The market pared losses in mid-morning trade as buying support emerged after good domestic macro economic data. At 11:22 IST, the barometer index, the S&P BSE Sensex, was down 16.70 points or 0.05% at 35,361.90. The Nifty 50 index was down 4.70 points or 0.04% at 10,695.20. However, negative cues from the other Asian indices continued to weigh on sentiment.
After opening higher, indices reversed trend and hit fresh intraday low in early trade. Indices bounced back and briefly turned positive in mid-morning trade.
Among secondary barometers, the BSE Mid-Cap index was down 0.93%. The BSE Small-Cap index was down 0.12%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 941 shares rose and 1232 shares fell. A total of 105 shares were unchanged.
Most IT stocks declined. Hexaware Technologies (down 1.05%), Infosys (down 0.86%), TCS (down 0.8%), Wipro (down 0.76%), Oracle Financial Services Software (down 0.66%), Tech Mahindra (down 0.59%) and HCL Technologies (down 0.35%), edged lower. MphasiS (up 0.08%), MindTree (up 0.23%) and Persistent Systems (up 0.58%), edged higher.
Most pharmaceuticals shares rose. Lupin (up 2.83%), Dr Reddy's Laboratories (up 2.22%), Sun Pharmaceutical Industries (up 2.06%), Glenmark Pharmaceuticals (up 1.78%), Cadila Healthcare (up 1.63%), Wockhardt (up 1.48%), Strides Shasun (up 0.97%), GlaxoSmithKline Pharmaceuticals (up 0.78%), IPCA Laboratories (up 0.69%), Alkem Laboratories (up 0.40%) and Aurobindo Pharma (up 0.24%), edged higher. Cipla (down 0.21%), Divi's Laboratories (down 0.7%) and Piramal Enterprises (down 0.94%), edged lower.
On the macro front, the seasonally adjusted Nikkei India Services Business Activity Index rose from 49.6 in May to 52.6 in June. The latest upturn pointed to solid growth that was the fastest since last June. The rise in activity was supported by greater inflows of new work. Meanwhile, the seasonally adjusted Nikkei India Composite PMI Output Index rose from 50.4 in May to 53.3 in June, supported by output growth in both the manufacturing and service sectors. The latest reading was the strongest seen since October 2016 and indicative of a solid rate of expansion. The data was announced during trading hours today, 4 July 2018.
Overseas, Asian stocks were mixed as trade jitters continued to simmer ahead of a deadline when tariffs are due to take effect. A looming 6 July 2018 deadline is set to see the US impose a 25% tariff on $34 billion worth of Chinese goods from more than 800 product categories. China has also announced that it will retaliate with duties on the same value of US products.
US stock-market indexes closed lower on Tuesday, reversing earlier gains as losses in the technology and financials sectors outweighed advances in energy, telecoms and real-estate shares. On the data front, US factory orders climbed 0.4% in May.
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