Fresh selling derailed a brief intraday recovery in morning trade. At 10:23 IST, the barometer index, the S&P BSE Sensex, was down 41.07 points or 0.12% at 35,615.63. The Nifty 50 index was down 10.10 points or 0.09% at 10,651.45
Domestic stocks were trading lower in early trade on negative Asian stocks.
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 0.16%. The S&P BSE Small-Cap index was down 0.11%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 857 shares rose and 957 shares fell. A total of 86 shares were unchanged.
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.
Back home, Power Grid Corporation of India (down 1.52%), Infosys (down 1.2%), Reliance Industries (down 1.02%), HDFC Bank (down 0.44%) and Coal India (down 0.4%) edged lower from the Sensex pack.
Sun Pharmaceutical Industries (up 1.75%), Hero MotoCorp (up 1.43%), Tata Steel (up 1.23%), Bharti Airtel (up 1.12%) and Tata Motors (up 0.79%) edged higher from the Sensex pack.
Bajaj Finance gained 1.29% ahead of its October-December 2018 quarterly result today, 29 January 2019.
HCL Technologies lost 1.33% ahead of its October-December 2018 quarterly result today, 29 January 2019.
Yes Bank fell 0.94%. A meeting of the Capital Raising Committee (CRC) to consider the exercise of certain rights available to Yes Bank under the terms and conditions of the medium term note programme set up for an amount of US$1 billion (the Medium Term Note Programme) would be on or after 31 January 2019. The announcement was made after market hours yesterday, 28 January 2019.
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