Market slides in early trade

Key benchmark indices were trading lower in early trade. At 9:19 IST, the barometer index, the S&P BSE Sensex, was down 56.57 points or 0.15% at 37,034.25. The Nifty 50 index was down 2 points or 0.02% at 11,146.20. Global cues were weak as the trade war between the United States and China escalated.

Among secondary barometers,the BSE Mid-Cap index was down 0.75%. The BSE Small-Cap index was down 0.67%.

The market breadth, indicating the overall health of the market, was weak. On BSE, 215 shares rose and 608 shares fell. A total of 32 shares were unchanged.

Overseas, most Asian shares declined Tuesday following sharp decline in US stocks overnight as the trade war between China and the United States escalated.

China announced on Monday that it will raise tariffs on $60 billion worth of US goods, beginning on 1 June 2019. The goods targeted include a broad range of agricultural products. Last week, US President Donald Trump raised duties on $200 billion in Chinese goods to 25% from 10%.

US Trade Representative's office reportedly said it planned to hold a public hearing next month on the possibility of imposing duties of up to 25% on a further $300 billion worth of imports from China.

In US, stocks closed sharply lower Monday, as investors weighed an escalating tariff fight that could pose risks to the US, Chinese and global economies.

Back home, Godrej Industries was up 2.45%. The company's consolidated net profit surged 108.33% to Rs 297.41 crore on 40.32% rise in total income to Rs 3,444.36 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 13 May 2019.

Indian Acrylics was up 4.73%. The company's consolidated net profit rose 76.98% to Rs 4.69 crore on 73.47% rise in total income to Rs 249.34 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 13 May 2019.

Aarti Industries was up 0.40%. The board of directors of Aarti Industries may consider, if appropriate, a proposal pertaining to issue of bonus shares in its meeting scheduled to be held on 21 May 2019. The announcement was made after market hours yesterday, 13 May 2019.

United Bank of India was up 4.64%. The board of directors of United Bank of India considered and approved raising equity capital not exceeding Rs 1500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue, Rights Issue or such other capital issues(s). The announcement was made after market hours yesterday, 13 May 2019.

Engineers India was down 0.43%. The company has signed a contract with Mangol Refinery State Owned LLC for providing its PMC Services for Construction of a Crude Oil Refinery Plant in Mongolia. The announcement was made after market hours yesterday, 13 May 2019.

On the economic front, the all-India general Consumer Price Index (CPI) inflation rose to 2.92% in April 2019, compared with 2.86% in March 2019. The inflation based on CPI was 4.58% in April 2018. The Central Statistics Office (CSO) released the data after market hours yesterday, 13 May 2019.

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