Weak market breadth

Key indices were trading with small losses in afternoon trade. At 13:25 IST, the barometer index, the S&P BSE Sensex, was down 18.87 points or 0.05% at 36,089.60. The Nifty 50 index was down 12.90 points or 0.12% at 10,818.60.

Indices kicked off trading on a negative note due to mixed cues from other Asian stocks. Benchmarks bounced back from early lows and hit fresh intraday high in morning trade, tracking recovery in Asian shares. The Sensex and the Nifty pared gains and traded near flat line in mid-morning trade.

Broader market lagged. Among secondary barometers, the BSE Mid-Cap index was down 0.15%. The BSE Small-Cap index was down 0.44%.

The market breadth, indicating the overall health of the market, was weak. On BSE, 832 shares rose and 1468 shares fell. A total of 145 shares were unchanged.

ITC (up 1.04%), TCS (up 0.79%), Reliance Industries (up 0.68%), Asian Paints (up 0.64%) and Vedanta (up 0.49%) edged higher from the Sensex pack.

Tata Motors (down 3.02%), Sun Pharmaceutical Industries (down 2.37%), ONGC (down 0.84%), Bajaj Finance (down 0.81%) and Bajaj Auto (down 0.78%) edged lower from the Sensex pack.

Yes Bank fell 1.47% ahead of its Q3 December 2018 result today, 24 January 2019.

Ultratech Cement fell 1.08% ahead of its Q3 December 2018 result today, 24 January 2019.

Meanwhile, the President of India, as advised by the Prime Minister, hereby directed that during the period of indisposition of Arun Jaitley, minister; the portfolios of Minister of Finance and Minister of Corporate Affairs held by him, be temporarily assigned to Piyush Goyal, in addition to his existing portfolios. Further, as advised by the Prime Minister, Arun Jaitley be designated as minister without portfolio during the period of his indisposition or till such time he is able to resume his work as Minister of Finance and Minister of Corporate Affairs, President's Secretariat said in a press communiqu

Media reports suggested that Goyal, who already holds the charge of the Ministry of Railways, is now expected to present the last budget of his government's five-year tenure. The budget, likely to be presented on 1 February 2019, will be an interim one as elections are due later this year.

Overseas, Asia shares were trading higher on Thursday amid uncertainties surrounding the global economic outlook as well as the ongoing US-China trade fight.

US stocks closed higher on Wednesday as upbeat earnings from corporate heavyweights helped to assuage lingering worries over global growth and US-China trade tensions.

Meanwhile, the Senate was poised to vote Thursday on dueling proposals to reopen the government. A partial shutdown entered its 33rd day on Wednesday.

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