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News Mid-Session

 
Market opens lower on negative Asian cues
08-Jun-18   09:21 Hrs IST

Key benchmark indices were trading lower in early trade on negative Asian cues. At 9:21 IST, the barometer index, the S&P BSE Sensex, was down 138.89 points or 0.39% at 35,324.19. The Nifty 50 index was down 39.35 points or 0.37% at 10,729.

Among secondary barometers, the BSE Mid-Cap index was down 0.28%. The BSE Small-Cap index was down 0.32%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 484 shares rose and 746 shares fell. A total of 45 shares were unchanged.

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.

Back home, Wipro (down 1.32%), Bharti Airtel (down 0.83%), Tata Steel (down 0.72%), Asian Paints (down 0.71%), HDFC Bank (down 0.71%) and Sun Pharmaceutical Industries (down 0.69%), were the major Sensex losers.

Tata Motors (up 0.49%), Adani Ports and Special Economic Zone (up 0.42%), ICICI Bank (up 0.36%), Hero MotoCorp (up 0.25%), ITC (up 0.22%) and Kotak Mahindra Bank (up 0.12%), were the major Sensex gainers.

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.

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