Indices drift lower in early trade

Trading for the day began on a subdued note as the key benchmark indices drifted lower in early trade on negative Asian stocks. At 9:23 IST, the barometer index, the S&P BSE Sensex, was down 108 points or 0.3% at 36,146.57. The Nifty 50 index was down 34.80 points or 0.32% at 10,875.30.

On the macro front, the Nikkei Manufacturing PMI (Purchasing Managers' Index) for December 2018 will be announced today, 2 January 2019.

The S&P BSE Mid-Cap index was down 0.11%. The S&P BSE Small-Cap index was down 0.02%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 544 shares rose and 595 shares fell. A total of 56 shares were unchanged.

Overseas, Asian stocks kicked off 2019 on a muted note, with a holiday in Japan dampening volumes, after global stocks finished their worst year since the financial crisis.

Back home, Coal India fell 0.23%. Coal India announced the provisional production and offtake figures of the company and its subsidiaries in December 2018. Production fell 0.9% to 54.13 million tonne in December 2018 over December 2017. Offtake fell 1.2% to 52.77 million tonne in December 2018 over December 2017. The announcement was made after market hours yesterday, 1 January 2019.

Power Grid Corporation of India fell 0.8%. Power Grid Corporation of India announced that its wholly owned subsidiary, POWERGRID Jabalpur Transmission, has successfully commissioned transmission system strengthening associated with Vindhyachal-V on build, own, operate and maintain (BOOM) basis. The transmission system has been put into commercial operation with effect from 1 January 2019. The announcement was made after market hours yesterday, 1 January 2019.

Chambal Fertilisers & Chemicals advanced 4.05%. Chambal Fertilisers & Chemicals announced the commencement of commercial production from Gadepan-III plant with effect from 1 January 2019. The company had earlier announced setting up of new urea plant for production of 1.34 million MT of urea per annum at the existing site at Gadepan, District, Kota, Rajasthan ('Gadepan-III plant'). The announcement was made after market hours yesterday, 1 January 2019.

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