Key indices were trading lower in early trade on weak Asian cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 164.76 points or 0.40% at 41,364.15. The Nifty 50 index was down 37.95 points or 0.31% at 12,186.60.
The S&P BSE Mid-Cap index was down 0.24%. The S&P BSE Small-Cap index was down 0.29%. Both these indices outperformed the BSE Sensex.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 277 shares rose and 518 shares fell. A total of 41 shares were unchanged.
Among stocks, Bharti Airtel rose 0.05%. Bharti Airtel and Google Cloud announced a partnership to serve the evolving needs of millions of Indian businesses in a rapidly digitizing economy. Bharti Airtel will offer G Suite to small and medium sized businesses (SMBs) in India as part of its integrated Information and communications technology (ICT) portfolio. The agreement will provide a platform for both companies to tap growth opportunities in India.
NBCC (India) gained 1.20%. NBCC (India) said that the company has received a letter of acceptance from Central Coalfield (CCL) to provide project management consultancy services for construction of smart township/colony roads, network and other road, services buildings and other allied jobs related to mines for Magadh and Amrapali area, Jharkhand. The estimated project cost is Rs 720.32 crore.
KEI Industries jumped 3.93%. KEI Industries reported 50.39% rise in consolidated net profit to Rs 72.52 crore on 21.07% rise in total income to Rs 1314.09 crore in Q3 December 2019 over Q3 December 2018. Total Institutional sales stood at Rs 743 crore in Q3 December 2019 as compared to Rs 530 crore in last Q3 December 2018. Pending order is approx. Rs 4173 crore plus the company is L1 for Rs 316 crore worth of orders.
Zee Entertainment Enterprises advanced 2.70%. Media conglomerate, Zee Entertainment Enterprises, will announce its Q3 result today, 21 January 2020.
Balrampur Chini fell 1.34%. Balrampur Chini Mills said that an explosion occurred in a CO2 tanker at incineration plant which damaged the pipelines/ pumps /some electrical and mechanical installations of two incineration boilers at its Distillery Unit, Balrampur on 16 January 2020. The company is in the process of ascertaining the loss. The accident would not cause any production loss on an annual basis.
Srei Infrastructure Finance jumped 9.95%. Srei Infrastructure Finance said the board will meet on 14 February 2020 to consider raising Rs 3000 crore by way of public issue of redeemable, non-convertible debentures (NCDs) and commercial papers.
Overseas, most Asian stocks were trading lower on Tuesday after the International Monetary Fund cut its global growth forecasts, primarily due to a sharp slowdown in India and other emerging markets.
In US, markets were closed for a holiday in observance of Martin Luther King Jr. Day.
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