Key benchmark indices were trading higher in early trade. At 9:18 IST, the barometer index, the S&P BSE Sensex, was up 116.51 points or 0.33% at 35,403.25. The Nifty 50 index was up 39.40 points or 0.37% at 10,749.85.
Among secondary barometers,the BSE Mid-Cap index was up 0.38%. 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 strong. On BSE, 619 shares rose and 259 shares fell. A total of 35 shares were unchanged.
Overseas, Asian stocks were mixed, with several regional stocks looking to stem sharp losses made in the previous session that were caused by elevated fears of a trade war between the US and China.
US stocks declined on Tuesday, as investors sold stocks following President Donald Trump's late-Monday threat to slap an additional $400 billion in tariffs on China goods. The announcement represented the latest escalation in a dispute between the two largest economies in the world, rattling investors.
After Beijing's retaliation against US planned tariffs on $50 billion worth of Chinese imports, Trump asked US Trade Representative Robert Lighthizer late Monday to identify $200 billion more in Chinese products that could be subject to tariffs of 10%. The US president also threatened to find $200 billion more worth of goods if China tried to retaliate against those additional tariffs.
A spokesperson from China's Ministry of Commerce reportedly said China will have no choice but to take comprehensive measures in response to the US's trade moves
On the US data front, Housing starts ran at a seasonally adjusted annual 1.35 million annual rate in May, the Commerce Department said Tuesday. Permits were at a 1.3 million seasonally adjusted annual rate.
Back home, Cipla was up 2.56%. The company announced that it has received final approval for its Abbreviated New Drug Application (ANDA) for Efavirenz Tablets 600mg from the United States Food and Drug Administration (US FDA). Cipla's Efavirenz Tablets 600mg is AB-rated generic therapeutic equivalent version of Bristol-Myers Squibb Pharma Company's, Sustiva. It is indicated in combination with other antiretroviral agents for the treatment of human immunodeficiency virus type 1 infection in adults and in pediatric patients at least 3 months old and weighing at least 3.5 kg. According to IQVIA (IMS Health), Sustiva and its generic equivalents had US sales of approximately $105 million for the 12-month period ended April 2018. The product is available for shipping immediately. The announcement was made after market hours yesterday, 19 June 2018.
Infosys was up 0.32%. The company announced that it has strengthened its footprint in France by establishing a Digital Center of Excellence in Marseille. The move is part of Infosys' efforts to bring its digital offerings to companies in France as they navigate the next stage in their business journey. In addition, the center will also deliver on a strategic seven-year partnership with CMA CGM Group the world leading container shipping organisation. This partnership was announced in September 2017 to simplify and transform the group's IT applications and improve customer service experience. The announcement was made after market hours yesterday, 19 June 2018.
Wheels India was up 5.41%. The company said that the board of directors of the company may consider issue of bonus shares in its board meeting scheduled to be held on 22 June 2018. The announcement was made after market hours yesterday, 19 June 2018.
Kansai Nerolac Paints was up 1.22%. The company said that it has entered into Share Purchase Agreement (SPA) to acquire 55% of the paid-up equity share capital of RAK Paints, Bangladesh for a total consideration of Bangladeshi Taka (BDT) 57.26 crore (approximately Rs 45.81 crore). The announcement was made after market hours yesterday, 19 June 2018.
On the political front, President Ram Nath Kovind approved the imposition of governor's rule in Jammu and Kashmir, a day after the BJP pulled out of its alliance with the Peoples Democratic Party (PDP) in Jammu and Kashmir. Following the President's approval, governor NN Vohra will be presiding over the state.
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