Volatility struck bourses in early trade as the key benchmark indices reversed initial losses triggered by negative Asian stocks. At 9:32 IST, the barometer index, the S&P BSE Sensex, was up 34.49 points or 0.1% at 36,274.11. The Nifty 50 index was up 8.55 points or 0.08% at 10,955.80.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 752 shares rose and 647 shares fell. A total of 61 shares were unchanged.
Overseas, Asian stock markets fell after the Trump administration announced it plans to slap tariffs on a further $200 billion of Chinese imports. US stocks had climbed in the regular trading session yesterday, 10 July 2018 as investors focused on the start of earnings season.
The Trump administration pushed ahead with plans to impose tariffs on an additional $200 billion in Chinese goods by releasing a list of targeted products. The 10% tariffs could take effect after public consultations end on Aug. 30. The proposed list of goods includes consumer items such as clothing, television components and refrigerators as well as other technology products, though it omitted some high-profile items like mobile phones.
Earlier, the Trump administration on July 6 imposed 25% duties on $34 billion in Chinese imports. The first round of tariffs covered Chinese products ranging from farming plows to machine tools and communications satellites. China immediately retaliated with duties on the same value of US goods, including soybeans and cars and has promised further retaliation too.
Back home, IT major TCS gained 1.9% after consolidated net income rose 6.3% to Rs 7340 crore on 6.8% increase in revenue to Rs 34261 crore in Q1 June 2018 over Q4 March 2018. The result was announced after market hours yesterday, 10 July 2018.
Commenting on the Q1 performance, CEO and MD, Rajesh Gopinathan said the company is starting the new fiscal year on a strong note, with the growth engine firing on all cylinders. The firm's banking vertical recovered very nicely this quarter, while other industry verticals maintained their momentum. With a good set of wins during the quarter, a robust deal pipeline and accelerating digital demand, TCS is positioned well for the future.
Axis Bank rose 0.32%. Axis Bank said that its board has recommended the names of three candidates, in order of preference, for the approval of the RBI. The candidate as approved by the RBI, will succeed Shikha Sharma, whose term as the managing director & CEO of the bank, is due to expire on 31 December 2018. As mandated under the extant RBI norms, the bank will be submitting its application in respect of the recommendations relating to the said appointment, for the approval of the RBI. The announcement was made after market hours yesterday, 10 July 2018.
Shalimar Paints jumped 9.2% after the company said that its board approved the draft letter of offer of the company and related documents in respect of the proposed rights issue not exceeding an amount of Rs 240 crore. The board also approved re-establishment of Nashik plant of the company and establishment of new Regional Distribution Centre (RDC) at Nashik plant. The announcement was made after market hours yesterday, 10 July 2018.
KEC International advanced 2.5% after the company said it has secured new orders of Rs 1357 crore across its businesses. The announcement was made after market hours yesterday, 10 July 2018.
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