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Sensex trims gains after scaling record high

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The Sensex trimmed gains soon after scaling a record high while the Nifty sank in negative zone in morning trade. At 10:22 IST, the barometer index, the Sensex, was up 7.98 points or 0.02% at 36,556.39. The index was down 4.50 points or 0.04% at 11,018.70. Intraday volatility was high.

Domestic stocks nudged higher in early trade on positive Asian stocks.

The Mid-Cap index was down 0.51%. The Small-Cap index was down 0.81%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 626 shares rose and 1288 shares fell. A total of 80 shares were unchanged.

Overseas, most Asian stocks rose as refrained from detailing retaliation plans against threatened US tariff increases. The US and reportedly signaled they were open to resuming negotiations over trade after days of exchanging retaliatory threats.

China's trade surplus narrowed to 901.32 billion yuan ($135.4 billion) in the first half of the year, down 26.7% from the same period a year earlier, data showed Friday. In January-June period, China's exports rose 4.9% from a year ago in yuan terms, and imports expanded 11.5% in yuan terms.

US stocks closed solidly higher yesterday, 12 July 2018 with the Index ending at a record on the back of a rally in internet and technology giants, which helped to overshadow ongoing uncertainty over trade relations between the US and

Back home, (up 1.88%), (up 1.39%), (up 1.07%), (up 0.87%) and TCS (up 0.68%) edged higher from the Sensex pack.

(down 1.79%), (down 1.43%) and (down 1.35%) edged lower from the Sensex pack.

On the macro front, government data released after market hours yesterday, 12 July 2018 showed that India's factory output growth slowed to a seven-month low in May while retail quickened to a five-month high in June.

India's industrial production (base year 2011-12=100) grew at 3.2% in May 2018 over May 2017, while showing moderation in growth from a revised 4.8% increase in the previous month. The manufacturing sector's production growth decelerated to 2.8%, causing dip in overall industrial production growth in May 2018. On the other hand, the output has improved at higher pace of 5.7% and generation output growth also accelerated 4.2% in May 2018.

The all-general CPI increased 5% in June 2018 (new base 2012=100), compared with 4.87% in May 2018. The corresponding provisional rate for rural area was 5% and urban area 4.85% in June 2018 as against 4.88% and 4.72% in May 2018. The core CPI inflation increased to 6.35% in June 2018 compared with 6.12% in May 2018.

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

First Published: Fri, July 13 2018. 10:32 IST