News Mid-Session

Oil, realty stocks decline
15-Jun-18   14:31 Hrs IST

Stocks staged a mild pullback in mid-afternoon trade after hitting fresh intraday low in afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 103.55 points or 0.29% at 35,496.27. The Nifty 50 index was down 30.55 points or 0.28% at 10,777.50. Oil stocks fell. Realty stocks declined. Mixed global cues spoiled investors sentiment.

A bout of volatility was seen in early trade as the key benchmark indices reversed initial losses. Stocks alternately swung between positive and negative zone in a small range in morning trade. Key benchmark indices hovered in a small range with positive bias in mid-morning trade. Indices hit fresh intraday low in afternoon trade as selling pressure intensified.

The S&P BSE Mid-Cap index was off 0.55%. The S&P BSE Small-Cap index was off 0.47%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1019 shares rose and 1546 shares fell. A total of 129 shares were unchanged.

Oil stocks fell. Among shares of oil exploration and production (E&P) companies, ONGC (down 1.87%) and Oil India (down 0.9%) edged lower. Reliance Industries (up 0.57%) rose.

Among PSU OMCs, HPCL (down 1.31%), BPCL (down 0.44%) and Indian Oil Corporation (down 1.77%) declined.

Realty stocks declined. DLF (down 3.52%), Housing Development and Infrastructure (down 1.51%), D B Realty (down 2.69%), Unitech (down 3.31%), Sobha (down 1.67%), Godrej Properties (down 0.18%) and Oberoi Realty (down 1.19%) declined. Indiabulls Real Estate (up 0.67%) and Prestige Estates Projects (up 1.71%) rose.

B L Kashyap and Sons rose 0.12% after the company said it secured new orders from domestic unrelated clients aggregating to approximately Rs 694 crore. The projects are expected to be completed within 24 months from the date of award. The announcement was made during trading hours today, 15 June 2018.

Overseas, European shares were mixed as investors paused for breath after a stellar rally in the previous session fueled by the European Central Bank (ECB).

ECB said it would phase out some of its easy-money policies on the back of an improving economic picture in Europe. On interest rates, the ECB said rates will remain at their present all-time lows at least through the summer of 2019.

The ECB said it would continue its program of buying 30 billion euros a month of bonds through September, as planned. The purchase amount will then be reduced in October to 15 billion euros a month and run through the end of December. The purchases will end in December.

Most Asian stocks fell. The Bank of Japan meets today, 15 June 2018 with no change to policy expected. US stock-market indexes closed mostly higher yesterday, 14 June 2018 on gains by big technology and media companies, outweighing laggard financial and industrial shares.

Meanwhile, US President Donald Trump reportedly approved tariffs on about $50 billion of Chinese goods, as the US ratchets up its trade fight with Beijing over China's alleged pressure on US firms to transfer technology to Chinese partners. It wasn't clear when the tariffs would go into effect.

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