Key equity indices hovered in negative zone in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex, was down 113.26 points or 0.31% at 36,433.22. The Nifty 50 index was down 44.80 points or 0.41% at 10,898.80. Capital goods stocks edged lower.
Domestic stocks drifted lower in early trade as most Asian stocks declined. Key benchmark indices extended losses and hit intraday low in morning trade. Stocks cut losses in mid-morning trade. Key indices recovered further ground in early afternoon trade. Indices traded near day`s low in afternoon trade.
Broader market witnessed selling pressure. The S&P BSE Mid-Cap index was down 1.37%. The S&P BSE Small-Cap index was down 1.4%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 743 shares rose and 1674 shares fell. A total of 133 shares were unchanged.
Eicher Motors rose 0.58% ahead of its Q3 December 2018 result today, 11 February 2019.
Capital goods stocks edged lower. ABB India (down 2.15%), Bharat Electronics (down 4.12%), L&T (down 1.11%), Siemens (down 2.19%) and Thermax (down 1.42%) declined. Bharat Heavy Electricals (Bhel) (up 1.62%), BEML (up 0.82%) rose.
Tata Consultancy Services (TCS) rose 0.9%. TCS during market hours today announced a global partnership with JDA Software, the leading provider of end-to-end supply chain and retail solutions, to build next-generation cognitive solutions, and offer consulting and system integration services around digital technologies, to optimize supply chains for customers worldwide
Bharti Airtel shed 0.03%. The company announced the signing of an agreement by its subsidiary, Airtel Networks Kenya (Airtel Kenya) with Telkom Kenya (Telkom Kenya) for merging their respective mobile, enterprise and carrier services businesses in Kenya to operate as - `Airtel- Telkom`. The finalisation and closure of the transaction is subject to approval by the relevant authorities.
As per the agreement, both the partners will combine their operations in Kenya and establish an entity with enhanced scale, operational efficiency and strategic brand presence. The entity will invest in networks to further accelerate roll out of future technologies. The enterprise and carrier services businesses should benefit from a larger fibre footprint and an increased number of enterprise customers - including both large corporations and SMEs who would have access to a diverse portfolio of world-class solutions. The announcement was made after market hours on Friday, 8 February 2019.
Overseas, European stocks were trading higher Monday, with market participants looking ahead to a fresh round of US-China trade talks this week. The latest set of trade talks will take place in Beijing from Monday. It comes after discussions in Washington last week concluded without a deal. Both sides are trying to secure a comprehensive trade agreement ahead of a March 1 deadline when U.S. tariffs on $200 billion worth of Chinese imports are scheduled to increase to 25% from 10%.
Asian stocks were mixed on Monday as concerns over global growth and US-China trade talks kept investors cautious. Markets in China and Taiwan, reopened after a weeklong Lunar New Year break. Japanese markets were closed for a holiday.
In Europe, with Brexit just 47 days away, the British government has reportedly asked lawmakers on Sunday to give Prime Minister Theresa May more time to rework her divorce deal with the European Union. Communities Secretary James Brokenshire said Parliament would get to pass judgment on May`s Brexit plan no later than February 27. Britain is due to leave the EU on March 29, but Parliament has rejected May`s divorce bill, leaving the prime minister to seek changes from the EU.
US stocks bounced off intraday lows to close mostly higher Friday as late afternoon buying offset pressure from lingering fears over U.S-China trade tensions.
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