Weak market breadth

Fresh buying in index pivotals pushed the key benchmark indices to day's high in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 121.25 points or 0.34% at 35,591.60. The Nifty 50 index was up 31.95 points or 0.3% at 10,794.40. Gains were led by ITC, TCS and HDFC. Software stocks rose. Most realty stocks declined.

Domestic stocks cut initial losses triggered by negative Asian stocks. Volatility ruled the roost in morning trade as the key benchmark indices trimmed almost entire intraday gains after staging a pullback from lower levels. Key benchmark indices extended gains and hit intraday high in mid-morning trade.

The S&P BSE Mid-Cap index was up 0.13%. The S&P BSE Small-Cap index was down 0.2%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 891 shares rose and 1435 shares fell. A total of 136 shares were unchanged.

Software stocks rose. TCS (up 1.2%), Infosys (up 0.38%), Wipro (up 0.52%), HCL Technologies (up 0.48%), Oracle Financial Services Software (up 0.62%), MindTree (down 1.71%), Hexaware Technologies (up 0.07%) and Mphasis (up 0.85%) rose. Tech Mahindra (down 0.27%) fell.

Most realty stocks declined. Indiabulls Real Estate (down 1.49%), Housing Development and Infrastructure (down 2.31%), D B Realty (down 1.37%), Unitech (down 0.23%), Sobha (down 2.35%) and Oberoi Realty (down 0.91%) fell. Godrej Properties (up 0.3%), Prestige Estates Projects (up 2.73%) and DLF (up 0.1%) rose.

Overseas, Asian markets were mixed as moves by the US to gain an upper hand on trade with China weighed on the technology sector. As per reports, the Trump administration plans to limit exports of some high-tech products to China, and also limit investment in technology firms by companies with substantial Chinese ownership.

US stocks closed sharply lower yesterday, 25 June 2018 as President Donald Trump's threats of more protectionism against major partners were met with Chinese and European vows of retaliation.

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