Market drifts lower in early trade

Key benchmark indices edged lower in early trade on negative Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 23.76 points or 0.07% at 35,408.63. The Nifty 50 index was down 23 points or 0.21% at 10,718.10.

The S&P BSE Mid-Cap index was down 0.29%. The S&P BSE Small-Cap index was down 0.24%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 388 shares rose and 639 shares fell. A total of 50 shares were unchanged.

Overseas, Asian stocks fell as trade tensions between the US and China remained high. US stocks fell yesterday, 21 June 2018 as fears of a potential global trade war continued to weigh on investor sentiment. Investors are worried the tensions and recent tariffs could develop into a headwind for the global economy.

In US economic data, the Philadelphia Fed's manufacturing index slowed sharply to a reading of 19.9 in June from 34.4 in May.

In Europe, the Bank of England (BOE) left its key interest rate at 0.5% in an announcement Thursday following a regular meeting, as British inflation holds at a 14-month low. BOE policymakers voted 6-3 to keep the rate on hold. The bank also voted unanimously to maintain its quantitative easing stimulus policy, under which it has pumped 445 billion ($586 billion, 506 billion euros) around the UK economy.

Back home, HCL Technologies gained 1.48% after the company announced that it has been selected by Nokia, as part of an important effort of streamlining Nokia's outsourced IT management services. Nokia will partner with HCL for transforming and modernizing its IT infrastructure & applications landscape. HCL will transition services from four incumbent vendors to establish an integrated IT services delivery & design framework and will implement a transformation roadmap. The deal is intended to help Nokia drive operational efficiencies in line with previously announced targets. The announcement was made after market hours yesterday, 21 June 2018.

AstraZeneca Pharma India advanced 3.72%. AstraZeneca Pharma India has received Import and Market permission in Form 45 (Marketing Authorization) from the Drug Controller General of India for durvalumab (ImfinziTM). The receipt of this Import and Market permission paves way for the launch of durvalumab (ImfinziTM) in India. Durvalumab provides a treatment option for patient with locally advanced, unresectable Non-Small Cell Lung Cancer (NSCLC) and metastatic urothelial carcinoma. The announcement was made after market hours yesterday, 21 June 2018.

Strides Shasun rose 1.28% after the company announced receipt of prequalification from the World Health Organization (WHO) for their 100mg rectal artesunate suppositories (RAS) for the pre-referral management of severe malaria. Achieved with support from MMV and funding from Unitaid, this prequalification enables countries to procure life-saving RAS with donor funding, thus ensuring increased access to this potentially life-saving intervention. The announcement was made after market hours yesterday, 21 June 2018.

KPIT rose 0.48% after the company announced a strategic collaboration with Kinetiq, the leader in life sciences and clinical research management consulting, to deliver new life-sciences focused business technology applications. The alliance strengthens the core service offerings of both the organizations in supporting life sciences customers. Kinetiq will provide professional regulatory compliance consulting capabilities to KPIT customers, including software solutions engagements that require a Part 11 audit, program development, and implementation.

Whereas, KPIT will complement Kinetiq's management consulting services with value-added custom software development, systems integration, application and infrastructure support outsourcing, testing-as-a service (TaaS), and project management. The announcement was made after market hours yesterday, 21 June 2018.

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