Benchmarks turn range bound

The Sensex and the Nifty was trading in a narrow range near day's high in afternoon trade. At 13:22 IST, the barometer index, the S&P BSE Sensex, was up 272.46 points or 0.69% at 39,667.10. The Nifty 50 index was up 69.95 points or 0.59% at 11,858.80.

The S&P BSE Mid-Cap index was up 0.35%. The S&P BSE Small-Cap index was up 0.33%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1195 shares rose and 1134 shares fell. A total of 161 shares were unchanged.

Tata Motors (up 3.35%), Dr. Reddy's Laboratories (up 3.30%), Indiabulls Housing Finance (up 2.82%), Zee Entertainment Enterprises (up 2.39%) and Housing Development Finance Corporation (up 2.11%) advanced.

ONGC (down 3.87%), Indian Oil Corporation (down 2.31%), Bharat Petroleum Corporation (down 2.29%), Coal India (down 1.87%) and HCL Technologies (down 0.72%) decline.

Bajaj Auto was up 2.58%. The company's total vehicles sales remained almost unchanged in June 2019 over June 2018. Total vehicles sales were at 4.04 lakh units in June 2019. Total domestic sales fell 2% to 2.29 lakh units, while total exports rose 3% 1.75 lakh units.

Maruti Suzuki India was down 0.07%. The company's total vehicles sales fell 14% to 1.24 lakh units in June 2019 over June 2018. Total domestic sales fell 15.3% to 1.14 lakh units, while total exports rose 5.7% to 9847 lakh units.

Eicher Motors was up 1.97%. Total sales of Eicher trucks & buses fell 28.7% to 4502 units in June 2019 over June 2018. Total domestic sales fell 24.7% to 4136 units while total exports fell 55.3% to 366 units during the period under review.

Commercial vehicles maker Ashok Leyland was down 0.46%. The company's total vehicles sales fell 19% to 12810 units in June 2019 over June 2018.

Overseas, European stocks opened higher while Asian stocks were trading higher on Monday. Investors globally were rejoiced after U.S. President Donald Trump and Chinese President Xi Jinping agreed to hold off on slapping additional tariffs in an effort to resume trade talks.

The moves came after Trump and Xi emerged from a meeting on the sidelines of the Group of 20 summit in Osaka, Japan. Both sides confirmed in separate comments that they did not plan to levy any new tariffs against each other's products at the present time.

Data released Monday from a private survey showed that Chinese factory activity in June was at its lowest since January. The Caixin/Markit factory Purchasing Managers' Index (PMI) for June was 49.4. The PMI reading for May was 50.2. Separately, the Purchasing Managers' Index (PMI) stood at 49.4 in June, China's National Bureau of Statistics said on Sunday, unchanged from the previous month.

US stocks closed higher on Friday, 28 June 2019 led by banks after the Federal Reserve's second round of stress test results. In U.S. economic data, the Commerce Department reported U.S. consumer spending rose 0.4% in May, while personal incomes rose 0.5% during the same period.

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