Market opens lower on weak global cues

Key benchmark indices were trading lower in early trade due to weak global cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 16.92 points or 0.05% at 34,599.72. The Nifty 50 index was down 13.35 points or 0.13% at 10,601.

Among secondary barometers,the BSE Mid-Cap index was down 0.06%, underperforming the Sensex. The BSE Small-Cap index was up 0.04%, outperforming the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 627 shares fell and 546 shares rose. A total of 50 shares were unchanged.

Overseas, Asian shares fell across the board, following an overnight drop in US stocks. Rising US bond yields also worried investors.

US stocks tumbled overnight, led by a selloff in industrials, materials and technology shares. The selling pressure came after the 10-year Treasury yield briefly touched the psychologically important 3% level for the first time in four years. Caterpillar, an industrial heavyweight, beat earnings estimates due to strong global demand but its shares slumped after management warned their results could cool in the near term.

Back home, telecom major Bharti Airtel was up 3.13%. The company's consolidated net profit fell 10.96% to Rs 419 crore on 10.52% rise in total income to Rs 19893.20 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 24 April 2018.

Two-wheeler major Hero MotoCorp was up 0.41%. The company has made an upward revision in the ex-showroom prices of its motorcycles and scooters, with immediate effect. The upward revision in the prices has been done to partially off-set the consistently rising input costs, including the prices of commodities. The increase in the prices of the two-wheelers is up to Rs 625. The exact quantum of the increase will vary, basis the model and the specific market. The announcement was made after market hours yesterday, 24 April 2018.

HIL was up 2.35%. The company has commenced the commercial production of its 'SWR (Soil, Waste & Rain) Pipes and Pressure Pipes' at Golan Plant, Gujarat. SWR Pipes', 'Pressure Pipes' and 'SWR Fittings' are new additions to the company's Pipes & Fittings business which marketed under the brand 'Birla Aerocon' This augmentation of the portfolio will further strengthen HIL's relationships with the trade channel, plumbers, influencers and builders/developers. The announcement was made after market hours yesterday, 24 April 2018.

Raymond was up 3.71%. The company said that the board of directors of the company has taken a decision to monetize land at Thane and foray into real estate development. The announcement was made after market hours yesterday, 24 April 2018.

Zensar Technologies was down 3.07%. The company's board approved a 5-for-1 stock split of equity shares. The announcement was made after market hours yesterday, 24 April 2018.

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