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Market hits intraday low in negative zone

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Key benchmark indices erased intraday gains and hit fresh intraday low in negative zone in early afternoon trade. At 12:26 IST, the barometer index, the Sensex, was down 21.51 points or 0.06% at 34,283.92. The index was down 12.75 points or 0.12% at 10,515.60. IT stocks declined. rose.

Stocks opened higher as sentiment was boosted after the Meteorological Department (IMD) forecasted normal monsoon this year. However, after an initial volatility, the key benchmark indices drifted higher and hit fresh intraday high in morning trade. Stocks trimmed gains in mid-morning trade.

The Mid-Cap index was up 0.02%. The Small-Cap index was up 0.1%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,241 shares rose and 1,152 shares fell. A total of 123 shares were unchanged.

(down 1.35%), (down 1.29%) and (down 1.28%) edged lower from the Sensex pack.

IT stocks declined. (down 1.04%), (down 1.6%), TCS (down 1.02%), (down 0.25%), (down 1.08%) and (down 0.82%) fell. (up 0.51%) and (up 1.03%) rose.

rose. (up 0.66%), ACC (up 0.57%), (up 0.1%) and (up 0.47%) gained.

was off 1.13%. Grasim has exposure to the through its holding in

The (IMD) predicted the south-west monsoon (June to September) to be at 97% of the long period average (LPA) with a margin of error of +/- 5%. Rainfall between 96% and 104% of LPA during the June-September monsoon period is considered normal. The forecast was made after market hours yesterday, 16 April 2018.

Meteorological Department (IMD) issues operational forecast for the southwest monsoon seasonal rainfall for the country as a whole in two stages. The first stage forecast is issued in April and the second stage forecast is issued in June.

Overseas, most Asian stocks fell as investors sought fresh leads after weeks of volatility sparked by trade frictions and geopolitical conflict.

China's rose 6.8% from a year earlier in the first quarter, holding steady from the 6.8% growth in the fourth quarter of last year, said today, 17 April 2018.

Meanwhile, industrial production grew just 6% in March, compared with 7.2% in the first two months of the year, and 6.8% overall for the quarter. In other data, January to March fixed asset investment growth slowed to 7.5% from a year ago, down from 7.9% in the first two months of the year.

US stocks closed sharply higher yesterday, 16 April 2018 with major indexes rallying in a broad advance as the first-quarter earnings season pointed to strong growth and geopolitical tensions showed signs of easing.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 17 2018. 12:29 IST