Sensex, Nifty hit fresh intraday low

Volatility ruled the roost in early afternoon trade as the key benchmark indices hit fresh intraday low soon after retreating from intraday high. At 12:21 IST, the barometer index, the S&P BSE Sensex, was down 55.32 points or 0.16% at 35,110.16. The Nifty 50 index was down 13.75 points or 0.13% at 10,674.90. Most metal and mining stocks rose. Most realty stocks declined.

Domestic stocks nudged lower in early trade on negative Asian stocks. A bout of volatility was seen in morning trade as the key benchmark indices gyrated in positive and negative zone. Key benchmark indices hit fresh intraday high in mid-morning trade.

The S&P BSE Mid-Cap index was down 0.14%. The S&P BSE Small-Cap index was off 0.01%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was just about positive. On the BSE, 1,197 shares rose and 1,191 shares fell. A total of 142 shares were unchanged.

ICICI Bank (down 2.01%), SBI (down 1.93%) and Yes Bank (down 1.6%) edged lower from the Sensex pack.

Most metal and mining stocks rose. Hindustan Copper (up 5.83%), JSW Steel (up 0.72%), Tata Steel (up 0.83%), Steel Authority of India (Sail) (up 0.46%), Hindustan Zinc (up 0.19%), Hindalco Industries (up 0.14%) and NMDC (up 1.09%) rose. National Aluminium Company (down 0.55%) and Jindal Steel & Power (down 0.34%) edged lower.

Vedanta fell 0.87% after the Tamil Nadu government issued orders closing the copper smelter plant in Thoothukudi owned by the Vedanta Group. The announcement was made after market hours yesterday, 28 May 2018.

Vedanta said that it received an order dated 28 May 2018 from the Government of Tamil Nadu directing the Tamil Nadu Pollution Control Board (TNPCB) to seal the company's copper smelter plant 1 at Thoothukkudi District, Tamil Nadu' and to close the said plant permanently. Vedanta said it is further studying the order and shall keep the stock exchanges updated on any developments.

Most realty stocks declined. D B Realty (down 5.87%), Phoenix Mills (down 2.41%), Sobha (down 0.6%), DLF (down 0.19%), Indiabulls Real Estate (down 0.68%), Prestige Estates Projects (down 0.83%) and Oberoi Realty (down 0.7%) fell. Housing Development and Infrastructure (up 2%) and Godrej Properties (up 0.46%) rose.

Overseas, Asian stocks were trading lower as the political crisis in Italy worsened as a fresh election appeared likely in the eurozone's third-largest economy. US markets remained closed yesterday, 28 May 2018 for Memorial Day. UK markets were also closed yesterday, 28 May 2018 for the spring bank holiday.

The leader of Italy's Five Star Movement party reportedly called for the country's president, Sergio Mattarella, to be impeached after the latter chose to veto a pick for economy minister. Mattarella on Monday appointed a former International Monetary Fund economist to the role of interim prime minister, with snap elections expected. Markets fear a snap election will turn into referendum on Italy's euro membership.

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