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Market drifts lower in early trade

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Domestic stocks drifted lower in early trade as most Asian stocks declined. At 9:23 IST, the barometer index, the S&P BSE Sensex, was down 119.28 points or 0.33% at 36,427.20. The Nifty 50 index was down 50.15 points or 0.46% at 10,893.45.

The S&P BSE Mid-Cap index was down 0.56%. The S&P BSE Small-Cap index was down 0.47%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 430 shares rose and 736 shares fell. A total of 70 shares were unchanged.

Overseas, most Asian stock were trading lower as concerns over global growth and US-China trade talks kept investors cautious. US stocks bounced off intraday lows to close mostly higher Friday as late afternoon buying offset pressure from lingering fears over U.S-China trade tensions.

U.S. President Donald Trump confirmed reports that he had no plans to meet with Chinese President Xi Jinping before a March 1 trade-deal deadline. However, the U.S. is reportedly likely to keep tariffs at 10% rather than raise them to 25% as scheduled.

In Europe, with Brexit just 47 days away, the British government has reportedly asked lawmakers on Sunday to give Prime Minister Theresa May more time to rework her divorce deal with the European Union. Communities Secretary James Brokenshire said Parliament would get to pass judgment on May's Brexit plan no later than February 27. Britain is due to leave the EU on March 29, but Parliament has rejected May's divorce bill, leaving the prime minister to seek changes from the EU.

Back home, Tata Steel rose 1.96%. On a consolidated basis, net profit of Tata Steel rose 54.33% to Rs 1753.07 crore on 22.33% rise in net sales to Rs 40457.11 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours on Friday, 8 February 2019.

Bharat Petroleum Corporation (BPCL) fell 1.57%. Net profit of BPCL declined 76.90% to Rs 495.14 crore on 30.59% rise in net sales to Rs 79168.84 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours on Friday, 8 February 2019.

Dr Reddy's Laboratories dropped 3% after the company announced that the audit of its formulations manufacturing plant - 3 at Bachupally, Hyderabad by the US Food and Drug Administration (USFDA) completed on 8 February 2019. The company has been issued a Form 483 with 11 observations. The company said it will address them comprehensively within the stipulated timeline. The announcement was made after market hours on Friday, 8 February 2019.

Lupin shed 0.86% after the company announced the completion of the United States Food and Drug Administration (USFDA) inspection at its Goa manufacturing facility. The inspection was carried out between January 28 to February 8, 2019. The inspection at the Goa facility closed with 2 observations. The observations are procedural in nature and the company is confident of addressing them satisfactorily. The announcement was made after market hours on Friday, 8 February 2019.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, February 11 2019. 09:23 IST
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