Market opens lower on mixed Asian cues

Key benchmark indices were trading lower in early trade as investors assessed the implications of President Donald Trump's decision to scrap a nuclear deal with Iran. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 47.96 points or 0.14% at 35,168.36. The Nifty 50 index was down 13.45 points or 0.13% at 10,704.35.

Among secondary barometers,the BSE Mid-Cap index was down 0.18%, underperformed the Sensex. The BSE Small-Cap index was down 0.05%, outperforming the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 543 shares fell and 531 shares rose. A total of 42 shares were unchanged.

Overseas, most Asian shares were trading lower following President Donald Trump's announcement that the US would pull out of the Iran nuclear deal.

US stocks came off their lows on Tuesday to end a choppy session little changed, after Trump announced the US was abandoning the 2015 Iran nuclear deal, which was forged by former President Barack Obama three years ago. The president also said he planned to ramp up penalties against Tehran, including the highest level of economic sanctions.

In US, an index of small-business optimism from the National Federation of Independent Businesses ticked up 0.1 point to 104.8 in April. Separately, a report on US job openings, known as the Job Openings and Labor Turnover Survey, or JOLTS, showed a record 6.6 million job openings in March.

Meanwhile, US Fed Chairman Jerome Powell reportedly said early Tuesday at an event in Switzerland that emerging-market economies should be able to manage as advanced economies move toward tighter monetary policy.

Crude oil prices surged as Trump walking away from an international nuclear deal with Iran could curb the OPEC-member's crude exports in an already tight market. In the global commodities markets, Brent crude oil futures for July 2018 settlement was up $1.87 at $76.72 a barrel.

Back home, Lupin was up 0.14%. The company announced that YL Biologics (YLB) its JV with Yoshindo and Kyowa (Lupin's Subsidiary) in Japan has submitted a New Drug Application (NDA) for Marketing Authorization to the Pharmaceuticals and Medical Devices Agency (PMDA) for a biosimilar of Etanercept to treat indications for moderate to severe Rheumatoid Arthritis (RA) and Juvenile Idiopathic Arthritis. YL Biologics and Kyowa filed the NDA in Japan in March, 2018. The announcement was made after market hours yesterday, 8 May 2018.

ABB India was down 1.10%. The company's net profit rose 13.9% to Rs 102.49 crore on 16.92% rise in total income to Rs 2552.39 crore in Q1 March 2018 over Q1 March 2017. The announcement was made after market hours yesterday, 8 May 2018.

Blue Dart Express was down 2.16%. The company's net profit rose 39.19% to Rs 34.13 crore on 5.84% rise in total income to Rs 722.04 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 8 May 2018.

Automotive Axles was up 4.91%. The company's net profit rose 58.22% to Rs 28.29 crore on 30.73% rise in total income to Rs 469.97 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 8 May 2018.

SKF India was up 1.45 %. The company's net profit rose 23.59% to Rs 71.56 crore on 7.29% rise in total income to Rs 722.45 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 8 May 2018.

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