Market opens lower on negative global cues

Key benchmark indices were trading lower in early trade, tracking negative leads from Asian market and overnight decline on the Wall Street. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 171.80 points or 0.45% at 37,680.20. The Nifty 50 index was down 47.45 points or 0.41% at 11,387.65.

Among secondary barometers,the BSE Mid-Cap index was down 0.39%. The BSE Small-Cap index was down 0.13%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 480 shares rose and 646 shares fell. A total of 49 shares were unchanged.

Overseas, Asian stocks declined, tracking overnight fall in the US market. Japan logged a bigger-than-expected trade deficit in July as the cost of energy imports surged, government data showed Thursday. The trade deficit came to 231.2 billion yen ($2.1 billion) following a revised 720.8 billion yen surplus in June, according to a preliminary report by the Finance Ministry. Exports grew 3.9% from a year earlier to 6.75 trillion yen amid an increase in demand for electronic components from the rest of Asia, but were overshadowed by a 14.6% rise in imports to 6.98 trillion yen.

In US, stocks came off intraday lows but still closed lower Wednesday as worries surrounding Turkey's currency crisis and continued trade tensions weighed on investors' confidence. A sharp fall in oil prices sent the energy sector skidding, making it the worst S&P 500 performer.

On the US data front, retail sales rose 0.5% in July. Excluding auto sales, they were up 0.6%. Separately, second-quarter productivity rose 2.9%, the highest rate in more than three years. Output in the second quarter was up 4.8%. The Empire State manufacturing index rose 3 points to 25.6 in August, the New York Fed said Wednesday, topping expectations for a reading of 20.

Back home, Reliance Industries (RIL) was down 0.71%. The company said that it has taken short shutdown of one of the Fluid Catalytic Cracking Units (FCCU) at Jamnagar complex to assure reliability and integrity of operations. The unit is expected to restart within two weeks. Rest of the Jamnagar Complex is operating normally. The company does not expect any material impact on overall operations of Jamnagar complex. The announcement was made yesterday, 15 August 2018 when the stock markets remained on account of Independence Day.

Indiabulls Real Estate was down 1.10%. The company reported 5.31% fall in consolidated profit after tax to Rs 117.50 crore on 38.47% rise in revenue from operations to Rs 810.90 crore in Q1 June 2018 over Q1 June 2017. The announcement was made after market hours on Tuesday, 14 August 2018.

Shilpa Medicare was down 1.63%. The company said that its board of directors has decided to promote 100% wholly owned subsidiary company (since incorporated) for the business operations in US and North American Countries. The announcement was made after market hours on Tuesday, 14 August 2018.

UCO Bank was down 0.53%. The bank said that with the approval of board of directors, it has entered into inter-creditor agreement for resolution of stressed assets. The ICA will be applicable to all corporate borrowers who have availed loans and financial assistance for an amount of Rs 50 crore or more under consortium lending / multiple banking arrangements. The announcement was made after market hours on Tuesday, 14 August 2018.

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