Key benchmark indices were trading almost flat in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 13.62 points or 0.04% at 36,372.99. The Nifty 50 index was down 0.65 points or 0.01% at 10,906.30.
Among secondary barometers,the BSE Mid-Cap index was down 0.08%. The BSE Small-Cap index was up 0.09%.
The market breadth, indicating the overall health of the market, was almost even. On BSE, 435 shares rose and 481 shares fell. A total of 66 shares were unchanged.
Overseas, Asian shares were trading higher. China on Monday announced that its official economic growth came in at 6.6% in 2018, the slowest pace since 1990. Fourth quarter GDP growth was 6.4%. That was a decline from the 6.5% year-over-year growth in the third quarter of 2018.
The US stock market closed higher Friday, extending its winning streak to a fourth session, on media reports that stoked hopes for progress in trade talks between the US and China. Optimism over a potential bilateral deal helped to offset worries about the prolonged partial government shutdown and mixed corporate results.
On the US data front, US industrial production rose 0.3% in December, the Federal Reserve reported Friday. The University of Michigan's consumer confidence index fell to a more than two-year low of 90.7 in January, down from 98.3 in December.
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US markets will be closed Monday in honor of Martin Luther King Jr. Day.
In Europe, investors are waiting to hear British Prime Minister Theresa May's 'Plan B' for Brexit which is due to be presented to parliament later on Monday.
Back home, Larsen & Toubro was down 3.28% after the Securities and Exchange Board of India (Sebi) denied permission to a Rs 9,000-crore share buyback programme proposed by the company. It was in August last year that the engineering major had announced the share repurchase. The plan was to buyback 6.10 crore shares at a price of Rs 1,475 per share. The firm had subsequently submitted a draft letter of offer to the market regulator for the buyback, following an approval granted by its shareholders. The offer was open to those holding equity shares as on 15 October 2018.
However, in a filing to the bourses on Saturday, 19 January 2019, L&T said Sebi has asked it not to proceed with the buyback as the ratio of the aggregate of secured and unsecured debts owed by the company after buyback (assuming full acceptance) would be more than twice the paid-up capital and free reserves of the company based on its consolidated financial statements.
HDFC Bank was up 0.35%. The company's net profit rose 20.32% to Rs 5585.85 crore on 26.02% rise in total income to Rs 30811.27 crore in Q3 December 2018 over Q3 December 2017. The result was announced on Saturday, 19 January 2019.
Wipro was down 2.44%. The company's consolidated net profit rose 32.89% to Rs 2510.40 crore on 3.17% rise in total income to Rs 15687.50 crore in Q3 December 2018 over Q2 September 2018. The result was announced after market hours on Friday, 18 January 2019. Wipro's board of directors recommended issue of bonus shares to shareholders (including stock dividend to ADS holders) in the ratio of 1:3 (one equity share for every three equity shares held).
NTPC was up 1.11%. The company will consider issue of bonus shares at its board meeting on 30 January 2019. The announcement was made after market hours on Friday, 18 January 2019.
ITI was up 7.14%. The company has signed a contract with Gujarat Fibre Grid Network (GFGNL) for implementing BharatNet Phase II project in one of the two packages in the state of Gujarat. The Purchase Order from GFGNL is valued at Rs 1011.41 crore towards the Capex part of the project, to be completed in a period of one year and Rs 190.04 crore towards operation and maintenance of the network for 3 years after the implementation of the project. The announcement was made on Saturday, 19 January 2019.
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