Sensex, Nifty hit fresh intraday low

Key benchmark indices hit fresh intraday low in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, was down 85.01 points or 0.24% at 35,237.37. The Nifty 50 index was down 41.65 points or 0.39% at 10,694.50.

Key benchmark indices nudged higher in early trade following good GDP data announced by the government after market hours yesterday, 31 May‎ 2018. Stocks hovered in a small range in morning trade. Key benchmark indices turned range-bound in mid-morning trade amid divergent trend in index pivotals. Indices hit fresh intraday low in afternoon trade.

The S&P BSE Mid-Cap index was down 1.11%. The S&P BSE Small-Cap index was down 1.41%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 640 shares rose and 1844 shares fell. A total of 111 shares were unchanged.

ONGC (down 2.82%), Power Grid Corporation of India (down 2.32%), Tata Steel (down 1.61%), State Bank of India (down 1.3%), Mahindra & Mahindra (down 1.19%) and NTPC (down 1.14%), were the major Sensex losers.

Tata Motors (up 2.23%), ICICI Bank (up 1.96%) and Hero MotoCorp (up 1.88%), were the major Sensex gainers.

Bajaj Auto was up 4.65% after the company reported a 30% growth in its total vehicles sales at 4.07 lakh units in May 2018 over May 2017. The announcement was made before market hours today, 1 March 2018.

Maruti Suzuki India was up 2.43% after the company said that its total sales rose 26% to 1.72 lakh units in May 2018 over May 2017. The announcement was made during trading hours today, 1 June 2018.

On the macro front, the Nikkei India Purchasing Managers Index fell to 51.2 in May from 51.6 in the previous month, data released during market markets today, 1 June 2018 showed. A reading below 50 indicates contraction in activity, while a number above it signals expansion.

India's GDP rose at 7.7% in the fourth quarter of 2017-18 compared with 6.1% in the same period last year, and a revised 7% in the quarter ended December, government data released after market hours yesterday, 31 May 2018 showed. For the full financial year, GDP grew at 6.7% compared with 7.1% in the previous year.

The combined Index of Eight Core Industries stands at 124.2 in April, 2018, which was 4.7% higher as compared to the index of April 2017, government data released after market hours yesterday, 31 May 2018 showed. Its cumulative growth during April to March, 2017-18 was 4.3%. The Eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).

Overseas, European shares were trading higher after Italian parties averted the prospect of a snap election, although renewed fears of a global trade conflict appeared to limit gains.

Asian stocks were mixed after the Trump administration's tariffs on imports from key allies sent US stocks into a tailspin. Activity in China's factories held steady in May, a private gauge indicated, pointing to a sustained growth momentum in the world's second largest economy. The Caixin China manufacturing purchasing managers' index held steady at 51.1 in May, buoyed by a pick-up in production and new orders, Caixin Media Co. and research firm Markit said Friday.

US stocks fell yesterday, 31 May 2018 as the president's escalation of trade tensions with Canada, Mexico and the European Union hammered American industrial and financial shares. The Trump administration announced it's imposing a 25% tariff on steel imports and a 10% tariff on aluminium imports from the European Union, Canada and Mexico effective midnight Friday.

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