Market opens lower on negative global cues

Key benchmark indices were trading lower in early trade, tracking negative leads from Asian markets and overnight fall on the Wall Street. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 89.04 points or 0.24% at 37,405.36. The Nifty 50 index was down 30.70 points or 0.27% at 11,288.85.

Among secondary barometers,the BSE Mid-Cap index was up 0.17%. The BSE Small-Cap index was down 0.01%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 619 shares rose and 486 shares fell. A total of 51 shares were unchanged.

Overseas, Asian shares were trading lower after Wall Street posted losses amid weakness in the technology sector. Growth in China's services industry in July moderated for the first time in five months, an official survey showed on Tuesday, a sign activity is slowing in a major part of the world's second largest economy. The official non-manufacturing Purchasing Managers' Index (PMI) fell to 54.0 from 55.0 in June, well above the 50-point mark that separates growth from contraction.

Meanwhile, investors are set to focus on the Bank of Japan's decision at the end of its policy meeting later in the day. The US Federal Reserve's Federal Open Market Committee, meanwhile, was due to begin its own monetary policy meeting on Tuesday US hours, with a decision due on Wednesday. The Fed is expected to keep rates steady at the end of its meeting.

On the US data front, US pending home sales rose 0.9% in June, the National Association of Realtors said Monday.

Back home, Axis Bank was up 2.07%. The bank reported 46.3% fall in net profit to Rs 701.09 crore on 11.74% rise in total income to Rs 15702.01 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 30 July 2018.

Idea Cellular was down 1.80%. On a consolidated basis, Idea Cellular reported net profit of Rs 256.50 crore in Q1 June 2018 as compared to net loss of Rs 814.90 crore in Q1 June 2017. Total income rose 14.42% to Rs 9454.90 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 30 July 2018.

Avenue Supermarts was up 3.73%. The firm reported 43.39% rise in net profit to Rs 250.61 crore on 26.31% rise in total income to Rs 4573.67 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 30 July 2018.

Oberoi Realty was up 2.62%. On a consolidated basis, Oberoi Realty reported 238.65% surge in net profit to Rs 309.42 crore on 230.78% jump in total income to Rs 896.47 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 30 July 2018.

Texmaco Rail & Engineering was down 3.07%. Texmaco Transtrak, a subsidiary of Texmaco Rail & Engineering, has signed an MoU with CAF Signalling, Spain who are market leaders in the field of electronic signalling. CAF Signalling's product range include electronic inter-locking and train protection and warning systems. As per the MoU, Texmaco Transtrak will be the exclusive partners for manufacture and supply of CAFs electronic interlocking system in the Indian market. The announcement was made after market hours yesterday, 30 July 2018.

On the macro front, the Reserve Bank of India's (RBI)'s Monetary Policy Committee (MPC) will meet today, 31 July and tomorrow, 1 August 2018 for the third bi-monthly monetary policy statement for 2018-2019. The resolution of the MPC will be unveiled at 14:30 IST on 1 August 2018. RBI raised its benchmark policy repo rate by 0.25% to 6.25% in its second bi-monthly monetary policy for 2018-2019 on 6 June 2018.

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