Market opens almost flat

Key benchmark indices were trading almost flat in early trade. At 9:18 IST, the barometer index, the S&P BSE Sensex, was up 2.90 points or 0.01% at 35,267.31. The Nifty 50 index was down 4.45 points or 0.04% at 10,652.85. Weak cues from other Asian stocks dampened investors sentiment.

Among secondary barometers,the BSE Mid-Cap index was down 0.11%. The BSE Small-Cap index was down 0.09%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 359 shares rose and 429 shares fell. A total of 32 shares were unchanged.

Overseas, Asian shares tumbled as worries over US trade policy lingered in the background. A looming 6 July 2018 deadline is set to see the US impose a 25% tariff on $34 billion worth of Chinese goods from more than 800 product categories. China has also announced that it will retaliate with duties on the same value of US products.

 

In US, shares reversed early losses to finish higher on the back of a rally in technology shares. However, worries over trade tensions between the US and its major trading partners lingered, weighing on investors' sentiment. A trade war is seen as providing a significant headwind to global growth.

On the US data front, a read on June manufacturing from Markit came in at 55.4, compared with a preliminary reading of 54.6. Separately, the Institute for Supply Management's manufacturing index rose to 60.2% in June from 58.7%. A read on construction spending rose 0.4% in May.

Back home, Hero MotoCorp was up 1.65%. The company reported 13% growth in sales to 7.04 lakh units of motorcycles and scooters in June 2018 over June 2017. With monsoon already hitting many parts of the country, the positive consumption pattern is expected to continue in the coming months. Hero MotoCorp is geared-up with an array of products - including its premium motorcycle and the new scooter range - to add to the positive sentiments and further delight the customers. The announcement was made after market hours yesterday, 2 July 2018.

Strides Shasun was up 1.73%. The company announced that it's wholly owned subsidiary Strides Pharma Global Pte. Ltd. has received final approval for Ibuprofen Tablets USP, 200 mg (OTC) from the United States Food & Drug Administration (US FDA). Ibuprofen Tablets 200 mg (OTC) is a generic version of Motrin IB Tablets, 200 mg, of Johnson & Johnson Consumer, Inc. The announcement was made after market hours yesterday, 2 July 2018.

Parag Milk Foods was up 1.42%. The board of directors of Parag Milk Foods has passed and approved unanimously, the acquiring of Patented Product Rights from the Sweden-based Organization. The announcement was made after market hours yesterday, 2 July 2018.

NCC was up 1.81%. The company has received four new orders totaling to Rs 2060.96 crore (exclusive of GST) in the month of June 2018. Out of this, three orders totaling to Rs 1997.51 crore pertain to Buildings Division and one order of Rs 63.45 crore pertain to Water & Environment Division. All these orders are received from various central and state government agencies and do not include any internal orders. The announcement was made after market hours yesterday, 2 July 2018.

Rico Auto Industries was up 0.37%. The company said that with effect from 26 June 2018, the loss making undertaking (Machine Shop-I) in Dharuhera Plant (Haryana), has been closed after completion of necessary formalities in accordance with the provisions of the Industrial Disputes Act, 1947. The management has executed the orders and settled accounts of 104 workers after paying their legal/statutory dues. This closure will not affect the turnover adversely rather will have a positive impact on the overall performance and profitability of the company. The announcement was made after market hours yesterday, 2 July 2018.

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