Key benchmark indices were trading with small gains in early trade. At 9:17 IST, the barometer index, the S&P BSE Sensex, was up 16.68 points or 0.05% at 34,919.89. The Nifty 50 index was up 21.55 points or 0.20% at 10,614.70.
Investors were cautious ahead of the central bank's policy decision later today. The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) began the second bi-monthly monetary policy meeting on Monday, 4 June 2018. The resolution of the MPC will be unveiled at 14:30 IST today, 6 June 2018.
Among secondary barometers,the BSE Mid-Cap index was up 0.04%. The BSE Small-Cap index was down 0.42%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 415 shares rose and 671 shares fell. A total of 34 shares were unchanged.
Overseas, Asian stocks were mixed as investors digested trade-related developments and the mixed close on Wall Street. Markets in South Korea were closed on Wednesday.
Media reports suggested that China would buy nearly $70 billion worth of US agriculture and energy products if the Trump administration steps back from tariffs. The US-China talks focused on reducing the United States' $375.20 billion trade deficit with China by facilitating the supply of agricultural and energy products to meet China's growing consumption needs.
In US, the Nasdaq Composite Index registered its second record close in a row Tuesday on the back of a rally in the shares of technology and internet giants. However, the Dow lagged as the stocks of slumping financials and consumer-staples weighed on the blue-chip gauge.
On the data front, the Markit services purchasing managers index for the US in May rose to 56.8 from 54.6. The Institute for Supply Management services index rose to 58.6 in May from 56.8, while a reading of job openings rose to a fresh record in April, reaching 6.7 million after 6.63 million in March.
NMDC was down 0.75%. The company's production & sales of iron ore on a provisional basis upto May 2018 was 4.53 million tonnes. The announcement was made after market hours yesterday, 5 June 2018.
ADF Foods was down 1.55%. The board of directors of ADF Foods has approved the buyback of equity shares at a price not exceeding Rs 300 per share for an aggregate amount not exceeding Rs 30 crore, representing 14.52% of the paid up equity capital of the company through open market purchase through Stock Exchange. The maximum number of shares to be bought back under buyback shall not exceed 10 lakh equity shares representing 4.71% of the existing paid up capital of the company. The announcement was made after market hours yesterday, 5 June 2018.
CG Power and Industrial Solutions was up 1.17%. The company bagged an order from the Indian Railways valued at Rs 319 crore to supply Under Slung Electrics for Diesel Electric Tower Car (DETC). Large quantities of DETCs are required for massive track electrification drive taken up by Indian Railways across the country. More than 1000 DETCs shall be required for electrification and thereafter for inspection and maintenance in the coming years. The announcement was made after market hours yesterday, 5 June 2018.
Mcleod Russel India was down 0.15%. The company said that it has decided to dispose of certain tea estates of the company in Assam, namely Beesakopie Tea Estate, Raidang Tea Estate, Daimukhia Tea Estate, Samdang Tea Estate, Baghjan Tea Estate, Bordubi Tea Estate, Koomsong Tea Estate and Phillobari Tea Estate. The company has entered into a Memorandum of Understanding with M K Shah Exports, having registered at Kolkata on 5 June 2018. The announcement was made after market hours yesterday, 5 June 2018.
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