Key benchmark indices once again extended gains in afternoon trade. At 13:09 IST, the barometer index, the S&P BSE Sensex, was up 75.24 points or 0.19% at 39,691.14. The Nifty 50 index was up 23.15 points or 0.20% at 11,893.80. Shares of state-run oil marketing companies fell after crude oil prices rose in the international commodity market.
Indices opened higher and hit fresh intraday high in early trade. Benchmarks started regressing from the day's high in morning trade as profit booking emerged at higher level.
Broader market reversed early gains. The BSE Mid-Cap index was down 0.07% The BSE Small-Cap index was down 0.89%.
The market breadth, indicating the overall health of the market, was weak. On BSE, 870 shares rose and 1522 shares fell.
Shares of state-run oil marketing companies fell after crude oil prices rose in the international commodity market. BPCL (down 3.89%), HPCL (down 3.59%) and Indian Oil Corporation (down 2.95%) declined.
Media shares declined. PVR (down 0.46%), Hathway Cable & Datacom (down 0.61%), Sun TV Network (down 1.88%), Zee Entertainment Enterprises (down 2.04%), TV18 Broadcast (down 3.3%) and Zee Media Corporation (down 3.36%) edged lower. TV Today Network rose 0.42%.
Foreign markets continued to be positive. Asian shares were trading higher on Monday and the European markets opened on a strong note, after the US and Mexico reached a deal to avoid the implementation of tariffs.
President Donald Trump said on Friday that the United States and Mexico have signed an agreement to avoid tariffs that were scheduled to go into effect on Monday. Trump said that Mexico in return has agreed to take strong measures to stop illegal immigration coming through the US southern border. Last week, Trump threatened to impose 5% tariffs on all Mexican imports starting 10 June if Mexico did not do more to stop illegal immigration.
Meanwhile, China's May exports rose 1.1% from a year earlier, leaving it with an overall trade surplus of $41.65 billion for the month.
US stocks ended higher on Friday, as weak jobs data raised hopes for interest rate cuts by the Federal Reserve. The US economy added 75,000 jobs in May, marking the second time in four months that jobs growth totaled less than 100,000.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
