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Market drifts lower in early trade

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Key indices drifted lower in early trade. At 9:28 IST, the barometer index, the S&P BSE Sensex, was down 63.12 points or 0.18% at 35,970.99. The Nifty 50 index was down 17.30 points or 0.16% at 10,776.35.

The S&P BSE Mid-Cap index was down 0.26%. The S&P BSE Small-Cap index was down 0.22%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 586 shares rose and 797 shares fell. A total of 53 shares were unchanged.

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. U.S. stocks closed higher Wednesday, trimming gains but with the S&P 500 and Nasdaq rising for a fourth straight session.

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.

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.

Back home, Yes Bank jumped 19.02% 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 0.54%. 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.

Trident rose 1.72%. Trident has been granted a patent for 'Air Rich Yarn and Fabric and its method of manufacturing' by United States Patent & Trademark Office. The present invention describes the novel "Air Rich Fabric" and "Air Rich Yarns" with pores throughout the cross section of the yarn. The invention is directed at producing Air Rich Fabrics and Yarns which have high breathability, quick absorbency, easy dryability, and increased bulk. Unlike regular terry fabrics which become harsh after multiple washes, Air Rich Fabrics (Terry) retains softness and become more bulky even after multiple washes. That is why we call such fabrics- "Start Soft, Stays Soft". The grant of this patent provides further recognition of the quality of the innovation being carried out by the Trident team. The announcement was made after market hours yesterday, 13 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: Thu, February 14 2019. 09:35 IST