Stocks hovered with small losses in mid-morning trade. At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 78.77 points or 0.22% at 35,577.93. The Nifty 50 index was down 25 points or 0.23% at 10,636.55. Telecom stocks rose.
Domestic stocks were trading lower in early trade on negative Asian stocks. A bout of volatility was seen in morning trade as fresh selling derailed a brief intraday recovery.
Investors will focus on interim budget to be announced on Friday, 1 February 2019. The interim budget will be the last one presented by the current NDA government led by Prime Minister Narendra Modi, before the 2019 general elections in April.
Trading could be volatile this week as traders roll over positions in the F&O segment from the near month January 2019 series to February 2019 series. The January 2019 F&O contracts expire on Thursday, 31 January 2019.
The S&P BSE Mid-Cap index was down 0.06%. The S&P BSE Small-Cap index was down 0.13%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 948 shares rose and 1115 shares fell. A total of 122 shares were unchanged.
Telecom stocks rose. Bharti Airtel (up 1.41%), Vodafone Idea (up 3.54%), Tata Teleservices (Maharashtra) (up 0.53%) and Reliance Communications (up 0.82%) rose. MTNL (down 1.8%) fell.
Shares of Bharti Infratel rose 2.59%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.
Housing Development Finance Corporation lost 1.05% ahead of its October-December 2018 quarterly result today, 29 January 2019.
Praj Industries rose 14.41% after consolidated net profit rose 197.88% to Rs 22.43 crore on 33.04% increase in net sales to Rs 330.31 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 28 January 2019.
Zee Media Corporation fell 5.36%. Zee Media Corporation announced that Vishwapati Trivedi, an independent director appointed with effect from 24 January 2019, has vide his letter dated 27 January 2019, informed the company that the recent developments at Essel / Zee group, especially the big upheaval in the market and unprecedented fall in the share value coupled with media reports and Subhash Chandra's open letter (of which he was not aware before appointment), had left him perturbed and amazed and considering that he will not be able to contribute in such turbulent times, he would like to resign as director of the company with effect from 27 January 2019. Vishwapati Trivedi has confirmed that there is no material reason for his resignation other than those provided above, the company said. The announcement was made after market hours yesterday, 28 January 2019.
Overseas, Asian shares edged lower on Tuesday as prospects for a long-awaited U.S-China trade deal was dealt another blow after the United States leveled sweeping criminal charges against China's telecom giant Huawei. The US Justice Department unsealed indictments against China's top telecom equipment maker, Huawei, accusing it of bank and wire fraud to evade Iran sanctions and conspiring to steal trade secrets from T-Mobile US Inc.
US stocks closed lower Monday in the wake of disappointing earnings and Nvidia Corp. Investors turned cautious at the start of a busy week packed with earnings, economic data, a Federal Reserve meeting and a new round of U.S-China trade talks.
On the data front, the Federal Reserve of Chicago's national activity index rose to 0.27 in December, up from 0.21 in November. Growth in Texas manufacturing activity accelerating in January, according to the Federal Reserve Bank of Dallas. It's monthly manufacturing index rose from 7.3 to 14.5.
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