Key benchmark indices were trading lower in early trade, tracking negative leads from Asian market. At 9:19 IST, the barometer index, the S&P BSE Sensex, was down 96.26 points or 0.27% at 35,452. The Nifty 50 index was down 38.15 points or 0.35% at 10,761.70.
The market breadth, indicating the overall health of the market, was weak. On BSE, 317 shares rose and 723 shares fell. A total of 43 shares were unchanged.
Overseas, Asian stocks were trading lower after US President Donald Trump fired a fresh salvo in the ongoing trade spat between the US and China.
China's Shanghai Composite was down 1.5%. Trump said on Monday that he had asked the US Trade Representative to identify $200 billion worth of Chinese products that will be subject to additional tariffs of 10%. Those tariffs will take effect if China did not "change its practices".
China's Commerce Ministry said on Tuesday morning that it will take counter measures if the US publishes an additional tariffs list. China will protect its interests, taking both quantitative and qualitative measures against the move.
Trump's Monday comments came after the US on Friday announced that it would impose a 25% tariff on up to $50 billion of Chinese products. Tariffs on an initial list of goods worth some $34 billion will kick in on 6 July. In response, China announced tariffs on the same total value of products, with duties on $34 billion of US goods expected to be implemented in July.
In US, the Dow Jones Industrial Average registered its fifth straight decline Monday, but stocks broadly managed to finish above session lows as gains in energy and technology shares helped to limit declines partly inspired by fears over trade tensions between the US and China.
On the US data front, the National Association of Home Builders' monthly confidence index fell two points to 68 in June, in part due to rising lumber costs.
On the Federal Reserve front, Atlanta Fed President Raphael Bostic said Monday at the Rotary Club of Savannah that the central bank still hasn't reached the so-called neutral rate where policy is neither accommodative nor restrictive.
Back home, Borosil Glass Works hit an upper circuit limit of 20% at Rs 1058.60. The company said that the board of directors of the company has approved issue of bonus shares in the ratio of 3:1 (i.e. 3 bonus shares for every one equity share held. The announcement was made after market hours yesterday, 18 June 2018.
Titan Company was down 0.35%. The company said that TimeProducts (TTPL) has ceased to be a subsidiary of the company with effect from 18 June 2018 consequent upon the company transferring its entire stake in TTPL to Danlaw Technologies India. The announcement was made after market hours yesterday, 18 June 2018.
Goa Carbon was down 2.36%. The company said that the operations at the company's Paradeep Unit at Village Udayabata, Odisha has been put on temporary halt due to the obstructions by the contract workers from 6:00 a.m. on 16 June 2018 with their sudden demand for raising of their retirement age. The announcement was made after market hours yesterday, 18 June 2018.
Tata Consultancy Services (TCS) was down 0.04%. The company opened its new delivery center in Suresnes, France. The delivery center, which is located in the Parisian region, can accommodate up to 230 employees and benefits from highly secure connectivity, a robust infrastructure and secure spaces, guaranteeing the best quality service and productivity for customers. The announcement was made after market hours yesterday, 18 June 2018.
Karur Vysya Bank was up 0.10%. The company said that a meeting of the board of directors of the bank will be held on 25 June 2018, inter-alia, may consider the proposal/s of raising capital for the bank through preferential issue, private placement, nonconvertible debt instruments, Qualified Institutions Placements (QIP) or any permissible mode or a combination thereof and also for determination of issuance amount. The announcement was made after market hours yesterday, 18 June 2018.
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