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News Mid-Session

 
Indices turn range bound
08-Jun-18   11:23 Hrs IST

The market was range bound in negative terrain in mid-morning trade. At 11:22 IST, the barometer index, the S&P BSE Sensex, was down 117.62 points or 0.33% at 35,345.46. The Nifty 50 index was down 38.15 points or 0.35% at 10,730.20. Weak cues from other Asian stocks spoiled investors sentiment.

The indices opened lower and hit intraday low in early trade. The indices recovered in morning trade and continued hovering in a range.

Among secondary barometers, the BSE Mid-Cap index and the BSE Small-Cap index were up 0.34% each. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1190 shares rose and 999 shares fell. A total of 109 shares were unchanged.

Most metal shares declined. Hindalco Industries (down 1.29%), Steel Authority of India (down 1.09%), Jindal Steel & Power (down 1.06%), National Aluminium Company (down 0.75%), Hindustan Zinc (down 0.59%), JSW Steel (down 0.26%) and Vedanta (down 0.2%), edged lower. Tata Steel (up 0.18%), Hindustan Copper (up 1.36%) and NMDC (up 2.07%), edged higher.

Private sector banks fell across the board. City Union Bank (down 1.22%), HDFC Bank (down 1.06%), ICICI Bank (down 0.82%), IndusInd Bank (down 0.82%), Federal Bank (down 0.58%), Yes Bank (down 0.54%), Axis Bank (down 0.44%), Kotak Mahindra Bank (down 0.26%) and RBL Bank (down 0.02%), edged lower.

Shares of public sector banks rose across the board. UCO Bank (up 5.41%), Dena Bank (up 4.33%), Punjab National Bank (up 4.07%), Bank of Maharashtra (up 3.93%), Punjab & Sind Bank (up 2.97%), Corporation Bank (up 2.77%), Andhra Bank (up 2.41%), Allahabad Bank (up 2.29%), Vijaya Bank (up 2.11%), Central Bank of India (up 2.04%), IDBI Bank (up 1.96%), United Bank of India (up 1.83%), Union Bank of India (up 1.78%), Indian Bank (up 1.75%), Bank of India (up 1.47%), Syndicate Bank (up 1.41%), Canara Bank (up 1.31%), Bank of Baroda (up 0.27%) and State Bank of India (up 0.02%), edged higher.

Finance Minister Piyush Goyal will reportedly meet heads of public sectors banks (PSBs) based out of western and southern regions today, 8 June 2018, to resolve various issues concerning them. According to reports, the meeting is being organised by State Bank of India (SBI) and will be chaired by Goyal in Mumbai. In all 15 CEO of PSBs from the two regions will participate in the meeting to discuss the way forward for the Indian banking system, reports added.

On the macro front, yields on the 10-year government bonds hit over 8% in the opening session on Friday, first time since December 2014, but soon declined ahead of weekly bond auction due later in the day.

The India Meteorological Department (IMD) stated yesterday, 7 June 2018, that Southwest Monsoon further advanced into some more parts of Central Arabian Sea, remaining parts of Coastal Karnataka, most parts of South Interior Karnataka and Goa and some parts of North Interior Karnataka. Conditions are favorable for further advance of Southwest Monsoon into some more parts of Central Arabian Sea, remaining parts of Goa, some parts of south Maharashtra, remaining parts of Karnataka and Rayalaseema, some parts of Telangana, some more parts of Coastal Andhra Pradesh and West Central Bay of Bengal during next 24 hours. Conditions are very likely to become favorable for further advance of Southwest Monsoon into some more parts of Maharashtra, Telangana & Coastal Andhra Pradesh in subsequent 48 hours.

Conditions are also likely to become favorable for further advance of Southwest Monsoon into most parts of Arabian Sea, remaining parts of Maharashtra, some parts of south Gujarat region, southern parts of Madhya Pradesh & Chhattisgarh, Odisha, West Bengal & Sikkim, remaining parts of Northeastern States and most parts of Bay of Bengal during 9th to 11th June 2018. In association with the likely strengthening of south west monsoon and likely formation of a low pressure system over the Bay of Bengal, enhanced rainfall activity with heavy to very heavy and isolated extremely heavy rainfall is likely along the west coast during 8th to 11th June 2018, IMD said.

Overseas, Asian stocks declined after the mixed close on Wall Street. Japan's economy shrank at an annualized pace of 0.6% in the January-March quarter.

In US, the S&P 500 and Nasdaq Composite ended with modest losses on Thursday, as a selloff in major technology shares put pressure on the benchmarks. Traders were cautious as leaders of the Group of Seven nations kicked off a summit in Canada. The G-7 summit takes place in Canada on Friday, 8 June 2018, and Saturday, 9 June 2018, with the issues related to protectionism and international trade expected to take center stage.

On the US data front, initial jobless claims fell slightly in early June, keeping the rate of layoffs in the US near a 50-year low. Household wealth topped $100 trillion for the first time in the first quarter, the Federal Reserve said. Consumer credit in April slowed to a seasonally adjusted annual rate of 2.9%, or $9.3 billion, down from 3.8% in March.

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