Key indices reversed initial gains and sink in negative zone in early trade. At 9:30 IST, the barometer index, the S&P BSE Sensex, was down 60.54 points or 0.17% at 36,313.54. The Nifty 50 index was down 17.20 points or 0.16% at 10,888.

The S&P BSE Mid-Cap index was down 0.29%. The S&P BSE Small-Cap index was down 0.24%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 506 shares rose and 679 shares fell. A total of 68 shares were unchanged.

Overseas, Asian stocks were trading higher Friday amid optimism for progress in U.S.-China trade talks. US stocks advanced on Thursday as a published report that the United States was considering lifting tariffs on Chinese imports lifted investor sentiment. US Treasury Secretary Steven Mnuchin reportedly discussed lifting some or all tariffs imposed on Chinese imports and suggested offering a tariff rollback during trade discussions scheduled for January 30.

Back home, Hindustan Unilever (HUL) rose 0.3%. HUL's net profit rose 8.9% to Rs 1444 crore on 12.4% increase in net sales to Rs 9357 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 17 January 2018.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 22% to Rs 2046 crore in Q3 December 2018 over Q3 December 2017. Prudent management of volatility in costs (crude and currency led) along with improved mix and operating leverage has driven margin improvement, the company said.

Sanjiv Mehta, chairman and managing director, said that that company has delivered another strong performance in the quarter, with double digit volume growth and improvement in margins. HUL's focus on strengthening the core and leading market development by tapping into emerging trends has been yielding results across categories. In the near term, demand is likely to be stable. The company will keep a close watch on the macro-economic environment and respond with agility. HUL remains focused on its strategic agenda of delivering consistent, competitive, profitable and responsible growth.

Reliance Industries (RIL) rose 0.81%. On a consolidated basis, RIL's net profit increased 8.82% to Rs 10251 crore on 56.69% increase in net sales to Rs 156397 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 17 January 2018.

Increase in revenue is primarily on account of higher price realizations and volumes for petrochemical and refining businesses along with continuing strong growth momentum in consumer businesses. Product prices for the refining and petrochemicals business increased in line with 10.4% higher average Brent crude oil price. The higher volumes in petrochemical business are on account of stabilization and ramp-up of new petrochemical facilities. Retail business and digital services business recorded an increase of 89% and 51% in revenue during the quarter compared to the corresponding quarter of the previous year.

Commenting on the results, chairman and managing director, Mukesh Ambani said in its new-age consumer businesses, RIL maintained robust growth momentum across retail and Jio platforms and the share of consumer businesses is steadily increasing its contribution to the overall profitability of the company. In wireless business, RIL's customer-centric offerings and strong ubiquitous network are helping to digitalise India at an unprecedented rate.

Aurobindo Pharma rose 0.74%. Aurobindo Pharma announced the signing of a definitive agreement to acquire a portfolio of seven branded oncology injectable products from Spectrum pharmaceuticals Inc. The acquisition also brings-in an experienced branded commercial infrastructure in the US.

Acrotech Biopharma LLC (Acrotech), a wholly-owned subsidiary of Aurobindo Pharma USA Inc., which in turn a wholly-owned subsidiary of Aurobindo Pharma, will be acquiring the portfolio on a debt free and cash free basis. This acquisition is in line with the company's strategy to commercialize innovative proprietary medications. The acquisition will help Aurobindo Group to enter the branded oncology market with a range of products which are well recognized by the oncology community. Aurobindo Group will also acquire a well-established and experienced branded commercial infrastructure to continue commercializing these brands. The announcement was made after market hours yesterday, 17 January 2018.