Market turns volatile

A bout of volatility was witnessed as key benchmark indices bounced back after hitting fresh intraday low in morning trade. At 10:33 IST, the barometer index, the S&P BSE Sensex, was up 16.59 points or 0.05% at 33,829.34. The Nifty 50 index was up 3.85 points or 0.04% at 10,439.40.

The Sensex rose 151.39 points, or 0.45% at the day's high of 33,964.14 in early trade. The index fell 89.49 points, or 0.26% at the day's low of 33,723.26 in morning trade, its lowest level since 21 December 2017. The Nifty rose 59.65 points, or 0.57% at the day's high of 10,495.20 in early trade. The index fell 25.90 points, or 0.25% at the day's low of 10,409.65 in morning trade, its lowest level since 19 December 2017.

Among secondary barometers, the BSE Mid-Cap index was down 0.65%. The BSE Small-Cap index was down 0.74%. Both these indices underperformed the Sensex.

The broad market depicted weakness. There were more than two losers against every gainer on BSE. 1,644 shares fell and 735 shares rose. A total of 91 shares were unchanged. Breadth was strong in early trade.

Metal shares declined. Hindustan Copper (down 2.35%), Steel Authority of India (down 2.21%), Jindal Steel & Power (down 2.18%), Bhushan Steel (down 2.16%), Vedanta (down 1.56%), JSW Steel (down 0.92%), Tata Steel (down 0.91%), National Aluminium Company (down 0.82%), Hindalco Industries (down 0.55%) and Hindustan Zinc (down 0.47%), edged lower. NMDC was up 0.71%.

Meanwhile, copper price edged lower in the global commodities markets. High Grade Copper for March 2018 delivery was currently down 0.64% at $3.2795 per pound on the COMEX.

Cement shares declined. ACC (down 0.41%), Ambuja Cements (down 0.13%) and UltraTech Cement (down 0.08%), edged lower.

Grasim Industries was down 0.93%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Motorcycle major Bajaj Auto gained 0.35% to Rs 3304.95 after total sales rose 30% to 2.92 lakh units in December 2017 over December 2016. Domestic sales rose 25% to 1.49 lakh units in December 2017 over December 2016. Exports rose 35% to 1.43 lakh units in December 2017 over December 2016. The announcement was made during market hours today, 2 January 2018.

Overseas, Asian shares were trading higher. Market in Japan is closed for holiday. US market was shut yesterday, 1 January 2018, on account of New Year's Day.

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