Volatility struck bourses in morning trade as the key benchmark once again dipped in negative zone after staging an intraday recovery. At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 58.12 points or 0.16% at 35,374.27. The Nifty 50 index was down 23.45 points or 0.22% at 10,717.65. Negative Asian stocks weighed on the domestic bourses.
Stocks edged lower in early trade on negative Asian stocks.
The S&P BSE Mid-Cap index was down 0.41%. The S&P BSE Small-Cap index was down 0.46%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 685 shares rose and 1,218 shares fell. A total of 97 shares were unchanged.
Reliance Industries (down 1.78%), Wipro (down 1.25%), IndusInd Bank (down 1.14%), Bajaj Auto (down 0.88%) and Coal India (down 0.85%) edged lower from the Sensex pack.
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M&M (up 1.84%), ITC (up 0.9%), L&T (up 0.6%), Sun Pharmaceutical Industries (up 0.57%) and HDFC (up 0.53%) edged higher from the Sensex pack.
Som Distilleries & Breweries rose 2.34% after the company got approval for manufacturing of IMFL at subsidiary Woodpecker Distilleries & Breweries at Hassan, Karnataka. The company expects to commence commercial production of IMFL from the facility within the next one month. The announcement was made after market hours yesterday, 21 June 2018.
Overseas, Asian stocks fell as trade tensions between the US and China remained high. US stocks fell yesterday, 21 June 2018 as fears of a potential global trade war continued to weigh on investor sentiment. Investors are worried the tensions and recent tariffs could develop into a headwind for the global economy.
In US economic data, the Philadelphia Fed's manufacturing index slowed sharply to a reading of 19.9 in June from 34.4 in May.
In Europe, the Bank of England (BOE) left its key interest rate at 0.5% in an announcement Thursday following a regular meeting, as British inflation holds at a 14-month low. BOE policymakers voted 6-3 to keep the rate on hold. The bank also voted unanimously to maintain its quantitative easing stimulus policy, under which it has pumped 445 billion ($586 billion, 506 billion euros) around the UK economy.
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