Market opens lower on weak global cues

Key benchmark indices were trading lower in early trade amid weak global cues. At 9:17 IST, the barometer index, the S&P BSE Sensex, was down 280.21 points or 0.74% at 37,589.02. The Nifty 50 index was down 80.40 points or 0.70% at 11,349.10.

Among secondary barometers,the BSE Mid-Cap index was down 0.87%, underperforming the Sensex. The BSE Small-Cap index was down 0.71%, outperforming the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 354 shares rose and 882 shares fell. A total of 55 shares were unchanged.

Overseas, Asian shares tumbled on Monday after investor sentiment took a hit amid the slump in the Turkish currency, lira, on geopolitical developments. US stocks dropped on Friday, triggered by fears over the sell-off in the lira after US President Donald Trump said he had approved the doubling of metals tariffs against Turkey on Friday.

The lira's decline was the latest sign of turmoil in international economies, particularly emerging markets. The currency tumbled on worries over Turkish President Tayyip Erdogan's increasing control over the economy and deteriorating relations with the United States.

Back home, Coal India was up 0.72%. On a consolidated basis, Coal India reported 61.07% rise in net profit to Rs 3786.44 crore on 25.05% rise in total income to Rs 25470.86 crore in Q1 June 2018 over Q1 June 2017. The announcement was made on Saturday, 11 August 2018.

DLF was down 1.42%. On a consolidated basis, DLF reported 58.19% rise in net profit to Rs 172.44 crore on 25.03% fall in total income to Rs 1657.67 crore in Q1 June 2018 over Q1 June 2017. The announcement was made after market hours on Friday, 10 August 2018.

Indian Oil Corporation was up 0.45%. On a consolidated basis, Indian Oil Corporation reported 51.51% rise in net profit to Rs 7175.59 crore on 21.38% rise in total income to Rs 129554.39 crore in Q1 June 2018 over Q1 June 2017. The announcement was made after market hours on Friday, 10 August 2018.

Sun TV Network was up 0.30%. The company reported 62.59% rise in net profit to Rs 409.14 crore on 40.81% rise in total income to Rs 1159.39 crore in Q1 June 2018 over Q1 June 2017. The announcement was made after market hours on Friday, 10 August 2018.

NBCC (India) was down 4.09%. The company said it has received an order from Central Board of Secondary Education (CBSE) for construction of CBSE, Integrated Office Complex at Sector-23, Dwarka, New Delhi amounting to Rs 150.00 crore (approx). The announcement was made after market hours on Friday, 10 August 2018.

On the economic front, India's industrial production growth rebounded to five month high of 7% in June 2018, while recovering from a seven-month low of 3.9% in May 2018. The industrial production growth for May 2018 has been revised upwards from 3.2% increase reported provisionally.

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