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Market drifts lower in early trade

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Key indices edged lower in early trade on negative Asian stocks. At 9:22 IST, the barometer index, the S&P BSE Sensex, was down 148.98 points or 0.39% at 37,640.15. The Nifty 50 index was down 44.35 points or 0.39% at 11,315.10.

The S&P BSE Mid-Cap index was down 0.29%. The S&P BSE Small-Cap index was down 0.22%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 400 shares rose and 611 shares fell. A total of 46 shares were unchanged.

Overseas, Asian stocks were trading lower on Thursday as increased tensions ahead of key Sino-US trade negotiations fanned fresh concerns about the outlook for the global economy.

The U.S. stock market switched direction toward the closing bell to finish mostly lower Wednesday as worries over U.S.-China trade talks lingered.

The United States will raise tariffs from 10% to 25% on $200 billion worth of Chinese imports effective May 10, as per reports. The US Trade Representative's office will establish a process to seek exclusions for certain products from additional tariffs.

Back home, Titan Company rose 0.24%. On a consolidated basis, Titan Company's net profit rose 14.42% to Rs 348.30 crore on 18.82% increase in net sales to Rs 4,823.49 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 8 May 2019.

Tata Communications fell 1.05%. On a consolidated basis, Tata Communications reported net loss of Rs 198.82 crore in Q4 March 2019 compared with net loss of Rs 120.97 crore in Q4 March 2018. Net sales rose 5.03% to Rs 4,243.51 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 8 May 2019.

Hindalco Industries rose 0.2%. Novelis, the wholly-owned subsidiary of Hindalco Industries, posted a 5.5% decline in net income at $103 million in the quarter ended on 31 March 2019. It posted a net income of $109 million in the year-ago period, Hindalco said. Net sales increased 1% over the prior year to $3.1 billion in the fourth quarter of fiscal 2019, driven by higher total shipments, partially offset by lower average aluminum prices. Hindalco Industries made the announcement after market hours yesterday, 8 May 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, May 09 2019. 09:23 IST