A bout of volatility was witnessed as key benchmark indices hit fresh intraday low in mid-afternoon trade. At 14:16 IST, the barometer index, the S&P BSE Sensex, was down 29.55 points or 0.09% at 31,282.02. The Nifty 50 index was down 4.60 points or 0.05% at 9,652.95.
The Sensex reversed trend after hitting its highest intraday level in two weeks in early trade. The Nifty reversed trend after hitting its highest intraday level in 1-1/2 week in mid-morning trade. The Sensex fell 50.08 points, or 0.16% at the day's low of 31,261.49 in mid-afternoon trade. The index rose 80.96 points, or 0.26% at the day's high of 31,392.53 in early trade, its highest level since 6 June 2017. The index rose 18.95 points, or 0.20% at the day's high of 9,676.50 in mid-morning trade, its highest level since 8 June 2017. The Nifty fell 13.80 points, or 0.14% at the day's low of 9,643.75 in mid-afternoon trade
Among secondary barometers, the BSE Mid-Cap index was up 0.10%. 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 negative. On BSE, 1,434 shares fell and 1,121 shares rose. A total of 167 shares were unchanged.
Most auto shares declined. Eicher Motors (down 1.41%), Ashok Leyland (down 1.01%), Bajaj Auto (down 0.86%), Hero MotoCorp (down 0.86%), TVS Motor Company (down 0.39%) and Maruti Suzuki India (down 0.27%), edged lower. Mahindra & Mahindra (up 0.26%) and Escorts (up 2.06%), edged higher.
Tata Motors was up 3.76% on media reports that Tata Group may be considering listing its luxury carmaker Jaguar Land Rover through an initial public offer. According to reports, senior executives of Tata Group have held preliminary internal discussions over listing of the British luxury automobile company Jaguar Land Rover (JLR) over an international stock exchange, which may potentially include New York Stock Exchange or London Stock Exchange. Tata Motors had bought an ailing JLR in a surprise move in 2008 for $2.4 billion from Ford Motor Co.
Power generation stocks were mixed. CESC (down 1.41%), Jaiprakash Power Ventures (down 0.72%), NTPC (down 0.68%), Reliance Infrastructure (down 0.65%), JSW Energy (down 0.24%), Reliance Power (down 0.12%), edged lower. NHPC (up 0.45%), Adani Power (up 0.55%), GMR Infrastructure (up 1.04%), Torrent Power (up 2.68%), Tata Power (up 4.10%), edged higher.
State-run Coal India was up 0.08%. State-run Power Grid Corporation of India was down 0.47%.
Overseas, European stocks were trading higher led by advances among tech and consumer-related shares. Reports indicated that Brexit is likely to be on the agenda for investors on Tuesday following the start of Brexit negotiations on Monday, where the EU and UK's chief Brexit negotiators agreed that talks up until October should concentrate on citizens' rights, a financial settlement and other separation matters.
Asian shares were mixed amid speculation on whether China would be added to the MSCI emerging markets index on the fourth try. Investors are keeping an eye on the decision on whether to include China A-shares in the MSCI Emerging Markets Index. This will be China's fourth attempt at MSCI inclusion, after being passed over the first three times.
US stocks rose overnight with both the Dow and the S&P 500 ending at new records as technology shares rebounded from a recent bout of sharp weakness to lead the market higher. The Dow Jones Industrial Average rose 144.71 points, or 0.7%, to 21,528.99. The S&P 500 gained 20.31 points, or 0.8% to 2,453.46. The Nasdaq Composite Index rose 87.25 points, or 1.4% to 6,239.01.
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