Key benchmark indices were trading lower in early trade, tracking negative cues from other Asian shares. At 9:27 IST, the barometer index, the S&P BSE Sensex, was down 50.22 points or 0.14% at 34,601.02. The Nifty 50 index was down 15.80 points or 0.15% at 10,520.90.
The market breadth, indicating the overall health of the market, was positive. On BSE, 778 shares rose and 584 shares fell. A total of 57 shares were unchanged.
Overseas, Asian shares were trading lower after President Donald Trump said he was not satisfied with bilateral trade talks with China that occurred last week, but called them a start to working out the US trade imbalance with Beijing.
Meanwhile, China announced on Tuesday that it would reduce tariffs on some vehicles to 15% from as much as 25%. Tariffs on certain automotive parts would also be cut.
US stocks closed lower overnight as uncertainty over trade policy and other geopolitical issues remained high.
On the geopolitical front, Trump said Tuesday there was a substantial chance that a summit with North Korean leader may not work out. Trump's comments came as he met South Korean President Moon Jae-in ahead of a planned meeting, scheduled for 12 June 2018, with Kim.
Back home, Cipla was up 5.28%. The company reported consolidated net profit of Rs 153.25 crore in Q4 March 2018 as compared with net loss of Rs 62.79 crore in Q4 March 2017. Total income rose 3.69% to Rs 3737.98 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 22 May 2018.
Hindustan Petroleum Corporation (HPCL) was down 1.19%. The company's net profit fell 3.9% to Rs 1747.89 crore on 17.76% rise in total income to Rs 61152.73 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 22 May 2018.
Bata India was up 2.65%. The company's net profit rose 44.91% to Rs 52.08 crore on 7.03% rise in total income to Rs 646.02 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 22 May 2018.
Minda Industries was up 4.73%. The company's board approved issue of 2:1 bonus shares. The announcement was made after market hours yesterday, 22 May 2018.
Majesco was up 1.46%. The company announced that Gibraltar BSN Life Berhad (Gibraltar BSN) has selected Majesco Distribution Management and Digital Solutions to transform its distribution management operation as part of its digital transformation program. The announcement was made after market hours yesterday, 22 May 2018.
On the political front, Janata Dal (Secular), or JD(S), leader H D Kumaraswamy will take oath as Chief Minister of Karnataka today, 23 May 2018, at 16:30 IST on the steps of the Vidhana Soudha, the state secretariat. Governor Vajubhai Vala will administer the oath of office and secrecy to Kumaraswamy.
The 12 May 2018 Karnataka assembly polls threw up a hung verdict with BJP emerging as the single largest party with 104 seats. The Congress was next with 78 and the JD(S) followed with 37. The BSP has one MLA and two seats went to Independents.
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