Key benchmark indices were trading with small losses in early trade, tracking mixed Asian cues. At 9:24 IST, the barometer index, the S&P BSE Sensex, was down 2.12 points or 0.01% at 35,009.77. The Nifty 50 index was down 12.80 points or 0.12% at 10,615.70.
The market breadth, indicating the overall health of the market, was weak. On BSE, 464 shares rose and 857 shares fell. A total of 38 shares were unchanged.
Overseas, Asian markets were mixed as profit booking emerged after the previous day's rally. US market posted strong gains Monday, led by a rally in the technology and consumer discretionary sectors, as traders appeared to shrug off global trade tensions and focused on a favorable economic backdrop instead.
US factory orders fell by 0.8% in April. The decline was concentrated in commercial aircraft. Orders for nondurable goods rose slightly. The increase in factory orders in March, meanwhile, was raised a tick to 1.7%.
Back home, Idea Cellular was up 0.48%. The company said that it has received approval on its application to increase Foreign Direct Investment (FDI) limit in the company to 100%, from the current 67.5%, from the Department of Telecom (DoT). The approval is for total foreign investment upto 100% in Idea Cellular, and total indirect FDI in its relevant subsidiaries - Aditya Birla Telecom and Idea Cellular Infrastructure Services. The announcement was made after market hours yesterday, 4 June 2018.
The FDI approval is a major milestone in the merger process of Vodafone India with Idea Cellular, and follows other statutory approvals already received from the Sebi, NSE, BSE, CCI and NCLT Mumbai and NCLT Ahmedabad. The merger of Vodafone India with Idea Cellular is in the final leg of regulatory approvals and is expected to complete in H1CY18, subject to the final approval from the DoT.
NIIT was up 1.41%. The company announced that it has entered into a five year long-term Learning and Development agreement with Pitney Bowes. Pitney Bowes is a global technology company providing commerce solutions that power billions of transactions. The announcement was made after market hours yesterday, 4 June 2018.
Sunteck Realty was up 0.94%. The company said that its board of directors has approved a proposal for an increase in the investment limits by Registered Foreign Portfolio Investors (RFPIs) including Foreign Institutional Investors (FIIs) from the existing limit of 24% to 49% of the paid up equity share capital of the company. The increase will make available more limits for the RFPIs/ FIIs to invest in the equity share capital of the company. The announcement was made after market hours yesterday, 4 June 2018.
Sudarshan Chemical Industries was down 1.85%. The company announced the divestment of its plastics masterbatch business, Prescient Color Ltd., to Americhem, Inc. The transaction was completed on 1 June 2018. The company has planned to invest around Rs 1000 crore ($150 Million) over the next five years to focus on pigments as core business and to be a market leader. The announcement was made after market hours yesterday, 4 June 2018.
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