Market drifts lower in early trade

Key benchmark indices edged lower in early trade. At 9:30 IST, the barometer index, the S&P BSE Sensex, was down 67.09 points or 0.19% at 35,824.43. The Nifty 50 index was down 28.70 points or 0.27% at 10,763.80.

The market sentiment was affected by provisional data showing that domestic and foreign funds, both, were net sellers of Indian equities yesterday, 2 January 2019. The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 621.06 crore. Domestic institutional investors (DIIs) sold shares worth a net Rs 226.18 crore.

The S&P BSE Mid-Cap index was up 0.01%. The S&P BSE Small-Cap index was up 0.03%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 721 shares rose and 570 shares fell. A total of 68 shares were unchanged.

Overseas, most Asian stocks fell after Apple Inc. added to global growth concerns by cutting its guidance. US stocks saw modest rebound yesterday, 2 January 2019 from the worst December rout since the Depression.

Back home, Tata Power rose 1%. Maharashtra Electricity Regulatory Commission (MERC) has allowed Brihanmumbai Electric Supply and Transport Undertaking (BEST) to extend its existing Power Purchase Agreement (PPA) with The Tata Power Company (TPC-G) for 677 MW supplied from its Trombay Thermal and Hydro plants for a period of five years from 1 April 2019 to 31 March 2024. BEST and Tata Power have agreed for an extension of PPA with existing terms and conditions. The announcement was made after market hours yesterday, 2 January 2019.

Bank of India rose 0.14%. Bank of India announced that its board approved hiking authorized capital from Rs 3000 crore to Rs 6000 crore. The board also approved obtaining approval of the shareholders through postal ballots for issuing shares to Government of India through preferential issue in respect of share application money of Rs 10,086 crore received on 31 December 2018. Further, the board also approved capital raising plan for issue of equity shares and tier-I and tier-II capital bonds to be raised at appropriate times in future. The announcement was made after market hours yesterday, 2 January 2019.

Autoline Industries rose 1.49%. Autoline Industries said it has entered into an investment agreement with IndiaNivesh Renaissance Fund (Category II alternative investment fund) managed by IndiaNivesh First Bridge Fund Managers and executed the agreement and other required documents on 2 January 2019. IndiaNivesh Renaissance Fund is investing fund of Rs 35 crore in the company by way of subscribing convertible share warrants pursuant to the shareholders' approval received on 16 November 2018. The announcement was made after market hours yesterday, 2 January 2019.

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