Market hits fresh intraday low

Key benchmark indices hit fresh intraday low in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex was down 188.61 points or 0.61% at 30,949.60. The Nifty 50 index lost 68.40 points or 0.71% at 9,506.55. Negative cues from European market spoiled investors sentiment.

The Sensex fell 193.38 points or 0.62% at the day's low of 30,944.83 in afternoon trade, its lowest level since 29 May 2017. It rose 156.75 points or 0.5% at the day's high of 31,294.96 in early trade. The Nifty lost 69.40 points or 0.72% at the day's low of 9,505.55 in afternoon trade, its lowest level since 26 May 2017. It rose 40.45 points or 0.42% at the day's high of 9,615.40 in early trade.

Key indices opened higher after a holiday. They later slipped into the negative terrain amid lack of key domestic or global cues to boost investors' spirits. Shares tumbled in afternoon trade as selling pressure intensified.

The S&P BSE Mid-Cap index declined 0.94%. The S&P BSE Small-Cap index lost 1.22%. The decline in both the indices was higher than the Sensex's decline in percentage terms.

The broad market depicted weakness. There were almost two losers against every gainer on BSE. 1,765 shares declined and 689 shares rose. A total of 122 shares were unchanged.

State-run Bharat Heavy Electricals (Bhel) was down 1.71% to Rs 132.50. The company announced during trading hours today, 27 June 2017, that it secured an order for setting up a 15 MW Solar Photovoltaic (SPV) Power Plant on Engineering, Procurement and Construction (EPC) basis, in Gujarat. The order has been placed on BHEL by Gujarat Alkalies and Chemical (GACL) for setting up the SPV Power Plant at Gujarat Solar Park at Charanka in Gujarat.

Most metal shares declined. NMDC (down 2.98%), Bhushan Steel (down 2.72%), Hindustan Copper (down 1.57%), Jindal Steel & Power (down 1.14%), Steel Authority of India (down 0.96%), Hindalco Industries (down 0.87%), JSW Steel (down 0.87%) and Vedanta (down 0.65%), edged lower. Hindustan Zinc (up 0.22%), Tata Steel (up 0.34%) and National Aluminium Company (up 1.14%), edged higher.

Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for September 2017 delivery was currently up 0.38% at $2.6485 per pound on the COMEX.

FMCG shares tumbled. Tata Global Beverages (down 2.41%), Colgate Palmolive (India) (down 1.37%), Jyothy Laboratories (down 1.19%), Hindustan Unilever (down 0.41%), Dabur India (down 0.38%), Procter & Gamble Hygiene & Health Care (down 0.26%), Britannia Industries (down 0.24%), GlaxoSmithKline Consumer Healthcare (down 0.2%), Nestle India (down 0.2%) and Marico (down 0.18%), edged lower. Godrej Consumer Products (up 0.36%) and Bajaj Corp (up 0.79%), edged higher.

Overseas, European shares declined as a drop in autos stocks after Germany's Schaeffler cut its profit outlook and disappointment over a failed buyout of Stada spoiled investors sentiment.

The European Central Bank (ECB) chief Mario Draghi yesterday, 26 June 2017, defended the ECB's easy monetary policy. Draghi, speaking to university students in Lisbon, reportedly said super low rates create jobs, foster growth and benefit borrowers, ultimately easing inequality.

Most Asian stocks rose as investors watched for signals from central bankers' speeches. Federal Reserve Chair Janet Yellen is due to speak in London today, 27 June 2017.

US equities closed mixed yesterday, 26 June 2017, as a rise in the financial sector helped offset losses from large-cap technology stocks.

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