Key benchmarks bounced back from the day's low and hit fresh intraday high in morning trade. At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 61.26 points or 0.17% at 35,325.67. The Nifty 50 index was up 17.50 points or 0.16% at 10,674.80.
The market opened almost flat and hit fresh intraday low in early trade. Indices bounced back and hit fresh intraday high in morning trade. The Sensex rose 105.11 points, or 0.30% at the day's high of 35,369.52 in morning trade. The index fell 68.78 points, or 0.20% at the day's low of 35,195.63 in early trade. The Nifty rose 30.65 points, or 0.29% at the day's high of 10,687.95 in morning trade. The index fell 27.05 points, or 0.25% at the day's low of 10,630.25 in early trade.
Broader market declined. Among secondary barometers, the BSE Mid-Cap index was down 0.09%. The BSE Small-Cap index was down 0.18%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 871 shares rose and 1027 shares fell. A total of 75 shares were unchanged.
Metal shares tumbled. Vedanta (down 3.35%), JSW Steel (down 1.29%), Hindustan Copper (down 1.07%), National Aluminium Company (down 0.4%), Hindustan Zinc (down 0.27%), NMDC (down 0.24%), Hindalco Industries (down 0.18%), Tata Steel (down 0.17%) and Steel Authority of India (down 0.12%), edged lower. Jindal Steel & Power was up 1.06%.
FMCG shares were mixed. Jyothy Laboratories (up 2.96%), Nestle India (up 0.44%), Dabur India (up 0.30%), Hindustan Unilever (up 0.23%), Godrej Consumer Products (up 0.17%) and Procter & Gamble Hygiene & Health Care (up 0.02%), edged higher. Tata Global Beverages (down 0.04%), Britannia Industries (down 0.18%), Bajaj Corp (down 0.44%), Colgate Palmolive (India) (down 0.85%), Marico (down 0.85%) and GlaxoSmithKline Consumer Healthcare (down 1.53%), edged lower.
Overseas, Asian shares tumbled as worries over US trade policy lingered in the background. 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.
In US, shares reversed early losses to finish higher on the back of a rally in technology shares. However, worries over trade tensions between the US and its major trading partners lingered, weighing on investors' sentiment. A trade war is seen as providing a significant headwind to global growth.
On the US data front, a read on June manufacturing from Markit came in at 55.4, compared with a preliminary reading of 54.6. Separately, the Institute for Supply Management's manufacturing index rose to 60.2% in June from 58.7%. A read on construction spending rose 0.4% in May.
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