Key benchmark indices were trading lower in early trade. At 9:27 IST, the barometer index, the S&P BSE Sensex, was down 23.17 points or 0.07% at 35,330.91. The Nifty 50 index was down 15.45 points or 0.15% at 10,613.15. Mixed cues from other Asian shares triggered profit selling after Monday's strong rally.
The market breadth, indicating the overall health of the market, was almost even. On BSE, 611 shares rose and 609 shares fell. A total of 63 shares were unchanged.
Overseas, Asian shares were mixed on Tuesday after US President Donald Trump quashed hopes of a trade truce with China, dampening risk appetite across the region.
In a media interview, Trump said it is highly unlikely that he would delay an increase in tariffs from 10% to 25% on 1 January 2019. His comments came days before the G-20 summit in Buenos Aires, Argentina, where he is set to meet Xi for trade talks. Many investors and decision makers are hoping that the summit will diffuse trade tensions between the US and China after each country applied additional tariffs on billions of dollars' worth of each other's imports.
US stocks closed higher Monday as retail shares rallied on expectations of strong sales as shoppers went hunting for deals on Cyber Monday. Stable oil prices and global equities gains also soothed sentiment after a bruising week of losses.
Crude oil prices clawed back some of last week's steep losses and jumped overnight. In the global commodities markets, Brent for January 2019 settlement jumped $1.68 a barrel or 2.86% to settle at $60.48 a barrel during the previous trading session. Prices fell to their lowest levels in more than a year on Friday amid growing worries of an oversupply in the oil market.
Back home, Sun Pharmaceutical Industries was up 1.06%. The company announced that it has entered into a definitive agreement to acquire Pola Pharma Inc. (Pola Pharma), a Japanese pharmaceutical company engaged in research and development, manufacture, sale and distribution of branded and generic products in Japan. The portfolio of Pola Pharma primarily comprises dermatology products. The announcement was made after market hours yesterday, 26 November 2018.
Nava Bharat Ventures was up 1.75%. The company and its subsidiary (Nava Bharat Energy (India)) signed contracts with Tata Power Trading for power supply of 25 MW and 100 MW respectively to Telangana State Grid. The contracts commence from 15 January 2019 to 30 April 2019 and are at a net price of Rs 5.75 per unit. The announcement was made after market hours yesterday, 26 November 2018.
Unichem Laboratories was up 8.32%. The company received EIR for post marketing adverse drug experience inspection conducted by the USFDA from June 25-29, indicating closure of inspection. The announcement was made after market hours yesterday, 26 November 2018.
IFCI was up 4.30%. The company said that on account of resolution of Binani Cement through NCLT, IFCI, which is holding 42,16,850 security receipts of the face value of Rs 1000 each has received an amount of Rs 491.84 crore, net of TDS of Rs 30.55 crore. The announcement was made after market hours yesterday, 26 November 2018.
GIC Housing Finance was down 2.31%. The company's net profit fell 1.01% to Rs 46.20 crore on 11.9% rise in total income to Rs 301.53 crore in Q2 September 2018 over Q2 September 2017. The announcement was made after market hours yesterday, 26 November 2018.
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