Benchmark indices were trading marginally in the red even as China’s Manufacturing Purchasing Managers’ Index (PMI) improved.
The BSE benchmark, the Sensex was trading 0.34% or 84.78 points lower, while NSE’s Nifty was trading 0.43% or 32 points lower at 11.00 am IST.
In contrast most Asian markets were trading in the green as the HSBC/Markit Flash China Manufacturing PMI rose to 50.8 in June as against May’s final reading of 49.4
Among Asian indices, the Kospi (0.42%), Straits Times (0.10%), Jakarta Composite (0.09%), Shanghai Composite (0.14%), Nikkei (0.02%) and Hang Seng (0.31%) were trading in the green.
Back home, BSE FMGCG (-2.45%), BSE IT (-1.18%) and BSE Bankex (-0.24%) were the major losers. Among individual stocks, ITC (-3.96%), Infosys (-1.83%) and Hindustan Unilever (-1.13%) were the major losers on the 30-share Sensex.
However, experts remain bullish. “Nifty has closed below the 15-day moving average in daily charts. We will continue to maintain bullish view in the near term as long as it maintains the medium term support at 7400.Intraday Support is at 7480 and below that 7450. Resistance is at 7550 and 7620,” Standard Chartered said in its morning note.
