Market opens higher

Key benchmark indices were trading higher in early trade. At 9:18 IST, the barometer index, the S&P BSE Sensex, was up 109.49 points or 0.29% at 37,400.16. The Nifty 50 index was up 36.25 points or 0.32% at 11,315.15. Positive cues from other Asian markets boosted investors sentiment.

Among secondary barometers,the BSE Mid-Cap index was up 0.64%. The BSE Small-Cap index was up 0.43%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 699 shares rose and 273 shares fell. A total of 31 shares were unchanged.

Overseas, Asian shares rose on Wednesday as investors reacted to Beijing's response on fresh tariffs the US implemented on $200 billion worth of Chinese imports.

China announced tariffs targeting more than 5,000 US products, worth about $60 billion, will go into effect on 24 September 2018. However, China will put a 10% tariff on some goods it had previously earmarked for a 20% levy. At the same time, China's commerce ministry said that it filed a complaint to the World Trade Organization (WTO) against the US.

Beijing's announcement came after the Trump administration said the US will impose 10% tariffs on $200 billion worth of Chinese imports, and those duties will rise to 25% at the end of the year.

US stocks came off earlier highs but still closed higher on Tuesday as investors shrugged off escalating trade tensions to instead focus on the robust economy.

Back home, Sun Pharmaceutical Industries was up 1.61%. The company announced that Almirall has received the European Commission (EC) approval for Ilumetri (tildrakizumab) for the treatment of adults with moderate-to-severe chronic plaque psoriasis who are candidates for systemic therapy. As indicated by Almirall, roll out of Ilumetri in Europe will start in the next few weeks. In July 2016, Sun Pharma out-licensed tildrakizumab to Almirall, for the development and commercialization of the product for psoriasis in Europe. The announcement was made after market hours yesterday, 18 September 2018.

ICICI Prudential Life Insurance Company was down 0.71%. ICICI Prudential Life Insurance Company, one of the largest private sector life insurance company in India, and Saraswat Co-operative Bank (Saraswat Bank), a century old and India's largest urban co-operative bank, have come together to offer life insurance products ranging from protection to wealth creation. Through this partnership, over 280 Saraswat Bank branches in Maharashtra, Goa, Gujarat, Delhi, Madhya Pradesh and Karnataka will offer the entire range of protection and savings products of ICICI Prudential Life. The announcement was made after market hours yesterday, 18 September 2018.

ICICI Bank was up 0.06%. The bank clarified after market hours yesterday, 18 September 2018, that it has not filed any application for settlement but only a response to the show-cause notice has been submitted to Securities and Exchange Board of India (Sebi). The clarification was issued after Sebi chairman reportedly stated that ICICI Bank filed a consent petition with Sebi.

RITES was up 3.31%. The company said it received additional turnkey contract work worth Rs 436 crore from the Indian Railways. This contract is in addition to existing project for setting up of a wagon workshop at Dalmianagar for which the initial contract cost was worth Rs 89 crore. The announcement was made after market hours yesterday, 18 September 2018.

KIOCL was down 13.75%. The company said its board approved buyback of 1.25 crore shares (1.98% of paid up capital) at Rs 170 per share for an aggregate consideration of Rs 214 crore. The record date for the buyback is 1 October 2018. The announcement was made after market hours yesterday, 18 September 2018.

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