Market breadth turns negative

Key indices reversed early trend and hit fresh intraday low in morning trade due to weak Asian cues. At 10:20 IST, the barometer index, the S&P BSE Sensex, was down 50.60 points or 0.14% at 35,328. The Nifty 50 index was down 16.85 points or 0.16% at 10,683.05.

Among secondary barometers, the BSE Mid-Cap index was down 0.68%, underperforming the Sensex. The BSE Small-Cap index was down 0.07%, outperforming the Sensex.

The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 868 shares rose and 1000 shares fell. A total of 90 shares were unchanged.

Sun Pharmaceutical Industries (up 1.80%), HDFC (up 0.93%), Bajaj Auto (up 0.85%), Maruti Suzuki India (up 0.60%), Reliance Industries (up 0.44%) and HDFC Bank (up 0.16%), were the top Sensex gainers.

Bharti Airtel (down 1.77%), Oil and Natural Gas Corporation (down 1.58%), Vedanta (down 1.60%), Adani Ports and Special Economic Zone (down 1.38%) and Tata Motors (down 1.02%), were the top Sensex losers.

Overseas, Asian stocks declined as trade jitters continued to simmer ahead of a deadline when tariffs are due to take effect. 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.

US stock-market indexes closed lower on Tuesday, reversing earlier gains as losses in the technology and financials sectors outweighed advances in energy, telecoms and real-estate shares. On the data front, US factory orders climbed 0.4% in May.

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