Key benchmark indices were trading almost flat in early trade. At 9:18 IST, the barometer index, the S&P BSE Sensex, was up 7.52 points or 0.02% at 36,452.16. The Nifty 50 index was up 8.30 points or 0.08% at 10,931.05.
Among secondary barometers,the BSE Mid-Cap index was up 0.12%. The BSE Small-Cap index was up 0.13%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On BSE, 493 shares rose and 386 shares fell. A total of 48 shares were unchanged.
Overseas, Asian shares were mixed on Wednesday on the back of concerns over the state of ongoing US-China trade negotiations, amid reports that the White House had canceled a trade planning meeting with Beijing this week.
The Bank of Japan is scheduled to issue its statement on monetary policy later today, with interest rates expected to be left unchanged.
US stocks closed lower Tuesday, snapping a four-day winning streak, as trade woes and fresh concerns over the state of the global economy greeted investors returning from the long holiday weekend.
Shares dropped following a media report which said the US had canceled a trade meeting with Chinese officials due to a lack of progress in areas including "forced" technological transfers and economic reforms. However, the market trimmed its losses late in the session after White House adviser Larry Kudlow reportedly denied that the US rejected China's overtures.
Investors also digested a fresh round of corporate earnings and paid close attention to management commentary on the global economic outlook. Meanwhile, a partial US government shutdown stretched into its 32nd day on Tuesday.
On US data front, existing-home sales fell to a seasonally adjusted annual rate of 4.99 million in December, their lowest in three years, according to the National Association of Realtors.
Back home, ICICI Prudential Life Insurance Company was down 3.02%. The company's net profit dropped 34.36% to Rs 296.77 crore on 35.26% fall in total income to Rs 8786.70 crore in Q3 December 2018 over Q3 December 2017. The announcement was made after market hours yesterday, 22 January 2019.
HDFC Standard Life Insurance Company was up 0.57%. The company's net profit rose 18.48% to Rs 245.63 crore on 3.69% fall in total income to Rs 9386.57 crore in Q3 December 2018 over Q3 December 2017. The announcement was made after market hours yesterday, 22 January 2019.
Oberoi Realty was down 0.48%. The company's consolidated net profit rose 14.76% to Rs 137.93 crore on 52.79% rise in total income to Rs 552.03 crore in Q3 December 2018 over Q3 December 2017. The announcement was made after market hours yesterday, 22 January 2019.
Cyient was up 1.12%. The company has signed a definitive agreement to acquire the remaining 26% stake in one of its subsidiaries, Cyient DLM to take the overall stake to 100%. The announcement was made after market hours yesterday, 22 January 2019.
Walchandnagar Industries (WIL) was up 5.25%. WIL, Pune and Indian Space Research Organization's Vikram Sarabhai Space Centre (VSSC) have entered into a contract whereby WIL will manufacture and supply 'S - 139 End Segments' for the Polar Satellite Launch Vehicle (PSLV) Program. The contract value is Rs 96 crore plus escalation and is likely to be executed over a period of three years. The announcement was made after market hours yesterday, 22 January 2019.
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