The key barometers extended recovery and hit fresh intraday high in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was up 64.46 points or 0.18% at 35,443.06. The Nifty 50 index was up 16.90 points or 0.16% at 10,716.80. However, negative cues from the other Asian indices continued to weigh on the sentiment.
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.
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 early afternoon trade. The Sensex rose 76.34 points, or 0.22% at the day's high of 35,454.94 in early afternoon trade. The index fell 68.93 points, or 0.19% at the day's low of 35,309.67 in early trade. The Nifty rose 22.95 points, or 0.21% at the day's high of 10,722.85 in early afternoon trade. The index fell 22.15 points, or 0.21% at the day's low of 10,677.75 in early trade.
Among secondary barometers, the BSE Mid-Cap index was down 0.60%. The BSE Small-Cap index was up 0.08%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1059 shares rose and 1241 shares fell. A total of 116 shares were unchanged.
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Most metal shares declined. National Aluminium Company (down 1.73%), Vedanta (down 1.52%), Steel Authority of India (down 1.18%), Hindalco Industries (down 1.06%), NMDC (down 0.62%), Hindustan Zinc (down 0.34%) and JSW Steel (down 0.1%), edged lower. Tata Steel (up 0.16%), Hindustan Copper (up 0.33%) and Jindal Steel & Power (up 1.94%), edged higher.
Most FMCG shares rose. Colgate Palmolive (India) (up 1.88%), Britannia Industries (up 1.25%), Bajaj Corp (up 1.04%), Godrej Consumer Products (up 0.98%), Jyothy Laboratories (up 0.52%), Hindustan Unilever (up 0.49%) and Nestle India (up 0.24%), edged higher. Marico (down 0.1%), Procter & Gamble Hygiene & Health Care (down 0.17%), GlaxoSmithKline Consumer Healthcare (down 0.39%), Dabur India (down 0.9%) and Tata Global Beverages (down 1.41%), edged lower.
Overseas, 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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