Key benchmark indices extended fall and hit fresh intraday low in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 96.85 points or 0.27% at 35,393.19. The Nifty 50 index was down 48.05 points or 0.45% at 10,721.10. Small and Mid-Cap stocks dropped sharply. Capital goods stocks fell. Realty stocks declined.
Domestic stocks opened on a flat note. Key benchmark indices nudged higher in morning trade. Volatility struck bourses in mid-morning trade as the key benchmark indices erased entire intrday gains and were trading a tad lower.
The S&P BSE Mid-Cap index was down 1.17%. The S&P BSE Small-Cap index was down 1.59%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was extremely weak. On the BSE, 481 shares rose and 1954 shares fell. A total of 104 shares were unchanged.
HCL Technologies rose 1.48% after the company said it signed a definitive agreement to acquire Germany-based IT and engineering services provider, H&D International Group. The acquisition is part of HCL's long-term growth plan in Germany. This landmark deal sees HCL attain significant in-country front office and delivery capabilities and will further enhance the company's domain expertise in the global automotive sector, HCL Technologies said in a statement. The announcement was made during trading hours today, 27 June 2018.
H&D's existing delivery center in Gifhorn, Germany, will become part of HCL's global delivery footprint and will focus on IT and engineering services both in Germany and globally.
Capital goods stocks fell. Bharat Heavy Electricals (Bhel) (down 3.21%), BEML (down 1.66%), ABB India (down 0.47%), Bharat Electronics (down 2.79%), L&T (down 1.53%), Punj Lloyd (down 7.19%), Siemens (down 1.37%) edged lower. Thermax (up 0.41%) rose.
Realty stocks dropped. DLF (down 2.53%), Indiabulls Real Estate (down 2.56%), Housing Development and Infrastructure (down 3.09%), D B Realty (down 4.95%), Unitech (down 2.57%), Sobha (down 2.58%), Godrej Properties (down 1.5%) and Oberoi Realty (down 0.28%) declined. Prestige Estates Projects (up 0.83%) rose.
Overseas, China led Asian markets mostly lower on Wednesday as jitters over trade conflicts between the world's major economies lingered. US stocks rose yesterday, 26 June 2018 as a rally in American crude overshadowed lingering concerns about the impact of heightened trade tensions.
Investors are worried that trade tensions between the US and major trading partners such as China and the European Union could develop into a big drag on the global economy.
On the economic data front, a read on consumer confidence fell to 126.4 in June from a revised 128.8 in May, according to the Conference Board.
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