Shares turns range bound

The market turned range bound in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 151.59 points or 0.42% at 36,502.82. The Nifty 50 index was up 39.35 points or 0.36% at 10,996.45.

The Lok Sabha will take up the debate on the no-confidence motion against the Narendra Modi government, brought by the Telugu Desam Party, later today, 20 July 2018. The Lok Sabha proceedings will start at 11:00 IST.

Indices opened lower and firmed up as the session advanced. Indices turned range bound in mid-morning trade.

Among secondary barometers, the BSE Mid-Cap index was up 0.32%. The BSE Small-Cap index was up 0.04%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 966 shares rose and 1120 shares fell. A total of 126 shares were unchanged.

Most metal shares declined. Vedanta (down 2.47%), Hindalco Industries (down 1.36%), Hindustan Zinc (down 1.1%), NMDC (down 1.1%), Hindustan Copper (down 0.73%), Steel Authority of India (down 0.35%) and National Aluminium Company (down 0.34%), edged lower. Jindal Steel & Power (up 0.03%), JSW Steel (up 0.07%) and Tata Steel (up 0.14%), edged higher.

FMCG shares were mixed. GlaxoSmithKline Consumer Healthcare (up 1.39%), Tata Global Beverages (up 1.33%), Marico (up 1.31%), Colgate Palmolive (India) (up 0.78%), Bajaj Corp (up 0.69%), Jyothy Laboratories (up 0.26%), Nestle India (up 0.07%) and Britannia Industries (up 0.02%), edged higher. Dabur India (down 0.03%), Hindustan Unilever (down 0.24%), Procter & Gamble Hygiene & Health Care (down 0.28%) and Godrej Consumer Products (down 1%), edged lower.

Overseas, most Asian shares bounced back. US stocks slipped on Thursday as earnings season rolled on, with investors digesting comments from Trump on the Fed. Trump told the media on Thursday that he was not "thrilled" that the Federal Reserve was hiking interest rates. Worries about a potential trade war also weighted on investor sentiment after Trump threatened "tremendous retribution" against the European Union on Wednesday, specifically mentioning auto tariffs, if his meeting with EU officials next week does not yield what he considers a fair auto trade deal.

On the US data front, initial jobless claims fell by 8,000 last week. Separately, the Philly Fed manufacturing index rose 6 points to a reading of 25.7 in July.

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