The market bounced back from the day's low and hit fresh intraday high in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 99.78 points or 0.28% at 35,674.33. The Nifty 50 index was up 30.30 points or 0.28% at 10,780.05. Investors were cautious ahead of a US deadline to impose tariffs on Chinese imports on Friday.
After opening lower, the indices bounced back and hit fresh intraday high in morning trade. The Sensex rose 116.29 points, or 0.33% at the day's high of 35,690.84 in morning trade. The index fell 42.34 points, or 0.12% at the day's low of 35,532.21 in early trade. The Nifty rose 37.90 points, or 0.35% at the day's high of 10,787.65 in morning trade. The index fell 14.70 points, or 0.14% at the day's low of 10,735.05 in early trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.67%. The BSE Small-Cap index was down 0.32%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, turned positive from negative. On BSE, 1135 shares rose and 752 shares fell. A total of 87 shares were unchanged.
Most metal shares rose. National Aluminium Company (up 3.01%), Steel Authority of India (up 1.40%), Hindalco Industries (up 1.27%), Jindal Steel & Power (up 1.13%), Tata Steel (up 0.73%), Hindustan Copper (up 0.58%) and NMDC (up 0.29%), edged higher. Vedanta (down 0.09%), Hindustan Zinc (down 1.11%) and JSW Steel (down 1.26%), edged lower.
Most FMCG shares rose. Marico (up 0.83%), Godrej Consumer Products (up 0.76%), Colgate Palmolive (India) (up 0.68%), Nestle India (up 0.33%), Jyothy Laboratories (up 0.32%), Britannia Industries (up 0.15%), Hindustan Unilever (up 0.05%), Bajaj Corp (up 0.01%) and Dabur India (up 0.01%), edged higher. Tata Global Beverages (down 0.2%), GlaxoSmithKline Consumer Healthcare (down 0.47%) and Procter & Gamble Hygiene & Health Care (down 0.81%), edged lower.
Overseas, most Asian stocks declined, with investors bracing for developments on the trade front as markets awaited tariffs from the US and China to take effect later on Friday. The US is set to 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.
Trump on Thursday reportedly said an additional $16 billion of Chinese products will be subject to tariffs in two weeks, also adding that he was considering more duties on $500 billion in Chinese goods.
US stocks settled higher on Thursday, in a broad rally that was led by the technology sector. The minutes from the US Federal Reserve June policy meeting were in line with market expectations for further interest rate increases this year. US central bankers expressed concerns global trade tensions could hit an economy that by most measures looked strong.
On the US data front, the private sector added 177,000 jobs in June, according to the ADP employment report. Separately, initial jobless claims rose by 3,000 in the latest week, although they remained near multi-decade lows. The final Markit services purchasing managers index for June came in at 56.5, compared with 56.8 in May. The Institute for Supply Management's non-manufacturing index for the same month came in at 59.1 from the previous month's reading of 58.6. A reading of at least 50 signals improving conditions.
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