Key benchmark indices declined in early trade, mirroring weak cues from Asian markets and overnight slump in the US stocks. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 262.23 points or 0.76% at 34,084.16. The Nifty 50 index was down 85.40 points or 0.81% at 10,468.90.
Among secondary barometers,the BSE Mid-Cap index was down 1.01%. The BSE Small-Cap index was down 0.89%. Both these indices underperformed the Sensex.
The broad market depicted weakness. There were almost four losers against every gainer on BSE. 1,090 shares fell and 274 shares rose. A total of 38 shares were unchanged.
Overseas, Asian stocks fell across the board following a sharp pullback in US stocks after US Federal Reserve Chairman Jerome Powell's hawkish comments to Congress. Weaker than expected economic data from China and Japan also dampened sentiment.
China's official manufacturing purchasing managers' index fell to 50.3 in February from 51.3 in January, government data showed Wednesday. A score above 50 indicates an expansion; below 50 indicates a decline.
Japanese industrial production fell 6.6% in January from a month earlier, following December's 2.9% increase, according to the Ministry of Economy, Trade and Industry.
US stocks ended sharply lower on Tuesday, 27 February 2018, following the first public appearance of Jerome Powell as Federal Reserve chairman, replacing Janet Yellen. Powell conveyed an upbeat picture of the US economy but the market focused on his emphasis on coming rate hikes in 2018 and an end to easy-money policies as the central bank tries to stave off once-dormant inflation.
Back home, drug major Cipla was up 1.17%. Cipla and Roche Pharma India announced that the two companies have entered in to an agreement under which Cipla will promote and distribute tocilizumab (Actemra) and Syndyma, the 2nd brand of Roche's cancer therapy, bevacizumab (Avastin) in India. This partnership is in line with Cipla and Roche's efforts to improve healthcare and increase access to innovative, life-changing medicines in India, particularly to patients who currently do not have access to them. The announcement was made after market hours yesterday, 27 February 2018.
Umang Vohra, MD & Global CEO Cipla said that the prevalence of cancer and rheumatoid arthritis is widely spread across India, and Cipla can contribute to provide broader access to innovative medicines like tocilizumab and bevacizumab.
Tata Consultancy Services (TCS) was up 0.22%. TCS announced that Bank Muscat, the flagship financial services provider in the Sultanate of Oman, has gone live with TCS BaNCS Universal Banking for its fund and investment banking operations. This deployment is a strategic upgrade to its earlier platform solution and will provide extensive capabilities for multiple asset classes such as funds, equities, fixed income and money markets. The announcement was made after market hours yesterday, 27 February 2018.
TCS Financial Solutions has been a strategic partner of Bank Muscat for the past 15 years and TCS BaNCS' advanced breadth and depth of this additional functionality will position the bank for higher growth and operational efficiency. This TCS BaNCS' upgrade will optimize the Bank's operational efficiency and processes. The new solution will both enhance workflows and reduce time taken on fund and investment banking operations.
On the macro front, the government will announce data on third quarter gross domestic product (GDP) after market hours today, 28 February 2018. GDP growth had recovered to 6.3% in Q2 September 2017 from 5.7% recorded in Q1 June 2017.
Markit Economics will unveil the results of a monthly survey on the performance of India's manufacturing sector for February 2018 at 10:30 IST today, 28 February 2018. The Nikkei India Manufacturing Purchasing Managers' Index, or PMI, had fallen to 52.4 in January 2018, reflecting a slower growth after the index reached a 5-year high at 54.7 in December 2017.
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