News Mid-Session

Sensex, Nifty sharply pare losses
18-Jun-18   10:26 Hrs IST

Key indices sharply pared losses after hitting fresh intraday low in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex, was almost flat at 35,621.90. The Nifty 50 index was up 2.10 points or 0.02% at 10,819.80.

Risk appetite in the global market turned weak after US President Donald Trump cranked up trade tensions by going ahead with tariffs on Chinese imports, prompting Beijing to immediately respond in kind.

Trading was volatile. The Sensex rose 99.41 points, or 0.28% at the day's high of 35,721.55 in early trade. The index fell 92.89 points, or 0.26% at the day's low of 35,529.25 in morning trade. The Nifty rose 12.50 points, or 0.12% at the day's high of 10,830.20 in early trade. The index fell 30.35 points, or 0.28% at the day's low of 10,787.35 in morning trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.20%, outperforming the Sensex. The BSE Small-Cap index was down 0.46%, underperforming the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 786 shares rose and 1162 shares fell. A total of 104 shares were unchanged.

Metal shares declined. Hindustan Zinc (down 3.48%), Jindal Steel & Power (down 2.93%), Hindalco Industries (down 2.84%), Hindustan Copper (down 2.52%), JSW Steel (down 2.29%), Tata Steel (down 2.25%), Steel Authority of India (down 1.81%), National Aluminium Company (down 1.37%) and NMDC (down 1.19%), edged lower.

Vedanta was down 3.33%. The stock replaced Dr Reddy's Laboratories in the S&P BSE Sensex today, 18 June 2018, as a part of rejig.

FMCG shares were mixed. Marico (up 1.12%), Dabur India (up 0.74%), Godrej Consumer Products (up 0.26%), Colgate Palmolive (India) (up 0.15%), GlaxoSmithKline Consumer Healthcare (up 0.06%) and Nestle India (up 0.03%), edged higher. Procter & Gamble Hygiene & Health Care (down 0.01%), Bajaj Corp (down 0.07%), Hindustan Unilever (down 0.43%), Britannia Industries (down 0.54%), Tata Global Beverages (down 0.62%) and Jyothy Laboratories (down 0.92%), edged lower.

Overseas, Asian shares fell as investors digested the escalation in trade tensions between the US and China after both countries announced tariffs last week. Markets in China, Hong Kong, Taiwan and Indonesia were closed on Monday for holidays.

Trump administration last week said it will impose a 25% tariff on a list of 818 items of Chinese goods worth around $34 billion beginning 6 July. Measures affecting an additional 284 products worth $16 billion will be subject to review before taking effect.

In response, China said a 25% tariff will be implemented on US goods, including soybeans and electric vehicles, worth $34 billion starting 6 July. Another list of US imports worth $16 billion will be subject to review before being applied.

US stocks ended lower on Friday, but well off the lows of the sessions as investors looked past signs of escalating Washington-Beijing trade tensions.

On the data front, the Empire State manufacturing survey rose 4.9 points in June to a reading of 25, the highest reading since October. Separately, manufacturing production declined 0.7% in May, while capacity utilization dropped to 77.9% from 78.1% in the previous month. Further, the University of Michigan's gauge of consumer sentiment rose to 99.3 in June.

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