Sensex slips below 34,000 mark

Key benchmark indices were trading with modest losses in early trade. At 9:22 IST, the barometer index, the S&P BSE Sensex, was down 119.65 points or 0.35% at 33,947.75. The Nifty 50 index was down 12.50 points or 0.12% at 10,238.35. The Sensex slipped below the 34,000 mark.

Among secondary barometers,the BSE Mid-Cap index was up 0.07%. The BSE Small-Cap index was up 0.25%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 698 shares rose and 391 shares fell. A total of 56 shares were unchanged.

Overseas, most Asian shares were trading higher. US stocks closed lower Monday in a volatile session as concerns about global growth resurfaced following a news report that suggested that the US is about to intensify its trade war with China.

President Donald Trump's administration is prepared to announce tariffs on remaining Chinese imports if talks next month between Trump and Xi Jinping do not yield results, the media reported. Such a move is expected to hurt the global economy.

On the US data front, consumer spending rose 0.4% in September. Incomes rose a smaller 0.2%, the smallest rise in 13 months, while inflationary pressures appeared to slacken. The personal-consumption expenditures inflation index, the Federal Reserve's favorite price gauge, rose 0.1% in September, while the 12-month rate slipped to 2% from 2.2%.

Back home, Bharat Petroleum Corporation (BPCL) was down 3.94%. The company reported 48.3% fall in net profit to Rs 1218.71 crore on 34.56% rise in total income to Rs 72829.83 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 29 October 2018.

LIC Housing Finance was down 0.76%. The company reported 11.54% rise in net profit to Rs 573.16 crore on 11.79% rise in total income to Rs 4202.59 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 29 October 2018.

Bhel was up 0.29%. The company's board approved buyback of 18.93 crore shares at Rs 86 per share, aggregating to Rs 1628.3 crore on a proportionate basis through the tender offer route. The record date for buyback is 6 November 2018. The announcement was made after market hours yesterday, 29 October 2018.

Cadila Healthcare was up 0.67%. The company has subscribed 51% shares of Windlas Healthcare (Windlas) as per the Share Purchase Agreement executed by the company and Windlas. Hence, Windlas has become a subsidiary of the company. The announcement was made after market hours yesterday, 29 October 2018.

On the economic front, India and Japan signed a bilateral currency swap agreement on Monday, 29 October 2018, for up to $75 billion during Prime Minister Narendra Modi's visit to Tokyo. Under the arrangement, India can acquire dollars from Japan in exchange for rupees. The agreement would help bring greater stability to foreign exchange and capital markets in India. This arrangement would also further help India tap foreign capital for the country's development needs. This facility will enable the agreed amount of foreign capital being available to India for use as and when the need arises.

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