Key benchmark indices were trading lower in early trade on negative global cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 56.92 points or 0.18% at 31,240.61. The Nifty 50 index was down 25.30 points or 0.26% at 9,628.20.
Among secondary barometers,the BSE Mid-Cap index was down 0.07%. The decline in this index was lower than the Sensex's decline in percentage terms. The BSE Small-Cap index was up 0.08%, outperforming the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 693 shares rose and 604 shares fell. A total of 68 shares were unchanged.
Overseas, Asian shares declined following a sell off in energy shares after oil prices slipped around 2% overnight.
China's Shanghai Composite was up 0.15%. MSCI said yesterday, 20 June 2017, it planned on adding China A-shares to its benchmark MSCI Emerging Markets Index. The index giant said it will add 222 China A Large Cap stocks in a phased manner beginning next year. The review is the fourth straight year MSCI has considered adding the mainland-traded stocks.
US stocks declined overnight as investors dumped energy shares after crude-oil prices sank into bear-market territory amid growing concerns that an uptick in global production would derail Opec's efforts to reduce supply. The Dow Jones Industrial Average fell 61.85 points, or 0.3%, to end at 21,467.14. The Nasdaq Composite Index slid 50.98 points, or 0.8%, to close at 6,188.03.
In the global commodities markets, Brent for August 2017 settlement was down 16 cents at $45.86 a barrel. The contract fell 89 cents, or 1.90% to settle at $46.02 a barrel during the previous trading session.
Back home, Tech Mahindra was down 0.55%. The company said that one of its step down subsidiary, LCC Middle East FZ LLC agreed to sell its 100% shareholding in LCC Pakistan (Pvt) Ltd. to Talkpool AG, Switzerland. The announcement was made before market hours today, 21 June 2017.
ICICI Bank was down 0.53%. The company announced that the Committee of Executive Directors of the Bank at its meeting held on 20 June 2017 has approved the proposal for fund raising by way of issuance of senior unsecured long term bonds in the nature of debentures in single/multiple tranches on private placement basis. The announcement was made after market hours yesterday, 20 June 2017.
NHPC was up 0.15%. The company said that company has awarded EPC contract for the development of 50 megawatts (MW) Solar Power project in Tamil Nadu to L&T for an amount of Rs 287.48 crore. The project is slated to complete in 9 months. The announcement was made after market hours yesterday, 20 June 2017.
Glenmark Pharmaceuticals was up 0.36%. The company has entered into a licensing agreement with Boston-based APC Therapeutics Inc., a biopharmaceutical company focused on building a portfolio of best-in-class immuno-oncology (IO) therapies, for exclusive rights to a small molecule, oncology compound based on Antigen Presenting Cell (APC) biology. The compound has the potential to be used as a monotherapy or in combination with approved therapies to address unmet needs in cancer treatment. The announcement was made before market hours today, 21 June 2017.
Under the terms of the agreement, Glenmark will license the product from APC Therapeutics, and manage all clinical development including regulatory filings and commercialization worldwide. APC Therapeutics will receive development milestones and sales royalty payments.
SEAMEC was up 0.85%. The company announced that upon completion of contract with Kreuz Subsea Technologies, the company has entered into a contract for charter hire of vessel 'SEAMEC III' with L&T Hydrocarbon Engineering for undertaking a job in Mumbai High. The tenure of the contract is for a period of 7 days with option for extension. The contract will commence from around 22 June 2017. The announcement was made after market hours yesterday, 20 June 2017.
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