Key benchmark indices were trading lower in early trade amid negative Asian cues. At 9:18 IST, the barometer index, the S&P BSE Sensex, was down 235.35 points or 0.66% at 35,234.80. The Nifty 50 index was down 52.95 points or 0.50% at 10,610.55.
Among secondary barometers,the BSE Mid-Cap index was down 0.55%. The BSE Small-Cap index was down 0.46%.
The market breadth, indicating the overall health of the market, was weak. On BSE, 291 shares rose and 712 shares fell. A total of 57 shares were unchanged.
In the global commodities markets, Brent for February 2019 settlement slumped $3.35 a barrel or 6.22% to settle at $50.47 a barrel on Monday, 24 December 2018.
Overseas, most Asian shares were trading lower. Japanese stocks were trading with small gains on Wednesday following a Christmas Day plunge of both the Nikkei 225 and Topix.
US stock indices booked their worst trading session on the eve of Christmas in history in a holiday-shortened session, putting the S&P 500 on the brink of the 20% decline from a recent peak that is commonly considered a bear market.
A fresh source of anxiety was a tweet from Treasury Secretary Steven Mnuchin that he had spoken with the CEOs of the country's six biggest banks to assess the health of the banking system. That raised some questions about liquidity among those institutions, a concern that previously had not existed. Treasury officials reportedly insist that the calls to bank executives was just a routine checkup.
Back home, Adani Transmission was up 0.72%. The company has acquired 100% equity share capital of Obra-C Badaun Transmission (OCBTL) from PFC Consulting (PFCCL). OCBTL was incorporated in August, 2018 by PFCCL to build, own, operate and maintain the transmission project in Uttar Pradesh. The announcement was made after market hours on 24 December 2018.
Chemfab Alkalis was up 0.61%. The company said that the PVC-O project, at manufacturing facility at Sricity - Tada, Andhra Pradesh, has been commissioned successfully on Saturday, 22 December 2018 for manufacturing and selling of PVC - O pipes & fittings. The announcement was made after market hours on 24 December 2018.
J.K.Cement was up 1.14%. The company said that the meeting of the board of directors of the company is scheduled on 28 December 2018 to consider and approve issue price for equity shares to be allotted to Qualified Institutional Buyers in the QIP. The announcement was made after market hours on 24 December 2018.
Autoline Industries was up 5.69%. The company has entered into Memorandum of Understanding (MOU) on 24 December 2018 with Poddar Habitat to transfer the land and buildings thereon ('immovable property') at Pune. The company will utilize the sale proceeds to settle the debt that has a charge on the immovable property and reduce overall debt exposure of the company. The announcement was made after market hours on 24 December 2018.
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