Key benchmark indices extended early losses and hit fresh intraday low in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 66.72 points or 0.19% at 34,584.52. The Nifty 50 index was down 41.70 points or 0.40% at 10,495. Negative cues from other Asian shares dampened investors sentiment.
After opening on a positive note, the market declined as the session proceeded. The Sensex rose 16.54 points, or 0.05% at the day's high of 34,667.78 in early trade. The index fell 130.59 points, or 0.38% at the day's low of 34,520.65 in morning trade, its lowest intraday level since 26 April 2018. The Nifty fell 3.15 points, or 0.03% at the day's high of 10,533.55 in early trade. The index fell 55.95 points, or 0.53% at the day's low of 10,480.75 in morning trade, its lowest intraday level since 16 April 2018.
Broader market were trading higher. Among secondary barometers, the BSE Mid-Cap index was up 0.12%. The BSE Small-Cap index was up 0.22%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1126 shares rose and 844 shares fell. A total of 105 shares were unchanged.
Metal shares declined. Tata Steel (down 2.65%), Hindustan Zinc (down 1.37%), Hindalco Industries (down 1.17%), National Aluminium Company (down 0.55%), Sail (down 0.41%), JSW Steel (down 0.19%) and Jindal Steel & Power (down 0.15%), edged lower. NMDC (up 0.27%) and Hindustan Copper (up 4.74%), edged higher.
Vedanta was down 2.86%. According to media reports, the months-long protests for the closure of Vedanta's Sterlite Copper unit in Tamil Nadu's Tuticorin took a violent turn on Tuesday, with agitators fighting pitched battles with police, prompting it to open fire on the mob, reports added.
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FMCG shares rose. Jyothy Laboratories (up 1.21%), Tata Global Beverages (up 1.12%), GlaxoSmithKline Consumer Healthcare (up 0.92%), Britannia Industries (up 0.81%), Godrej Consumer Products (up 0.74%), Nestle India (up 0.58%), Hindustan Unilever (up 0.36%), Colgate Palmolive (India) (up 0.18%) and Dabur India (up 0.07%), edged higher. Procter & Gamble Hygiene & Health Care (down 0.02%), Marico (down 0.62%) and Bajaj Corp (down 0.7%), edged lower.
Drug major Cipla surged 4.29% after the company reported consolidated net profit of Rs 153.25 crore in Q4 March 2018 as compared with net loss of Rs 62.79 crore in Q4 March 2017. Consolidated total income rose 3.69% to Rs 3737.98 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 22 May 2018.
The board of directors of the company approved raising funds upto Rs 2000 crore by issue of equity shares or American depository receipts or global depository receipts or foreign currency convertible bonds or other securities /financial instruments, whether denominated in Indian Rupee and/or foreign currency(ies), though a public issue or a private placement.
The board of directors of the company also approved raising funds upto Rs 2000 crore by issue of non-convertible debentures (in form of bonds or otherwise) or bonds, whether denominated in Indian Rupee and/or foreign currency(ies), though a public issue or a private placement.
Umang Vohra, MD and Global CEO, Cipla said that in this financial year, the company's focus remained on strengthening our portfolio and deepening presence in priority markets. The company's focus for next year will be to continue growth trajectory in key markets and investments in portfolio for sustainable growth.
On the political front, Janata Dal (Secular), or JD(S), leader H D Kumaraswamy will take oath as Chief Minister of Karnataka today, 23 May 2018, at 16:30 IST on the steps of the Vidhana Soudha, the state secretariat. Governor Vajubhai Vala will administer the oath of office and secrecy to Kumaraswamy.
The 12 May 2018 Karnataka assembly polls threw up a hung verdict with BJP emerging as the single largest party with 104 seats. The Congress was next with 78 and the JD(S) followed with 37. The BSP has one MLA and two seats went to Independents.
Overseas, Asian shares were trading lower after President Donald Trump said he was not satisfied with bilateral trade talks with China that occurred last week, but called them a start to working out the US trade imbalance with Beijing.
Meanwhile, China announced on Tuesday that it would reduce tariffs on some vehicles to 15% from as much as 25%. Tariffs on certain automotive parts would also be cut.
US stocks closed lower overnight as uncertainty over trade policy and other geopolitical issues remained high.
On the geopolitical front, Trump said Tuesday there was a substantial chance that a summit with North Korean leader Kim Jong Un may not work out. Trump's comments came as he met South Korean President Moon Jae-in ahead of a planned meeting, scheduled for 12 June 2018, with Kim.
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