Key benchmark indices were trading lower in early trade on negative Asian cues. At 9:19 IST, the barometer index, the S&P BSE Sensex, was down 12.92 points or 0.04% at 35,561.63. The Nifty 50 index was down 11.30 points or 0.11% at 10,738.45. Investors were cautious ahead of a US deadline to impose tariffs on Chinese imports on Friday.
The market breadth, indicating the overall health of the market, was negative. On BSE, 413 shares rose and 502 shares fell. A total of 42 shares were unchanged.
Overseas, Asian stocks declined, with investors bracing for developments on the trade front as markets awaited tariffs from the US and China to take effect later on Friday. The US is set to impose a 25% tariff on $34 billion worth of Chinese goods from more than 800 product categories. China has also announced that it will retaliate with duties on the same value of US products.
Trump on Thursday reportedly said an additional $16 billion of Chinese products will be subject to tariffs in two weeks, also adding that he was considering more duties on $500 billion in Chinese goods.
US stocks settled higher on Thursday, in a broad rally that was led by the technology sector. The minutes from the US Federal Reserve June policy meeting were in line with market expectations for further interest rate increases this year. US central bankers expressed concerns global trade tensions could hit an economy that by most measures looked strong.
On the US data front, the private sector added 177,000 jobs in June, according to the ADP employment report. Separately, initial jobless claims rose by 3,000 in the latest week, although they remained near multi-decade lows. The final Markit services purchasing managers index for June came in at 56.5, compared with 56.8 in May. The Institute for Supply Management's non-manufacturing index for the same month came in at 59.1 from the previous month's reading of 58.6. A reading of at least 50 signals improving conditions.
Back home, Apollo Hospital Enterprise was up 1.21%. The company announced that the company has acquired a 50% stake in Medics International Lifesciences (Medics), a 330 bedded super-speciality hospital in Lucknow. The acquisition of the 50% equity stake is through a primary issuance of shares by Medics for a consideration of Rs 91 crore which would be utilised towards hospital commissioning and related expenses. The announcement was made after market hours yesterday, 5 July 2018.
Berger Paints India was up 1.67%. The company said it has signed a shareholders' agreement with ROCK PAINT CO., Japan (ROCK PAINT) for the purpose of setting up of a joint venture company in India by the name of BERGER ROCK PAINTS or any other name as may be approved by the Registrar of Companies. The joint venture company shall be engaged in developing, producing and selling superior automotive refinish paints in India and Nepal. The announcement was made after market hours yesterday, 5 July 2018.
Welspun Enterprises was up 2.46%. The company received the Letter of Award from National Highways Authority of India (NHAI) for the four laning of Sattanathapuram to Nagapattinam section of NH-45A (New NH -332) in Tamil Nadu under NHDP Phase-IV on Hybrid Annuity Mode. The consortium led by the company will develop the project at a bid project cost of Rs 2004.51 crore and first year O&M cost of Rs 5 crore. The construction period is 2 years from the appointed date. The announcement was made after market hours yesterday, 5 July 2018.
The Phoenix Mills was up 1.19%. The company said that Island Star Mall Developers (ISMDPL), a strategic investment alliance owned by the company and Canada Pension Plan Investment Board (CPPIB), has acquired an additional land parcel in Wakad, Pune for Rs 1.36 crore on 4 July 2018. The announcement was made after market hours yesterday, 5 July 2018.
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