Key equity indices trimmed losses after hitting fresh intraday low in afternoon trade. At 13:23 IST, the barometer index, the S&P BSE Sensex, was down 149.68 points or 0.42% at 35,884.43. The Nifty 50 index was down 55.45 points or 0.51% at 10,738.20.
Domestic stocks drifted lower in early trade on selling pressure in index pivotals. Key indices extended decline in morning trade. Stocks hovered in negative zone in mid-morning trade.
The S&P BSE Mid-Cap index was down 0.03%. The S&P BSE Small-Cap index was down 0.27%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 919 shares rose and 1417 shares fell. A total of 115 shares were unchanged.
ONGC was down 4.15% ahead of its Q3 results today, 14 February 2019.
Yes Bank jumped 26.50% after the bank announced after market hours yesterday, 13 February 2019, that the Reserve Bank of India (RBI) assesses compliance by banks with extant prudential norms on income recognition, asset classification and provisioning (IRACP) as part of its supervisory processes. As part of this process, Yes Bank has received the Risk Assessment Report for FY2018. The report observes NIL divergences in the bank's asset classification and provisioning from the RBI norms.
Tata Power Company rose 2.38%. Tata Power Company, The AES Corporation and Mitsubishi Corporation inaugurated India's first grid-scale battery-based energy storage system in Rohini, Delhi. This 10 MW project is located at Tata Power Delhi Distribution's (Tata Power-DDL) sub-station in Rohini, Delhi and will provide grid stabilization, better peak load management, add system flexibility, enhance reliability and protect critical facilities for 2 million consumers served by the company. The announcement was made after market hours yesterday, 13 February 2019.
On the data front, India's wholesale price inflation (WPI) cooled to 2.76% in January from 3.8% in December, data released on Thursday showed. It was 3.02% in January last year.
Overseas, most Asian stocks were trading lower Thursday as investors awaited the outcome of high-level trade talks between the U.S. and China, and data on the Chinese economy. A third day of bilateral trade negotiations were under way in Beijing, with Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer expected Thursday for more high-level discussions.
On the data front, China's exports unexpectedly accelerated last month, official data released on Thursday showed. The country's exports surged 9.1% from a year earlier in January, reversing a 4.4% decline in December. Imports dropped 1.5% in January, following a 7.6% decrease in December. China's trade surplus with all trading partners stood at $39.16 billion in January, much smaller than the $57.06 billion surplus recorded in December.
The Japanese economy rebounded in the final quarter of 2018 due to solid spending by households and companies. The economy expanded at an annualized rate of 1.4% in the October-December period following a 2.6% contraction in the previous quarter, government data showed Thursday. The economy grew 0.3% from the quarter before.
U.S. stocks closed higher Wednesday, trimming gains but with the S&P 500 and Nasdaq rising for a fourth straight session, on hopes that negotiators will come close to a deal after trade talks. US President Donald Trump said Tuesday that he would allow for flexibility on the timeline for a deal with China if an agreement looks close. Meanwhile, Chinese President Xi Jinping is reportedly expected to meet key members of the U.S. delegation on Friday.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)