Key benchmark indices drifted lower in early trade amid initial volatility. At 9:28 IST, the barometer index, the S&P BSE Sensex, was down 33.60 points or 0.1% at 33,563.20. The Nifty 50 index was down 15.15 points or 0.15% at 10,310.
The S&P BSE Mid-Cap index was up 0.1%. The S&P BSE Small-Cap index was up 0.18%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 888 shares rose and 611 shares fell. A total of 49 shares were unchanged.
Overseas, Asian stocks were trading mixed while US stock futures dropped after US President Donald Trump ordered his administration to consider tariffs on an additional $100 billion worth of Chinese imports. Mainland China markets are shut for a holiday.
The latest move is a continuation of a growing trade dispute between the two countries. Trump previously announced $50 billion in proposed tariffs on goods imported from China, which responded by announcing about $50 billion in proposed tariffs on US goods
US stocks closed higher yesterday, 5 April 2018 with major indexes posting their first three-day rally in several weeks as investors dialed back fears that a trade spat between the US and China will turn into a full-blown trade war.
Meanwhile, the US trade deficit rose 1.6% in February and remained near a 10-year high. The US trade deficit rose to $57.6 billion in February from $56.7 billion in the prior month, data released yesterday, 5 April 2018 showed.
Back home, Tata Motors (down 1.25%), Axis Bank (down 1.12%) and L&T (down 1.04%) edged lower from the Sensex pack.
HCL Technologies (HCL) rose 0.71% after the company announced the acquisition of C3i Solutions, a leader in multi-channel customer engagement services for the life sciences and consumer packaged goods (CPG) industries, from Merck & Co., Inc., Kenilworth, New Jersey, USA (known as MSD outside of the United States and Canada). The announcement was made after market hours yesterday, 5 April 2018.
With this acquisition, HCL will complement its broad-based IT and business services capability with the additional depth that C3i has in the life sciences and CPG verticals.
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