Key benchmark indices were range bound in negative terrain in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 45.92 points or 0.13% at 34,605.32. The Nifty 50 index was down 34.20 points or 0.32% at 10,502.50. Negative cues from other Asian shares dampened investors sentiment.
After opening on a positive note, the market declined as the session proceeded. Indices hovered in a range with small losses in mid-morning trade.
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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Back home, the broader market was trading higher. Among secondary barometers, the BSE Mid-Cap index was up 0.10%. The BSE Small-Cap index was up 0.34%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1214 shares rose and 959 shares fell. A total of 115 shares were unchanged.
IT stocks rose. Tech Mahindra (up 2.09%), Persistent Systems (up 1.78%), Hexaware Technologies (up 1.48%), MindTree (up 1.24%), Infosys (up 0.96%), Oracle Financial Services Software (up 0.44%), TCS (up 0.27%) and MphasiS (up 0.16%), edged higher. Wipro (down 0.23%) and HCL Technologies (down 0.99%), edged lower.
Pharmceutical shares were mixed. Strides Shasun (up 7.16%), Cipla (up 2.60%), Glenmark Pharmaceuticals (up 1.04%), Sun Pharmaceutical Industries (up 0.89%), Wockhardt (up 0.78%), Cadila Healthcare (up 0.54%), Alkem Laboratories (up 0.33%), IPCA Laboratories (up 0.26%) and Lupin (up 0.22%), edgd higher. Piramal Enterprises (down 0.01%), GlaxoSmithKline Pharmaceuticals (down 0.38%), Aurobindo Pharma (down 0.58%), Divi's Laboratories (down 1.16%) and Dr Reddy's Laboratories (down 2.27%), edged lower.
Gravita India rose 3.33% after the company signed a contract with Amara Raja Batteries for lead acid battery scrap collection and recycling arrangements. The announcement was made after market hours yesterday, 22 May 2018.
Gravita India said that the company has signed a contract with Amara Raja Batteries for lead acid battery scrap collection and recycling arrangements. Under this contract Gravita shall collect/purchase lead acid battery scrap from designated locations of Amara Raja. It is a joint initiative towards environment protection and sustainability under which used batteries shall be recycled and pure lead/lead alloys will be supplied back to Amara Raja.
Gravita targets supply of approx. 8000 MT of lead to Amara Raja under the contract which will help the company to strengthen its top line in FY 2018-19 coupled with cost effective recycling and long term business association with Amara Raja. The supplies under this contract will be effected during FY 2018-19.
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.
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