Sensex, Nifty open flat

Key benchmark indices were trading near flat line in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 14.39 points or 0.04% at 35,392.99. The Nifty 50 index was up 0.85 points or 0.01% at 10,700.75.

Among secondary barometers,the BSE Mid-Cap index was down 0.34%. The BSE Small-Cap index was down 0.07%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 464 shares rose and 460 shares fell. A total of 49 shares were unchanged.

Overseas, Asian stocks declined as trade jitters continued to simmer ahead of a deadline when tariffs are due to take effect. A looming 6 July 2018 deadline is set to see the US impose a 25% tariff on $34 billion worth of Chinese goods from more than 800 product categories. China has also announced that it will retaliate with duties on the same value of US products.

US stock-market indexes closed lower on Tuesday, reversing earlier gains as losses in the technology and financials sectors outweighed advances in energy, telecoms and real-estate shares. On the data front, US factory orders climbed 0.4% in May.

Back home, GE Power India was up 1.08%. The company said that it has been awarded twin boiler equipment orders by Bharat Heavy Electricals (BHEL) for supercritical thermal power projects in Patratu and Udangudi worth approximately Rs 467.9 crore exclusive of taxes (i.e. approximately US$ 68.3 million). The announcement was made after market hours yesterday, 3 July 2018.

Mahindra & Mahindra Financial Services (Mahindra Finance) was down 0.70%. International Finance Corporation (IFC), a member of the World Bank Group, has invested Rs 640 crore ($100 million) in Mahindra Finance. This investment will enable Mahindra Finance to further augment its growth, by extending loans to individuals, including farmers, to buy tractors, vehicles and other equipment, along with financing small and medium enterprises. The announcement was made after market hours yesterday, 3 July 2018.

ISGEC Heavy Engineering was up 4.15%. The company has emerged L-1 in reverse auction in order for Flue Gas Desulphurization (FGD) 3 units x 800 MW from NTPC - Kudgi Super Thermal Power Project . The value of the expected order is about Rs 700 crore. The announcement was made after market hours yesterday, 3 July 2018.

VST Tillers Tractors was down 1.53%. The company announced that its total sales of power tillers and tractors declined 24.42% to 3,819 units in June 2018 over June 2017. The announcement was made after market hours yesterday, 3 July 2018.

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