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News Mid-Session

 
Indices trim gains amid volatile trade
12-Jun-18   13:19 Hrs IST

A bout of volatlity was seen as key indices trimmed gains after hitting fresh intraday high in afternoon trade as profit booking emerged at higher levels. At 13:17 IST, the barometer index, the S&P BSE Sensex, was up 167.41 points or 0.47% at 35,650.88. The Nifty 50 index was up 42.65 points or 0.40% at 10,829.60. Sentiment on the domestic bourses was boosted by upbeat global stocks after US President Donald Trump and North Korean leader Kim Jong Un reportedly signed an unspecified document in Singapore.

Domestic stocks edged higher in early trade. Key benchmark indices extended gains and hit fresh intraday high in morning trade. Stocks hovered near day's high in mid-morning trade. Indices trimmed gains after hitting fresh intraday high in afternoon trade.

The S&P BSE Mid-Cap index was up 0.53%, outperforming the Sensex. The S&P BSE Small-Cap index was up 0.33%, underperforming the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1305 shares rose and 1148 shares fell. A total of 132 shares were unchanged.

Tata Steel (down 1.14%), Coal India (down 1.13%), Bharti Airtel (down 0.84%), Power Grid Corporation of India (down 0.64%) and Yes Bank (down 0.6%), were the major Sensex losers.

Dr Reddy's Laboratories (up 4.88%), State Bank of India (up 2.03%), TCS (up 1.39%), Sun Pharmaceutical Industries (up 1.29%) and ITC (up 1.24%), were the major Sensex gainers.

IndusInd Bank rose 1.28%. The Overseas Private Investment Corporation (OPIC) announced that $5 million in local currency financing has been mobilized to Grameen Impact under an OPIC loan guarantee agreement with IndusInd Bank. The financing was deployed through IndusInd Bank's Impact Investing division, which will support Grameen Impact's lending to local small and medium enterprises. The announcement was made during market hours today, 12 June 2018.

L&T rose 0.92%. The Heavy Civil Infrastructure business of L&T Construction will design and construct a 3.2 km, six-lane iconic bridge across the river Krishna, which includes 2.72 km of approach bridges, on EPC basis. The bridge will connect Pavitrasangamam in Vijayawada and N10 Road in Amaravati. The Rs 1387 crore project was received from Amaravati Development Corporation (ADCL) and L&T has also been entrusted with the operation and maintenance for the bridge for five years. The announcement was made during market hours today, 12 June 2018.

Traders and investors are closely awaiting a series of domestic and global events this week. Consumer price index (CPI)-inflation and index of industrial production (IIP) data is due today, 12 June 2018, while the wholesale price index (WPI) inflation data will be announced on Thursday, 14 June 2018.

On the global front, North Korean leader Kim Jong Un and US President Donald Trump have met at the Capella Hotel in Sentosa island, Singapore for a historic summit, after both sides sought to narrow differences over how to end a nuclear standoff. The historic meeting has come to an end. Trump and Kim Jong Un have reportedly signed an unspecified document in Singapore.

UK Prime Minister Theresa May faces votes that could derail her Brexit policy today, 12 June 2018. The US Federal Reserve is expected to raise interest rates Wednesday, 13 June 2018 as the US economy remains solid. European Central Bank rates decision is on Thursday, 14 June 2018 in which policy makers are poised to hold formal talks on ending its bond-buying program. The Bank of Japan meets on Friday, 15 June 2018 with no change to policy expected.

In the overseas market, most European and Asian stocks traded higher Tuesday after US President Donald signed a deal with the North Korean leader, with the latter claiming there will be a major change in the world.

US stocks rose in a relatively quiet day yesterday, 11 June 2018 as investors started a hectic week during which three major central banks set interest rates.

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