Market trades lower; breadth negative

Key benchmark indices were trading lower in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 62.55 points or 0.17% at 35,787.61. The Nifty 50 index was down 28.20 points or 0.26% at 10,743.60.

Among secondary barometers,the BSE Mid-Cap index was down 0.26%. The BSE Small-Cap index was down 0.10%.

The market breadth, indicating the overall health of the market, was negative. On BSE, 383 shares rose and 468 shares fell. A total of 46 shares were unchanged.

Overseas, stocks in Asia traded mixed on Tuesday as investors wait for the second day of US-China trade talks to kick off later in the day. China is reportedly willing to resolve its trade disputes with the US on an equal footing.

US stocks on Monday closed higher, building on Friday's powerful rally, as investors watched for further signs of a thaw in the protracted trade dispute between the US and China.

On the data front, the US services sector expanded at the slowest pace in five months in December, according to the latest reading of the Institute for Supply Management's nonmanufacturing index, released Monday. The index fell to 57.6% in December, from 60.7%.

Back home, Gruh Finance was down 8.56%. Bandhan Bank was down 4.22%. The board of Gruh Finance at its meeting held on 7 January 2019 has approved a scheme of amalgamation between Gruh Finance (transferor company) and Bandhan Bank (transferee company). Shareholders of Gruh Finance will receive 568 shares of Bandhan Bank for every 1,000 shares held. The announcement was made after market hours yesterday, 7 January 2019.

Exide Industries was down 0.10%. The company has agreed to invest upto 30% of total equity share capital in each of the three special purpose vehicle(s) viz., "CSE Solar Sunpark Haryana Private Limited", "CSE Solar Sunpark Maharashtra Private Limited" and "Greenyana Solar Private Limited" (hereinafter collectively called as ''Cleantech'') aggregating upto Rs 20.05 crore for setting up captive solar power projects for various manufacturing facilities of the company. The announcement was made after market hours yesterday, 7 January 2019.

Syndicate Bank was down 0.13%. The bank's board of directors has approved for issuance and allotment of requisite equity shares through preferential allotment to the Government of India against the amount of Rs 1632 crore received from them. The announcement was made after market hours yesterday, 7 January 2019.

Prabhat Diary was up 2.76%. The company has entered into animal nutrition business. The company has taken preliminary steps by executing agreement with DLG, Denmark for developing two products in Denmark for improvement of health and to increase mil productivity and quality of cattle. The announcement was made after market hours yesterday, 7 January 2019.

Endurance Technologies was down 1.90%. The company said that Endurance Overseas Srl., Italy (EOSrl), a subsidiary of the company and the special purpose vehicle for strategic overseas investments, has acquired the entire equity stake in Fonpresmetal Gap SpA (Fonpresmetal), an aluminum die casting company in Italy. The effective date of this acquisition is 7 January 2019. The announcement was made after market hours yesterday, 7 January 2019.

On economic front, the Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation released the First Advance Estimates of National Income at Constant (2011-12) and Current Prices, for the financial year 2018-19. The advance estimates shows India's GDP would grow 7.2% in 2018-2019, showing acceleration from 6.7% growth in 2017-18. Real gross value added (GVA), i.e, GVA at Basic Constant Prices (2011-12) is anticipated to increase 7.0% in 2018-19 up from 6.5% growth in 2017-18.

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

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