Market nudges lower in early trade

Key indices were trading flat in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 11.80 points or 0.03% at 41,920.76. The Nifty 50 index was down 6.80 points or 0.06% at 12,348.70.

The S&P BSE Mid-Cap index was down 0.12%. The S&P BSE Small-Cap index was up 0.19%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 660 shares rose and 385 shares fell. A total of 49 shares were unchanged.

Among stocks, GMR Infrastructure gained 0.42%. GMR Infrastructure said that the Supreme Court of India has lifted suspension of the environment clearance on GMR Goa International Airport (GGIAL). This in effect will result in resumption of the construction activities at the project site to build a greenfield international airport at Mopa, Goa, by GGIAL.

Vodafone Idea crashed 31.18%, Bharti Airtel rose 3.69%. Reliance Industries advanced 1.78%. Telecom stocks were in focus after Supreme Court, yesterday, 16 January 2020, dismissed the review pleas from telecom companies that sought relief on interest and penalty payments in connection to the verdict on Adjusted Gross Revenue (AGR). The deadline for telecom companies to meet the license fee dues as per the apex court's AGR judgement is 23 January 2020.

Wipro rose 0.78%. Wipro said that Wipro Ventures, announced the closing of its $150 million Fund ll. Buoyed by the success of its first $100 million fund launched in 2015, Wipro Ventures will continue to invest in early to mid-stage companies building innovative enterprise software solutions across key areas, including cybersecurity, application development, analytics, cloud infrastructure, test automation, and AI.

Metropolis Healthcare was up 1.90%. Metropolis Healthcare said that the board of directors of the company have approved the acquisition of Shraddha Diagnostic Centre and the share purchase and shareholders' agreement were executed on 16 January 2020.

HIL advanced 0.45%. HIL informed that informed that the board of directors of the company has approved sale and transfer of the company's calcium silicate insulation products division operated under the brand HYSIL to Calderys India Refractories through a slump sale arrangement on a going concern basis.

UCO Bank fell 0.31%. UCO Bank informed that the board of directors of the Bank have approved the proposal for the issue of equity shares on preferential basis to Government of India against capital Infusion of Rs 2142 crore. Extraordinary General Meeting of the shareholders of the bank will be held on 14 February 2020 for seeking shareholders' approval.

CEAT gained 1.58%. CEAT has informed that the board of directors of the company, will consider a proposal for issuance of listed/unlisted secured/unsecured redeemable non-convertible debentures on private placement basis.

Overseas, Asian stocks were trading higher on Friday after global stock indexes and Wall Street posted more records, with strong corporate earnings and upbeat US economic data adding to optimism after China and the US signed a partial trade deal.

In US, stocks rallied again on Thursday, with all three benchmark indexes closing at new records, following the signing of a trade truce between the US and China on Wednesday and Senate approval of a new trade deal between the US, Mexico and Canada on Thursday.

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