The key indices were trading with small gains in mid-morning trade. At 11:17 IST, the barometer index, the S&P BSE Sensex, was up 47.95 points or 0.13% at 36,371.72. The Nifty 50 index was up 22.75 points or 0.21% at 10,959.60.
After opening lower, the indices firmed up as the session proceeded. Indices pared gains in mid-morning trade. The Sensex rose 146.99 points, or 0.40% at the day's high of 36,470.76 in morning trade. The index fell 61.99 points, or 0.17% at the day's low of 36,261.78 in early trade. The Nifty rose 52.80 points, or 0.48% at the day's high of 10,989.65 in morning trade. The index fell 11.25 points, or 0.10% at the day's low of 10,925.60 in early trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.86%. The BSE Small-Cap index was up 0.26%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, once again turned negative from positive. On BSE, 1038 shares rose and 1059 shares fell. A total of 118 shares were unchanged.
Most metal shares rose. Steel Authority of India (up 1.69%), National Aluminium Company (up 1.66%), Hindalco Industries (up 0.85%), Jindal Steel & Power (up 0.84%), Tata Steel (up 0.78%), Vedanta (up 0.66%) and Hindustan Copper (up 0.18%), edged higher. NMDC (down 0.93%), Hindustan Zinc (down 1.28%) and JSW Steel (down 1.28%), edged lower.
Most FMCG shares declined. GlaxoSmithKline Consumer Healthcare (down 1.14%), Procter & Gamble Hygiene & Health Care (down 0.98%), Britannia Industries (down 0.74%), Colgate Palmolive (India) (down 0.58%), Marico (down 0.48%), Bajaj Corp (down 0.22%) and Jyothy Laboratories (down 0.14%), edged lower. Godrej Consumer Products (up 0.17%), Tata Global Beverages (up 0.99%), Nestle India (up 1.66%) and Dabur India (up 2.38%), edged higher.
FMCG major Hindustan Unilever (HUL) was down 3.41%. The company's net profit rose 19.17% to Rs 1529 crore on 11.37% rise in net sales to Rs 9356 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 16 July 2018.
On the economic front, the IMF has cut India's growth forecast by 10 basis points to 7.3% for the current year and by 30 basis points to 7.5% for 2019, citing faster-than-anticipated monetary tightening and higher crude prices. The international body had projected 7.4% and 7.8% growth for 2018 and 2019, respectively in its April forecast.
Overseas, Asian stocks were mixed as energy stock came under selling pressure amid overnight fall in crude oil prices.
The International Monetary Fund (IMF) on Monday warned that there was an increased risk of "worse outcomes" amid recent international trade tensions, although it kept its forecasts for global growth this year the same at 3.9%.
In US, the Dow industrials bucked the trend of an otherwise downbeat session on Monday as upbeat economic data and a fresh round of quarterly results failed to stoke buying appetite. Investors also watched President Donald Trump and Russian President Vladimir Putin convene for a summit in Helsinki, Finland but reaction to a joint conference with the two leaders was muted.
On the US data front, US retail sales rose 0.5% in June. Separately, the Empire State Index fell 2.4 points to 22.6 in July. Business inventories in the US rose 0.4% in May, the Commerce Department said. Sales jumped 1.4% in the month.
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