Key benchmark indices were trading lower in early trade, tracking negative cues from other Asian markets. At 9:19 IST, the barometer index, the S&P BSE Sensex, was down 64.17 points or 0.18% at 36,514.79. The Nifty 50 index was down 31.60 points or 0.29% at 10,930.25.
Among secondary barometers,the BSE Mid-Cap index was down 0.21%. The BSE Small-Cap index was down 0.13%.
The market breadth, indicating the overall health of the market, was negative. On BSE, 332 shares rose and 522 shares fell. A total of 46 shares were unchanged.
Overseas, Asian shares traded lower on Tuesday amid concerns about the global outlook, after the International Monetary Fund (IMF) slashed its world economic forecast on Monday. US market was closed on Monday in honor of Martin Luther King Jr. Day.
IMF revised down its estimates for global growth on Monday, warning that the expansion seen in recent years is losing momentum. The Fund now projects a 3.5% growth rate worldwide for 2019 and 3.6% for 2020. These are 0.2 and 0.1 percentage points below its last forecasts in October -- making it the second downturn revision in three months.
IMF said India's economy is poised to pick up this year. IMF's World Economic Outlook Update, released yesterday by its chief economist Gita Gopinath in Davos, projected that India will grow at 7.5% this year and 7.7% in 2020, an impressive over one percentage point ahead of China's estimated growth of 6.2% in these two years.
The IMF attributed the pick up to lower oil prices and a slower pace of monetary tightening. IMF said India would remain one of the fastest growing major economies of the world.
Also Read
Back home, Prabhat Dairy was up 15.64%. The board of directors of Prabhat Dairy approved the sale of the company's shareholding in its wholly owned step down subsidiary, Sunfresh Agro industries (SAIPL) to Tirumala Milk Products for a total consideration of Rs 1227.18 crore. The announcement was made after market hours yesterday, 21 January 2019.
HDFC Asset Management Company was up 1.74%. The company's net profit rose 24.71% to Rs 243.26 crore on 7.61% rise in total income to Rs 532.94 crore in Q3 December 2018 over Q3 December 2017. The announcement was made after market hours yesterday, 21 January 2019.
Just Dial was up 2.74%. The company's net profit rose 100.49% to Rs 57.34 crore on 30.84% rise in total income to Rs 260.86 crore in Q3 December 2018 over Q3 December 2017. The announcement was made after market hours yesterday, 21 January 2019.
Canara Bank was down 0.39%. The bank said it has floated Request for Quotes (RFQ) by inviting bids in order to offload equity shares of NSDL, NeGIL and SIDBI through bidding process. The announcement was made after market hours yesterday, 21 January 2019.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content