Negative market breadth

Key benchmark indices were trading lower in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 30.89 points or 0.09% at 34,585.24. The Nifty 50 index was down 20.60 points or 0.20% at 10,496.10.

Among secondary barometers,the BSE Mid-Cap index was down 0.39%. The BSE Small-Cap index was down 0.21%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 646 shares rose and 903 shares fell. A total of 65 shares were unchanged.

Overseas, Asian shares were mixed. The US market jumped overnight as investors applauded easing trade animosities between the US and China.

US Treasury Secretary Steven Mnuchin reportedly said that bilateral trade talks with China had made very meaningful progress and that it was now up to both parties to implement what had been discussed. Mnuchin said over the weekend that the Trump administration would delay implementation of tariffs on Chinese goods and put the trade war on hold while working out details of a deal between the countries.

A focus for global markets this week is Wednesday's release of minutes from the Federal Reserve's latest monetary policy meeting. Investors will be watching the minutes for clues about the pace of the current tightening cycle.

Back home, Infibeam Incorporation was up 0.40%. The company's board meets on 30 May 2018 to evaluate fund-raising opportunities and consider other businesses, if any. The announcement was made after market hours yesterday, 21 May 2018.

Future Retail was down 2.13%. The company has executed a Business Transfer Agreement and other related documents with Foodworld Supermarkets (FSPL) and ultimate promoters of FSPL inter-alia for acquisition of Retail Business Undertaking operated under brand name Foodworld of FSPL (Foodworld Business). The announcement was made after market hours yesterday, 21 May 2018.

DLF was down 4.59%. The company's consolidated net profit rose 70.52% to Rs 243.26 crore on 21.63% fall in total income to Rs 2041.92 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 21 May 2018.

Mahanagar Gas was down 6.02%. The company's net profit rose 5.32% to Rs 104.76 crore on 12.27% rise in total income to Rs 604.33 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 21 May 2018.

Just Dial was up 6%. The company's net profit rose 53.69% to Rs 38.96 crore on 11.71% rise in total income to Rs 217.09 crore in Q4 March 2018 over Q4 March 2017. The announcement was made after market hours yesterday, 21 May 2018.

On the political front, Janata Dal (Secular), or JD(S), leader H D Kumaraswamy will take oath as Chief Minister of Karnataka on Wednesday, 23 May 2018 at 16.30 IST on the steps of the Vidhana Soudha, the state secretariat. Governor Vajubhai Vala will administer the oath of office and secrecy to Kumaraswamy.

The 12 May 2018 Karnataka assembly polls threw up a hung verdict with BJP emerging as the single largest party with 104 seats. The Congress was next with 78 and the JD(S) followed with 37. The BSP has one MLA and two seats went to Independents.

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