs 1,000 crore, the orders involve supply and installation of Flue Gas Desulphurization (FGD) systems for control of SOx emissions at TSGENCO's 1x800 MW Kothagudem Thermal Power Station (TPS) and 4x270 MW Bhadradri TPS in Telangana. The order for Bhadradri TPS also includes modification in Boiler and ElectroStatic Precipitators (ESPs) to meet the revised emission norms. Bhel is presently executing these projects on engineering, procurement, construction (EPC) basis.
On the political front, President Ram Nath Kovind approved the imposition of governor's rule in Jammu and Kashmir, a day after the BJP pulled out of its alliance with the Peoples Democratic Party (PDP) in Jammu and Kashmir. Following the President's approval, governor NN Vohra will be presiding over the state.
Overseas, European stocks rose as markets awaited the next development in the trade dispute between the US and China, whose central bank called for investors to remain calm. China's central bank Governor, Yi Gang, reportedly pledged late Tuesday to use monetary policy comprehensively and said policy makers are prepared for outside shocks.
Asian stocks bounced back and were trading higher due to bargain hunting after sharp losses made in the previous session. US stocks declined on Tuesday, as investors sold stocks following President Donald Trump's late-Monday threat to slap an additional $400 billion in tariffs on China goods. The announcement represented the latest escalation in a dispute between the two largest economies in the world, rattling investors.
After Beijing's retaliation against US planned tariffs on $50 billion worth of Chinese imports, Trump asked US Trade Representative Robert Lighthizer late Monday to identify $200 billion more in Chinese products that could be subject to tariffs of 10%. The US president also threatened to find $200 billion more worth of goods if China tried to retaliate against those additional tariffs.
A spokesperson from China's Ministry of Commerce reportedly said China will have no choice but to take comprehensive measures in response to the US's trade moves
On the US data front, Housing starts ran at a seasonally adjusted annual 1.35 million annual rate in May, the Commerce Department said Tuesday. Permits were at a 1.3 million seasonally adjusted annual rate.
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