News Mid-Session

Shares trim intraday gains
07-Jun-18   14:17 Hrs IST

Key indices trimmed gains in mid-afternoon trade after hitting fresh intraday high in afternoon trade. At 14:16 IST, the barometer index, the S&P BSE Sensex, was up 376.38 points or 1.07% at 35,555.26. The Nifty 50 index was up 112.65 points or 1.05% at 10,797.30. Positive leads from global markets and overnight rally on the Wall Street boosted sentiment. Sustained buying by domestic institutional investors also supported shares.

The indices hit fresh intraday high in afternoon trade after opening with strong gains. The Sensex rose 449.61 points, or 1.28% at the day's high of 35,628.49 in afternoon trade, its highest level since 15 May 2018. The index rose 99.50 points, or 0.28% at the day's low of 35,278.38 in morning trade. The Nifty rose 133.35 points, or 1.25% at the day's high of 10,818 in afternoon trade, its highest level since 15 May 2018. The index rose 37.95 points, or 0.36% at the day's low of 10,722.60 in morning trade.

Broader market witnessed strong buying support. Among secondary barometers, the BSE Mid-Cap index was up 1.51%. The BSE Small-Cap index was up 2.02%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1932 shares rose and 656 shares fell. A total of 117 shares were unchanged.

Index heavyweight Reliance Industries (RIL) was up 2.08%. With regard to the news item titled Had no option but to file defamation suit against COAI, says JIO, RIL clarified during trading hours today, 7 June 2018, that the news is about a subsidiary viz. Reliance Jio lnfocomm (RJIL). RJIL has filed a suit for damages against COAI and its Director General, Mr Rajan Mathews, in the Delhi High Court for making maliciously false, disparaging and defamatory statements against it over a period of time. The Delhi High Court, in its Order dated 30 May 2018, after referring to certain words used by COAI and its Director General, Mr Rajan Mathews, in the past, has restrained them from making disparaging and defamatory statements against RJIL. The High Court has listed the matter for further hearing in August 2018. Since the matter is sub-judice, it would not be appropriate for the company to make any further statements on the matter.

Auto shares rose. Tata Motors (up 2.20%), Escorts (up 2%), TVS Motor Company (up 1.57%), Mahindra & Mahindra (up 0.63%), Hero MotoCorp (up 0.56%), Maruti Suzuki India (up 0.54%) and Bajaj Auto (up 0.31%), edged higher. Eicher Motors (down 0.01%) and Ashok Leyland (down 0.54%), edged lower.

Realty shares moved higher. Unitech (up 10.53%), Godrej Properties (up 7.12%), Parsvnath Developers (up 6.52%), Housing Development and Infrastructure (HDIL) (up 6.28%), Prestige Estates Projects (up 6.05%), Mahindra Lifespace Developers (up 4.01%), D B Realty (up 3.82%), Sunteck Realty (up 2.47%), Oberoi Realty (up 2.26%), Sobha (up 1.85%), DLF (up 1.35%), Anant Raj (up 0.45%), Indiabulls Real Estate (up 0.31%) and Omaxe (up 0.16%), edged higher. Phoenix Mills (down 1.6%) and Peninsula Land (down 3.04%), edged lower.

Overseas, shares in Europe and Asia traded higher, boosted by a rally in US stocks in the previous session, which saw the Dow Jones industrial average close above 25,000.

In US, the Dow Jones Industrial Average recorded its best daily gain since mid April as a rally in bank shares amplified a broad-market run-up that has been supported by gains in internet and technology shares. Market participants attributed Wednesday's rally to rising government bond rates. Higher rates tend to benefit the business of financials.

A rise in the yield of the benchmark 10-year Treasury note was supported by remarks from European Central Bank (ECB) senior officials, which showed the central bank remained on track to debate the timetable for ending its asset purchases soon.

Underlying strength in the euro area economy was making ECB confident that inflation will move toward target. The institution would next week discuss how it will wind down its 30 billion euro (about $35 billion) monthly-purchase program.

On the data front, the US trade deficit shrank 2.1% in April and tumbled to a seven-month low. Meanwhile, the productivity of American businesses rose at a revised 0.4% annual pace in the first quarter instead of 0.7% as originally reported. Output—or goods and services produced—climbed 2.7% instead of 2.8%, while unit-labor costs, or how much it costs to make each product, rose by 2.9%, a bit higher than the preliminary 2.7% estimate.

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