Market hits fresh intraday low

Key barometers declined further and hit fresh intraday low in afternoon trade. At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 231.49 points or 0.65% at 35,258.55. The Nifty 50 index was down 83.05 points or 0.77% at 10,686.10. Higher crude oil prices spoiled investors sentiment.

Domestic stocks opened on a flat note. Key benchmark indices nudged higher in morning trade. Volatility struck bourses in mid-morning trade as the key benchmark indices erased entire intraday gains and were trading a tad lower. Key barometers declined further and hit fresh intraday low in afternoon trade.

Broader market tumbled. The S&P BSE Mid-Cap index was down 1.62%. The S&P BSE Small-Cap index was down 2.25%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was extremely weak. On the BSE, 411 shares rose and 2111 shares fell. A total of 109 shares were unchanged.

ICICI Bank (down 4.72%), Power Grid Corporation of India (down 2.19%), Larsen & Toubro (down 1.92%), Tata Motors (down 1.82%), Tata Steel (down 1.54%) and Bharti Airtel (down 1.49%), were the major Sensex losers.

HDFC Bank (up 0.81%), Hindustan Unilever (up 0.66%), Maruti Suzuki India (up 0.19%) and Coal India (up 0.09%), were the major Sensex gainers.

Infosys was up 0.13%. Infosys Finacle, part of EdgeVerve Systems, a fully owned subsidiary of Infosys, and Santander UK, a leading financial services provider in the UK, announced the launch of a new inter-bank cash management system for its corporate customers. To enhance the user experience, Santander will introduce an inter-bank cash management portal to provide its corporate customers a fully-integrated solution with resilient, secure cash management services accessible through any device of their choice. This will enable greater personalization options and the ability to rapidly introduce new product innovations for customers. Santander will utilize Finacle's proven digital offering which includes Finacle Online Banking, Omnichannel Hub, Payment Solution and Liquidity Management Solution to help achieve this, and to better support its customers. The announcement was made at the fag end of the trading session yesterday, 26 June 2018.

TCS was up 0.72% to Rs 1,866. The stock hit a record high of Rs 1886.20 in intraday today, 27 June 2018.

Overseas, European markets were trading lower, while oil prices climbed after the US moved to pressure allies to stop buying Iranian crude.

China led Asian markets lower on Wednesday as jitters over trade conflicts between the world's major economies lingered. US stocks rose yesterday, 26 June 2018 as a rally in American crude overshadowed lingering concerns about the impact of heightened trade tensions.

Investors are worried that trade tensions between the US and major trading partners such as China and the European Union could develop into a big drag on the global economy.

On the economic data front, a read on consumer confidence fell to 126.4 in June from a revised 128.8 in May, according to the Conference Board.

Powered by Capital Market - Live News