Market slips in early trade

Domestic stocks were trading with small losses in early trade on negative Asian stocks. At 9:26 IST, the barometer index, the S&P BSE Sensex, was down 24.51 points or 0.07% at 35,151.91. The Nifty 50 index was down 15.20 points or 0.14% at 10,702.85.

The S&P BSE Mid-Cap index was down 0.52%. The S&P BSE Small-Cap index was down 0.48%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 861 shares fell and 456 shares rose. A total of 38 shares were unchanged.

Overseas, Asian stocks fell after the Federal Reserve reiterated plans to continue raising rates gradually amid firming inflation. Japan markets are closed for a four-day holiday weekend.

US stocks fell yesterday, 2 May 2018 as investors assessed the US Federal Reserve's signal that it's in no rush to raise rates even as inflation rises to its target.

The Federal Reserve on Wednesday kept a key US interest rate steady, saying that while inflation has moved higher, it's likely to run near the central bank's 2% target in the coming months. The central bank maintained its fed funds at a range of 1.5%-1.75%. In its statement, the Fed noted the latest readings that show both overall and core inflation have moved close to the central bank's 2% goal. Fed officials were split between whether to raise rates three or four times this year.

Back home, Adani Ports & Special Economic Zone rose 0.78% ahead of its Q4 March 2018 result today, 3 May 2018.

Vedanta rose 0.58% ahead of its Q4 March 2018 result today, 3 May 2018.

InterGlobe Aviation slumped 8.83% after net profit dropped 73.3% to Rs 117.64 crore on 19.6% increase in net sales to Rs 5799.11 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 2 May 2018.

Siemens dropped 3.72%. The company's net profit rose 18% to Rs 219.70 crore on 10.6% increase in net sales to Rs 3163.10 crore in Q2 March 2018 over Q2 March 2017. The result was announced after market hours yesterday, 2 May 2018.

Tata Power Company rose 0.63%. On a consolidated basis, the company reported a net profit of Rs 1477.50 crore in Q4 March 2018 compared with net loss of Rs 226.93 crore in Q4 March 2017. Net sales rose 12.70% to Rs 7895.23 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 2 May 2018.

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