Sensex, Nifty hit day's high

Stocks extended gains and hit fresh intraday high in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 103.24 points or 0.28% at 36,342.86. The Nifty 50 index was up 19.15 points or 0.17% at 10,966.40. FMCG stocks saw mixed trend. Gains were capped due to weak global cues.

Volatility struck bourses in early trade as the key benchmark indices reversed initial losses triggered by negative Asian stocks. Indices extended gains and hit intraday high in morning trade. Fresh selling at higher levels once again pulled the key benchmark indices in negative zone in mid-morning trade. Key benchmark indices once again regained positive zone in early afternoon trade amid high intraday volatility. Indices pared gains and were trading almost flat in afternoon trade.

Broader market declined. The S&P BSE Mid-Cap index was off 0.53%. The S&P BSE Small-Cap index was off 0.23%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1018 shares rose and 1482 shares fell. A total of 150 shares were unchanged.

FMCG stocks saw mixed trend. Godrej Consumer Products (up 5.5%), GlaxoSmithkline Consumer Healthcare (up 1.24%), Dabur India (up 1.09%), Hindustan Unilever (up 1.5%), Nestle India (up 1.96%), Procter & Gamble Hygiene and Health Care (up 0.67%) and Jyothy Laboratories (up 0.78%) rose.

Britannia Industries (down 0.57%), Colgate-Palmolive (India) (down 0.11%), Marico (down 0.79%), Tata Global Beverages (down 1.85%) and Bajaj Corp (down 0.59%) fell.

Overseas, Asian and European stocks dropped after the Trump administration announced it plans to slap tariffs on a further $200 billion of Chinese imports. US stocks had climbed in the regular trading session yesterday, 10 July 2018, as investors focused on the start of earnings season.

Meanwhile, media reports suggested that President Donald Trump on Wednesday, 11 July 2018, claimed Germany is "totally controlled" by Russia. Speaking in Brussels, Belgium on the first leg of his European trip, the US president reportedly said a slew of "inappropriate" energy deals had given Moscow far too much influence over the continent's largest economy.

The Trump administration pushed ahead with plans to impose tariffs on an additional $200 billion in Chinese goods by releasing a list of targeted products. The 10% tariffs could take effect after public consultations end on August 30. The proposed list of goods includes consumer items such as clothing, television components and refrigerators as well as other technology products, though it omitted some high-profile items like mobile phones.

Earlier, the Trump administration on July 6 imposed 25% duties on $34 billion in Chinese imports. The first round of tariffs covered Chinese products ranging from farming plows to machine tools and communications satellites. China immediately retaliated with duties on the same value of US goods, including soybeans and cars and has promised further retaliation too.

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