Domestic stocks edged lower in early trade on negative Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 37.81 points or 0.11% at 35,838.41. The Nifty 50 index was down 22.80 points or 0.21% at 10,723.25.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 472 shares rose and 714 shares fell. A total of 52 shares were unchanged.
Overseas, Asian stocks slipped on Friday after grim US retail sales figures raised fresh doubts about the strength of the US economy. U.S. stocks closed mostly lower Thursday as disappointment over weak retail sales overshadowed optimism over U.S.-China trade talks, but the Nasdaq eked out gains to rise for a fifth session in a row.
U.S. retail sales fell by 1.2% in December, the largest single-month decline since 2009. The U.S. producer-price index fell by 0.1% in January.
Traders are waiting for results of a meeting on Friday between the Trump administration's top two negotiators and Chinese President Xi Jinping in Beijing. There has been no decision to extend a March 1 US deadline for a deal, White House economic adviser Larry Kudlow reportedly said on Thursday.
Back home, ONGC gained 3.67% to Rs 136.95. The company's net profit rose 64.8% to Rs 8,262.70 crore on 20.4% increase in net sales to Rs 27,694.09 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 14 February 2019.
The company got $66.38 for every barrel of crude oil it sold in the quarter, 13.6% higher than $58.42 per barrel realisation a year ago. Gas prices were 16.3% higher at $3.36 per million British thermal unit. ONGC said total crude oil production dropped 4.8% to 6.036 million tonne, but total gas output rose 6.6% to 6.691 billion cubic metre.
Further, the ONGC board approved a proposal for buyback of its equity shares. Around 25.29 crore equity shares of the company will be bought back at the price of Rs 159 per equity share payable in cash. The total cost of this share buyback will not exceed Rs 4,022 crore, ONGC said in its statement. The process of buyback is likely to be completed in February 2019.
Nestle India rose 0.56%. Nestle India's net profit rose 9.6% to Rs 341.76 crore on 11.2% increase in net sales to Rs 2,878.83 crore in Q4 December 2018 over Q4 December 2017. The result was announced after market hours yesterday, 14 February 2019.
Jet Airways (India) gained 2.3%. Jet Airways (India) reported net loss of Rs 587.77 crore in Q3 December 2018 compared with net profit of Rs 165.25 crore in Q3 December 2017. Net sales rose 1% to Rs 6,147.98 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 14 February 2019.
Meanwhile, Jet Airways' board approved a Bank led Provisional Resolution Plan (BLPRP), proposing restructuring under the provisions of the RBI Circular in order to meet a funding gap of nearly Rs 8500 crore which is to be met by an appropriate mix of equity infusion, debt restructuring, sale/ sale and lease back/ refinancing of aircraft, among other things.
The BLPRP will be presented for consideration of each of the consortium of lenders, the overseeing committee of the Indian bankers' association, the board of directors of Etihad Airways, and the promoter.
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