Broader market recovers

Key barometers extended recovery and hit fresh intraday high in mid-morning trade. At 11:22 IST, the barometer index, the S&P BSE Sensex, was up 136.03 points or 0.39% at 35,400.44. The Nifty 50 index was up 45.80 points or 0.43% at 10,703.10.

The market opened almost flat and hit fresh intraday low in early trade. Indices bounced back and hit fresh intraday high in mid-morning trade. The Sensex rose 165.74 points, or 0.47% at the day's high of 35,430.15 in mid-morning trade. The index fell 68.78 points, or 0.20% at the day's low of 35,195.63 in early trade. The Nifty rose 50.75 points, or 0.48% at the day's high of 10,708.05 in mid-morning trade. The index fell 27.05 points, or 0.25% at the day's low of 10,630.25 in early trade.

Overseas, Asian shares tumbled as worries over US trade policy lingered in the background. A looming 6 July 2018 deadline is set to see the US impose a 25% tariff on $34 billion worth of Chinese goods from more than 800 product categories. China has also announced that it will retaliate with duties on the same value of US products.

In US, shares reversed early losses to finish higher on the back of a rally in technology shares. However, worries over trade tensions between the US and its major trading partners lingered, weighing on investors' sentiment. A trade war is seen as providing a significant headwind to global growth.

On the US data front, a read on June manufacturing from Markit came in at 55.4, compared with a preliminary reading of 54.6. Separately, the Institute for Supply Management's manufacturing index rose to 60.2% in June from 58.7%. A read on construction spending rose 0.4% in May.

On the domestic front, broader market recovered. Among secondary barometers, the BSE Mid-Cap index was up 0.25%. The BSE Small-Cap index was up 0.10%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1,063 shares rose and 1,077 shares fell. A total of 93 shares were unchanged.

IT shares were mixed. MphasiS (down 3.09%), Oracle Financial Services Software (down 1.27%), Hexaware Technologies (down 0.74%), Persistent Systems (down 0.62%), Wipro (down 0.48%) and MindTree (down 0.36%), edged lower. HCL Technologies (up 0.30%), Infosys (up 0.62%), Tech Mahindra (up 0.65%) and TCS (up 0.93%), edged hgiher.

Pharmaceuticals shares were mixed. GlaxoSmithKline Pharmaceuticals (down 1.5%), Alkem Laboratories (down 1.47%), IPCA Laboratories (down 0.65%), Glenmark Pharmaceuticals (down 0.62%), Piramal Enterprises (down 0.39%), Cadila Healthcare (down 0.19%) and Sun Pharmaceutical Industries (down 0.03%), edged lower. Dr Reddy's Laboratories (up 0.27%), Lupin (up 0.50%), Divi's Laboratories (up 0.91%), Strides Shasun (up 1.08%), Cipla (up 1.33%), Aurobindo Pharma (up 1.34%) and Wockhardt (up 2.25%), edged higher.

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