The Sensex and the Nifty were hovering near the flat line in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 14.96 points or 0.04% at 33,955.40. The Nifty 50 index was down 19.05 points or 0.18% at 10,398.10.
Among secondary barometers,the BSE Mid-Cap index was down 0.12%. The BSE Small-Cap index was down 0.06%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On BSE, 597 shares fell and 543 shares rose. A total of 37 shares were unchanged.
Overseas, Asian shares declined after Syria tensions and hawkish statements from the US Federal Reserve dented investors' sentiment. US stocks declined on Wednesday, as worries about geopolitical developments deflated the buying mood on Wall Street. An early morning tweet by President Donald Trump implied the possibility of a military strike in Syria and set the downbeat tone for the session.
Trump's tweet that Russia should "get ready" for a potential strike on Syria came after a likely chemical weapons attack over the weekend on a rebel-held town in the eastern Ghouta region of Syria. The newfound focus on geopolitics took the focus off a trade spat between the US and China.
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Investors also digested the release of minutes from the Federal Open Market Committee's (FOMC) March meeting, which reflected that all policymakers expected the US economy to continue growing and for inflation to rise. Those views strengthened the belief that more interest rate hikes lay ahead.
Back home, Tata Motors was up 0.91%. Tata Motors Group global wholesales, including Jaguar Land Rover (JLR), rose 18% to 153,156 units in March 2018 over March 2017. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range rose 33% to 56,399 units in March 2018 over March 2017. Global wholesales of all passenger vehicles rose 11% to 96,757 units in March 2018 over March 2017. The announcement was made after market hours yesterday, 11 April 2018.
Biocon was up 1.34%. Mylan and Biocon have agreed to accelerate introduction of adalimumab biosimilar in Europe through Mylan's in-licensing arrangement with Fujifilm Kyowa Kirin Biologics (FKB). FKB's product is at an advanced stage of review and could potentially obtain approval in Europe in the second half of 2018. Through this arrangement, Mylan could commercialize FKB's Adalimumab in EU around market formation. Biocon retains its economic interest in this arrangement vis-a-vis Mylan in line with its existing global collaboration with Mylan for monoclonal antibodies. The announcement was made after market hours yesterday, 11 April 2018.
Indian Oil Corporation (IOC) (down 1.61%), BPCL (down 2.65%), HPCL (down 3.11%), edged lower. Indian Oil Corporation (IOC) along with BPCL and HPCL incorporated a joint venture company named Ratnagiri Refinery & Petrochemicals (RRPCL) with equity holding of 50:25:25 to jointly develop and build an integrated refinery and petrochemicals complex at Ratnagiri in Maharashtra. The announcement was made after market hours yesterday, 11 April 2018.
BPCL, IOC, and HPCL signed a memorandum of understanding (MOU) with Saudi Aramco, a leading global integrated energy and chemicals company in the Kingdom of Saudi Arabia, to jointly develop and build the said project. The partnership would bring together the crude supply, resources, technologies, experiences, and expertise of these multiple oil companies with an established commercial presence around the world. Saudi Aramco may also bring in a strategic partner to co-invest in the project.
Indian Energy Exchange (IEX) was down 0.34%. IEX and Japan Electric Power Exchange (JEPX) have entered into a Memorandum of Understanding (MoU) on 28 March 2018 for jointly exploring the opportunities of cooperation in electricity market. The intent of the MoU is to share experience and cooperate with each other in respect of technology and in energy market products development. The scope of MoU includes opportunities for training to augment the electricity trading through competitive market platforms by organizing knowledge sharing programs. This collaboration would be beneficial for both the exchanges and for the larger good of the power markets in India and Japan. The announcement was made after market hours yesterday, 11 April 2018.
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