The market witnessed sharp volatility in mid-afternoon trade as the indices recovered after briefly slipping into negative terrain. At 14:22 IST, the barometer index, the S&P BSE Sensex, was up 33.52 points or 0.08% at 39,625.60. The Nifty once again slipped below 11,900. The Nifty 50 index was up 3.50 points or 0.03% at 11,851.10.
The June 2019 F&O contracts expire today, 27 June 2019. The market witnessed volatility due to F&O expiry as traders roll over positions in the F&O segment from the near month June 2019 series to July 2019 series.
In the broader market, the S&P BSE Mid-Cap index was up 0.17%. The S&P BSE Small-Cap index was up 0.42%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1301 shares rose and 1115 shares fell. A total of 163 shares were unchanged.
Bajaj Finance was up 0.21% at Rs 3,635.15. It hit a 52-week high of Rs 3,660 in intraday today.
Bajaj Finserv was up 0.27% at Rs 8433.7. It hit a 52-week high of Rs 8,470.4 in intraday today.
HDFC Asset Management Company was up 2.94% at Rs 2,037.3. The stock hit an all time high of Rs 2,050 in intraday today.
SRF was up 1.86% at Rs 3034.5. The stock hit a 52-week high of Rs 3075.5 in intraday today.
Titan Company was up 0.82% at Rs 1,320.10. The stock hit a 52-week high of Rs 1,325.75
Most FMCG stocks declined. Tata Global Beverages (down 0.53%), Bajaj Consumer Care (down 0.26%), Godrej Consumer Products (down 0.25%), GlaxoSmithkline Consumer Healthcare (down 0.24%), Marico (down 0.23%), Britannia Industries (down 0.21%) and Nestle India (down 0.10%) edged lower. Dabur India (up 1.37%), Jyothy Laboratories (up 1.35%), Hindustan Unilever (up 1.13%), Procter & Gamble Hygiene & Health Care (up 0.37%) and Colgate Palmolive (India) (up 0.06%) edged higher.
Spice Jet was down 2.51% to Rs 126. The company announced today the launch of a daily non-stop flight connecting India's financial capital Mumbai with Hong Kong. SpiceJet is the only Indian carrier to connect Mumbai with Hong Kong with a daily non-stop flight. This will be effective from 31 July 2019.
Shares of most public sector oil marketing companies (PSU OMCs) rose as Brent crude oil price decreased. Hindustan Petroleum Corporation (up 0.75%) and Indian Oil Corporation (up 0.90%) edged higher whereas Bharat Petroleum Corporation (down 0.23%) declined.
Lower crude oil prices could decrease under-recoveries of public sector oil marketing companies (PSU OMCs) on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
In the commodities market, Brent crude for August 2019 settlement was down 65 cents at $65.84 a barrel. The contract rose $1.44 cents or 2.21% to settle at $66.49 a barrel in the previous trading session, with Presidents Donald Trump and Xi Jinping set to meet at the G-20 summit in Japan, which kicks off on Friday.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 69.105, compared with its close of 69.150 during the previous trading session.
The yield on 10-year benchmark federal paper fell to 6.910% at 14:20 IST compared with 6.993% at close in the previous trading session.
MCX Gold futures for 5 August 2019 settlement were down 0.72% at Rs 34,141.
Overseas, shares in Europe and Asia were trading higher ahead of the highly anticipated G20 meeting.
US stocks closed mostly lower Wednesday, as investors grew increasingly skeptical that a U.S.-China trade deal is in the offing, though technology shares were supported by optimism related to Micron Technology's better-than expected guidance.