Volatility ruled the roost in mid-afternoon trade as stocks extended losses soon after staging an intraday recovery. At 14:26 IST, the barometer index, the S&P BSE Sensex, was down 97.27 points or 0.26% at 37,927.10. The Nifty 50 index was down 22.50 points or 0.2% at 11,448.20. Most pharma shares declined. State Bank of India rose after declaring Q1 result.
The Sensex was trading below the psychological 38,000 level after falling below that level in early trade. Stocks edged lower in early trade, with the Sensex falling below the psychological 38,000 level tracking mostly negative Asian stocks. Key benchmark indices continued to trade lower in morning trade. Stocks staged a mild recovery in early afternoon trade after hitting intraday low in mid-morning trade. Indices turned range bound in afternoon trade.
The S&P BSE Mid-Cap index was off 0.51%. The S&P BSE Small-Cap index was off 0.41%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1092 shares rose and 1524 shares fell. A total of 146 shares were unchanged.
State Bank of India (SBI) rose 2.01%. The bank reported net loss of Rs 4875.85 crore in Q1 June 2018 as compared with net profit of Rs 2005.53 crore in Q1 June 2017. Total income rose 4.1% to Rs 65492.67 crore in Q1 June 2018 over Q1 June 2017. The result was announced during market hours today, 10 August 2018.
Most pharma shares declined. Sun Pharmaceutical Industries (down 3.21%), Lupin (down 1.46%), Cadila Healthcare (down 0.25%), Dr Reddy's Laboratories (down 0.85%), Glenmark Pharmaceuticals (down 0.94%), Alkem Laboratories (down 0.42%) and Wockhardt (down 0.7%) fell. GlaxoSmithKline Pharmaceuticals (up 0.38%), Aurobindo Pharma (up 0.97%) and Cipla (up 0.78%) rose.
On the macro front, the government will declare industrial production (IIP) data for June at 17:30 IST today, 10 August 2018.
Overseas, European shares were trading lower as investors reacted to corporate earnings, fresh turmoil for Turkey and continued fears of a trade war between the US and China. Most Asian stock markets dropped as trade and broader geopolitical concerns continue to weigh on over investor sentiment.
Japan's economy expanded in the April-June period after a mild contraction in the previous three months. The world's third-largest economy expanded at an annualized pace of 1.9% in the second quarter of 2018 after a revised 0.9% contraction in the first quarter.
The US stock market ended mostly lower on Thursday, as investors weighed the continuing trade dispute between the US and China against the backdrop of strong corporate earnings and a healthy economic performance.
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