Market slumps to intraday low as pivotals slide

Selling frenzy pulled the key benchmark indices to fresh intraday low in mid-afternoon trade. At 14:18 IST, the barometer index, the S&P BSE Sensex, was down 291.73 points or 0.82% at 35,198.31. The Nifty 50 index was down 103.65 points or 0.96% at 10,665.50. Today's slide was led by index heavyweights ICICI Bank, L&T and Reliance Industries. Domestic stocks were weighed down by escalating global trade tension between the world's biggest economic powers.

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 benchmark declined in early afternoon trade. Key barometers dropped further in afternoon trade.

Broader market tumbled. The S&P BSE Mid-Cap index was down 1.72%. The S&P BSE Small-Cap index was down 2.39%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was extremely weak. On the BSE, 423 shares rose and 2151 shares fell. A total of 106 shares were unchanged.

Private sector banking major ICICI Bank lost 3.87% to Rs 276.85

Engineering and construction major L&T dropped 2.28% to Rs 1,240.55

Index heavyweight Reliance Industries declined 0.89% to Rs 970.

Metal and mining stocks fell. Vedanta (down 1.3%), JSW Steel (down 1.47%), Tata Steel (down 1.33%), Steel Authority of India (Sail) (down 1.35%), National Aluminium Company (down 2.15%), Hindustan Zinc (down 1.31%), Jindal Steel & Power (down 3.64%), Hindalco Industries (down 1.59%), NMDC (down 1.67%) and Hindustan Copper (down 4.6%) edged lower.

Indian Metals & Ferro Alloys fell 5.67% after the company said two furnaces at its Therubali plant have been shut following agitations. Indian Metals & Ferro Alloys announced that a group of agitators have once again disrupted operations at the Therubali plant this morning by preventing workers from entering the premises leading to the shutdown of two furnaces. The announcement was made during trading hours 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.

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