Market declines on weak Asian signals

Key benchmark indices were trading lower in early trade, mirroring weak Asian cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 141.60 points or 0.38% at 37,380.02. The Nifty 50 index was down 36.75 points or 0.32% at 11,309.45.

Among secondary barometers,the BSE Mid-Cap index was down 0.26%. The BSE Small-Cap index was down 0.04%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 406 shares rose and 475 shares fell. A total of 44 shares were unchanged.

Overseas, Asian stocks declined as renewed US-China trade concerns offset strong gains in technology stocks. US stocks closed mostly lower Wednesday after the Federal Reserve left interest rates unchanged but signaled another imminent rate increase. Fresh worries over US-China trade friction dampened sentiment although positive results from Apple buoyed the tech sector and helped the Nasdaq buck the weak trend.

The Trump administration announced it is looking at the possibility of slapping a 25% tariff on $200 billion worth of imported Chinese goods from the initial 10% announced earlier.

Meanwhile, the US Federal Reserve concluded a two-day meeting on monetary policy and left its main interest rate unchanged at 1.75% to 2%, as widely expected, and indicated that it is likely to raise rates next month as the economy remains strong.

On the US data front, the latest data on private-sector employment showed 219,000 jobs added in July. Separately, the Markit manufacturing purchasing managers index came in at 55.3 in July. The Institute for Supply Management's July manufacturing index was 58.1%.

Back home, Hero MotoCorp was down 1.06%. The company reported 9% rise in sales to 6.79 lakh units of two-wheeler in the month of July 2018 from July 2017. The company has lined up multiple new product launches ahead of the festive season, including the Xtreme 200R motorcycle and the 125cc scooters. The announcement was made after market hours yesterday, 1 August 2018.

GPT Infraprojects was up 5.22%. The company announced that it bagged an order valued at Rs 362.16 crore. The order is for construction of Roadbed, Viaduct, Major and Minor Bridges, RUBs, ROBs, Track Linking and General Electrical Works at both the approaches of Rail cum Road Bridge at Ghazipur (18.8 km) in connection with construction of new BG line from Mau to Tarighat in Varanasi Division of NE Railway and Danapur Division of EC Railway in Uttar Pradesh. The announcement was made after market hours yesterday, 1 August 2018.

HEG was up 3.50%. The company reported net profit of Rs 770.30 crore in Q1 June 2018 as compared with net loss of Rs 8.43 crore in Q1 June 2017. Net sales rose 672.97% to Rs 1587.38 crore in Q1 June 2018 over Q1 June 2017. The announcement was made after market hours yesterday, 1 August 2018.

Pidilite Industries was down 1.70%. The company reported 22.96% rise in net profit to Rs 266.93 crore on 20.76% rise in total income to Rs 1672.81 crore in Q1 June 2018 over Q1 June 2017. The announcement was made after market hours yesterday, 1 August 2018.

Jindal Saw was up 0.52%. The company reported 48.99% rise in net profit to Rs 95.41 crore on 60.74% rise in total income to Rs 2346.36 crore in Q1 June 2018 over Q1 June 2017. The announcement was made after market hours yesterday, 1 August 2018.

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