Market opens with small losses

Key benchmark indices were trading with small losses in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 28.36 points or 0.08% at 35,713.71. The Nifty 50 index was down 19.50 points or 0.18% at 10,734.50.

Among secondary barometers,the BSE Mid-Cap index was down 0.21%. The BSE Small-Cap index was down 0.10%.

The market breadth, indicating the overall health of the market, was negative. On BSE, 418 shares rose and 525 shares fell. A total of 57 shares were unchanged.

Overseas, Asian stocks were mixed, following last week's market turmoil in the US. US stocks closed steeply lower Friday, as investors digested the implications of a tighter US monetary policy, flagging global growth and uncertainty surrounding US-China trade relations. US equity market on Monday will end early as it is Christmas Eve and will be closed on Tuesday for the Christmas holiday.

 

Meanwhile, the US federal government partially shut down for the third time this year early Saturday as lawmakers in Washington continued to wrangle over funding for President Donald Trump's proposed border wall.

Key lawmakers and Trump administration officials returned midday Saturday to resume negotiations over Trump's border-wall funding demand of at least $5 billion. By the middle of the afternoon, Republican Senate Majority Leader Mitch McConnell announced his chamber would adjourn for the Christmas holiday, not returning until 27 December 2018.

Back home, InterGlobe Aviation was up 0.07%. IndiGo and Istanbul-based Turkish Airlines, a member of Star Alliance, announced a codeshare and mutual cooperation agreement. The signed codeshare and mutual cooperation agreement between the two carriers, the effectiveness of which is subject to receipt by IndiGo and Turkish Airlines of all necessary Board and regulatory approvals, will enable both carriers to provide more flexibility of choice to their respective customers to fly on sectors between India, Istanbul and beyond. This is the first codeshare agreement for IndiGo as part of its international expansion strategy. The announcement was made after market hours on Friday, 21 December 2018.

Entertainment Network (India) was up 2.08%. The Committee of the Directors (Bidding and Merger & Acquisition Committee) of the Entertainment Network (India) approved the company's foray into the United States (US) Radio market. The announcement was made after market hours on Friday, 21 December 2018.

Info Edge (India) was up 0.02%. The company has invested, through its wholly-owned subsidiary, about Rs 28 crore in Nopaperforms Solutions. The aggregate shareholding of the company, post this investment, in the entity would be 48.1% on fully converted & diluted basis. The announcement was made after market hours on Friday, 21 December 2018.

PVR was up 1.94%. The company's board of directors approved raising upto Rs 750 crore through qualified institutional placement via equity shares or non convertible debt instruments. The announcement was made after market hours on Friday, 21 December 2018.

Inox Leisure was up 2.66%. The company has commenced the commercial operations of a multiplex cinema theatre taken on lease basis, located at INOX Leisure, 3rd Floor, Star Mall, 74/Mall/1, Jessore Road (North) Madhyamgram, Kolkata-700129 with effect from 21 December 2018. The announcement was made after market hours on Friday, 21 December 2018.

On the economic front, India's GST Council in the thirty-first meeting held on Saturday, 22 December 2018, at New Delhi announced reduction in GST rates/exemptions on 23 goods and services, including movie tickets, TV/monitor screens and power banks, and exempted frozen and preserved vegetables from the levy. Of the 23 goods and services on which rates have been slashed, tax rate on seven items in the 28% slab has been brought down. With this, only 28 goods are left in the highest 28% tax bracket. The new GST rates will be effective from 1st January 2019.

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