Key indices extended fall after trading lower in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 145.12 points or 0.4% at 35,731.10. The Nifty 50 index was down 54.05 points or 0.5% at 10,692.
Domestic stocks edged lower in early trade on negative Asian stocks.
The S&P BSE Mid-Cap index was down 0.76%. The S&P BSE Small-Cap index was down 0.22%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 783 shares rose and 1060 shares fell. A total of 104 shares were unchanged.
Overseas, Asian stocks slipped on Friday after grim US retail sales figures raised fresh doubts about the strength of the US economy. U.S. stocks closed mostly lower Thursday as disappointment over weak retail sales overshadowed optimism over U.S.-China trade talks, but the Nasdaq eked out gains to rise for a fifth session in a row.
U.S. retail sales fell by 1.2% in December, the largest single-month decline since 2009. The U.S. producer-price index fell by 0.1% in January.
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Traders are waiting for results of a meeting on Friday between the Trump administration's top two negotiators and Chinese President Xi Jinping in Beijing. There has been no decision to extend a March 1 US deadline for a deal, White House economic adviser Larry Kudlow reportedly said on Thursday.
Back home, Sun Pharmaceutical Industries (down 3.32%), Hero MotoCorp (down 2.14%), Tata Motors (down 1.97%), Tata Steel (down 1.97%) and M&M (down 1.91%) edged lower from the Sensex pack.
NTPC (up 4.09%), Power Grid Corporation of India (up 3.26%), Coal India (up 1.5%), L&T (up 1.45%) and ICICI Bank (up 0.8%) edged higher from the Sensex pack.
ONGC gained 5.72% to Rs 139.65. The company's net profit rose 64.8% to Rs 8,262.70 crore on 20.4% increase in net sales to Rs 27,694.09 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 14 February 2019.
The company got $66.38 for every barrel of crude oil it sold in the quarter, 13.6% higher than $58.42 per barrel realisation a year ago. Gas prices were 16.3% higher at $3.36 per million British thermal unit. ONGC said total crude oil production dropped 4.8% to 6.036 million tonne, but total gas output rose 6.6% to 6.691 billion cubic metre.
Further, the ONGC board approved a proposal for buyback of its equity shares. Around 25.29 crore equity shares of the company will be bought back at the price of Rs 159 per equity share payable in cash. The total cost of this share buyback will not exceed Rs 4,022 crore, ONGC said in its statement. The process of buyback is likely to be completed in February 2019.
Siemens fell 1.98%. Siemens said it will transfer its leasehold interest in the property located at Halol, Gujarat to LM Wind Power Blades (India) for Rs 193.50 crore. The proposal is subject to receipt of all requisite statutory and regulatory approvals from the concerned authorities and signing of firm agreements between the company and the proposed assignee in this regard. The announcement was made after market hours yesterday, 14 February 2019.
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