Domestic stocks were trading lower in early trade on negative Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 37.87 points or 0.11% at 35,618.83. The Nifty 50 index was down 10.50 points or 0.1% at 10,651.05.
Investors will focus on interim budget to be announced on Friday, 1 February 2019. The interim budget will be the last one presented by the current NDA government led by Prime Minister Modi, before the 2019 general elections in April.
Trading could be volatile this week as traders roll over positions in the F&O segment from the near month January 2019 series to February 2019 series. The January 2019 F&O contracts expire on Thursday, 31 January 2019.
The S&P BSE Mid-Cap index was down 0.11%. The S&P BSE Small-Cap index was down 0.2%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 540 shares rose and 703 shares fell. A total of 46 shares were unchanged.
Overseas, Asian shares edged lower on Tuesday as prospects for a long-awaited U.S-China trade deal was dealt another blow after the United States leveled sweeping criminal charges against China's telecom giant Huawei. The US Justice Department unsealed indictments against China's top telecom equipment maker, Huawei, accusing it of bank and wire fraud to evade Iran sanctions and conspiring to steal trade secrets from T-Mobile US Inc.
US stocks closed lower Monday in the wake of disappointing earnings and Nvidia Corp. Investors turned cautious at the start of a busy week packed with earnings, economic data, a Federal Reserve meeting and a new round of U.S-China trade talks.
On the data front, the Federal Reserve of Chicago's national activity index rose to 0.27 in December, up from 0.21 in November. Growth in Texas manufacturing activity accelerating in January, according to the Federal Reserve Bank of Dallas. It's monthly manufacturing index rose from 7.3 to 14.5.
Back home, Axis Bank rose 0.06% ahead of its October-December 2018 quarterly result today, 29 January 2019.
Bajaj Finance gained 0.97% ahead of its October-December 2018 quarterly result today, 29 January 2019.
Syndicate Bank rose 0.29%. Syndicate Bank said it has determined Rs 37.75 per equity share as the issue price for preferential issue of shares, aggregating to Rs 1632 crore to Government of India, the promoters. At the above issue price, bank can allot upto 43.23 crore equity shares to Government of India against capital infusion of Rs 1632 crore. The announcement was made after market hours yesterday, 28 January 2019.
Hubtown lost 3.78%. Hubtown said it has decided to divest its entire shareholding in one of its subsidiary Heet Builders, comprising of 4,720 equity shares of the face value of Rs 100 per share. Consequently, Heet shall cease to be a subsidiary of the company. The announcement was made after market hours yesterday, 28 January 2019.
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