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Persistent selling pressure drove key indices down intraday low in the early afternoon. At 12:19 IST, the barometer index, S & P Senbad SSE index, is down 267.27 points or 0.75% to 35,156.21. The Nifty 50 index was down 87.15 points or 0.81% to 10,627.15. Mixed indices of other Asian stocks have spoiled investor sentiment.
The indexes rose, but the trend reversed in early trade and reached a new intraday trough in the middle of the morning. The Senbad rose 154.76 points, or 0.44% at the high of the day, to 35,578.24 at the start of the trading session. The index dropped 275.99 points, or 0.78% to the day's low of 35,147.49 in the early afternoon. Nifty was up 21.85 points, up 0.20% from the day's high of 10.736.15 at the start of the trading session. The index fell 91.70 points, or 0.86% at the low of the day from 10,622.60 in the early afternoon.
Among the secondary barometers, the BSE Mid-Cap index is down 1.06%. The BSE Small Cap index fell by 0.94%. Both indices underperformed the Senbad.
The magnitude of the market, indicating the overall health of the market, was low. On the BSE, 768 shares rose and 1551 shares fell. A total of 134 shares were unchanged.
Cement shares fell at all levels. Ambuja Cements (down 2.02%), UltraTech Cement (down 1.49%) and ACC (down 1%), fell slightly.
Grasim Industries was down 1.89%. Grasim is exposed to the cement industry through its participation in UltraTech Cement.
Telecom shares declined. Idea Cellular (down 4.81%), Reliance Communications (down 3.55%), Tata Teleservices (Maharashtra) (down 2.84%), Bharti Airtel (down 1.52%) and MTNL (down 0.63%).
Bharti Infratel, telecommunications tower facilities provider, is down 0.83%.
RITES shares traded at Rs 206.15 on BSE, a premium of 11.43% on the issue price of Rs 185 on its debut on stock exchanges today, July 2, 2018. The stock traded at Rs 190 on the ESB, a premium of 2.7% compared to the price of the initial public offering (IPO). The stock had reached a high of Rs 207.80 and low of Rs 190 until now during the day. Up to now, 25.30 lakh shares have been traded over the counter on BSE.
The IPO of RITES received bids for 169.43 Crore shares, up from 2.52 crore shares, showed data from the National Stock Exchange of India (NSE). The problem was subscribed 67.24 times. The issue was opened on June 20, 2018 and closed on June 22, 2018. The price range for the issue was set at Rs 180 to Rs 185 per share.
On the economic front, Indian manufacturing conditions improved in June at a record pace since December 2017, supported by the strongest increases in production and new orders in 2018 up to now. The Nikkei India Manufacturing Purchasing Managers Index (PMI) rose from 51.2 in May to 53.1 in June. This corresponded to the fastest improvement in the health of India's manufacturing economy in 2018 so far.
Asian equities abroad traded differently, with trade tensions between the United States and its trading partners remaining a major concern for investors.
The Chinese Official Index of Manufacturing Managers (PMI) fell to 51.5 for the month of June. The figure is always higher than the 50-point level indicating growth.
In Japan, confidence between major manufacturers weakened for the second consecutive quarter, from three months to June, due to growing concern over the potential impact of trade frictions on the industry. ;Mondial economy. The main index measuring the sentiment of major manufacturers was at over 21 in the period of April-June, compared with over 24 in the previous survey in March, according to the quarterly tankan survey of the Bank of Japan.
US stocks closed higher on Friday, June 29, 2018, driven by the energy and materials sectors. Financial services also rose earlier after several banks announced plans to return capital to shareholders Thursday night after the Federal Reserve released the results of its annual stress test. However, the financials ended in the red as investors pocketed the profits towards the closing bell.
With regard to US data, the personal consumption expenditure index, the Federal Reserve's preferred inflation indicator, rose 0.2%, as did the rate basic that eliminates food and energy. The inflation rate over the past 12 months has risen to 2.3%, the fastest pace since March 2012.
Chicago PMI soared to a reading of 64.1 in June, up 62.7, the fastest reading since January and the highest level in six months. Any reading above 50 indicates improved conditions. The final consumer sentiment index of the University of Michigan for June reached 98.2. Thursday data showed a first quarter growth in the US economy was reduced to 2% by 2.2%.
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