Key equity indices were trading near day's low in mid-morning trade. At 11:26 IST, the barometer index, the S&P BSE Sensex, was down 152.30 points or 0.42% at 36,317.13. The Nifty 50 index was down 51.75 points or 0.48% at 10,841.90.

Mixed cues from other Asian stocks spoiled investors sentiment. Key indices opened lower and were hovering in narrow band in morning trade.

Among secondary barometers, the BSE Mid-Cap index was down 0.70%. The BSE Small-Cap index was down 0.90%.

The market breadth, indicating the overall health of the market, was negative. On BSE, 648 shares rose and 1486 shares fell. A total of 126 shares were unchanged.

Shares of Anil Dhirubhai Ambani Group plunged. Reliance Power (down 24.1%), Reliance Capital (down 17.53%), Reliance Infrastructure (down 14.29%) and Reliance Naval and Engineering (down 11.93%), slumped.

Reliance Communication (RCom) was down 37.33% at Rs 7.27. RCom announced after market hours on Friday, 1 February 2019, that its board reviewed the progress of the company's debt resolution plans since the invocation of SDR on 2nd June 2017. The board noted that, despite the passage of over 18 months, lenders have received zero proceeds from the proposed asset monetization plans, and the overall debt resolution process is yet to make any headway.

This outcome is attributable to lack of 100% approvals and consensus, as mandated by RBI's 12th February 2018 circular, on all important issues, amongst over 40 lenders, Indian and foreign despite the passage of 12 months and over 45 meetings; Pendency of numerous legal issues at High Courts, TDSAT and Supreme Court impeding progress at various stages.

Accordingly, the board decided that the company will seek fast track resolution through the National Company Law Tribunal (NCLT), Mumbai. The board believes this course of action will be in the best interests of all stakeholders, ensuring comprehensive debt resolution in a final, transparent and time bound manner within the prescribed 270 days. RCom and only two of its subsidiaries, Reliance Telecom and Reliance Infratel, will take appropriate steps shortly to implement the Board decision. There will be no impact on the business and operations of other subsidiaries of the company, including inter alia GCX, Reliance IDC, etc.

In a separate notice on 3 February 2019, RCom said that key elements of the debt resolution plan include, sale of all telecom infrastructure assets and spectrum; Strategic monetisation of GCX, IDC & Indian Enterprise Business; & Development of 30 million square feet at the Dhirubhai Ambani Knowledge City complex and sale of other real estate assets.

The RCom board expects substantial unsustainable debt and liabilities to stand extinguished under the NCLT process. RCom board will actively participate (without voting rights) in the NCLT resolution process, as clarified by a recent judgment of Supreme Court. The board also expects strong support from and requisite approvals of the Creditors' Committee, Resolution Professionals and NCLT in the interest of all stakeholders. The RCom board therefore sees a fast-track NCLT resolution in 2019, free of all uncertainties and challenges. The board remains confident on future prospects as a going concern under a new ownership on completion of the NCLT resolution process.

IT shares were mixed. Persistent Systems (up 3.42%), Hexaware Technologies (up 1.42%), HCL Technologies (up 0.39%), Oracle Financial Services Software (up 0.34%) and TCS (up 0.11%), edged higher. MindTree (down 0.43%), MphasiS (down 0.54%), Wipro (down 0.61%), Infosys (down 0.85%) and Tech Mahindra (down 1.13%), edged lower.

Most pharmaceutical shares declined. IPCA Laboratories (down 3.46%), Piramal Enterprises (down 3.08%), Glenmark Pharmaceuticals (down 1.59%), Wockhardt (down 1.52%), Cipla (down 1.11%), Sun Pharmaceutical Industries (down 1%), Aurobindo Pharma (down 0.95%), Cadila Healthcare (down 0.85%) and Lupin (down 0.12%), edged lower. Strides Shasun (up 0.07%), GlaxoSmithKline Pharmaceuticals (up 0.09%), Alkem Laboratories (up 0.41%), Dr Reddy's Laboratories (up 1.37%) and Divi's Laboratories (up 5.45%), edged higher.

On the economic front, the total gross GST revenue collected in the month of January 2019 stood at Rs 1,02,503 crore, of which CGST is Rs 17,763 crore, SGST is Rs 24,826 crore, IGST is Rs 51,225 crore (including Rs 24,065 crore collected on imports) and Cess is Rs 8,690 crore (including Rs 902 crore collected on imports). In FY 2018-2019, it is for the third time that GST revenue collection has crossed one lakh crore. The total number of GSTR 3B Returns filed for the month of December up to 31 January 2019 is 73.3 lakh.

The government has settled Rs 18,344 crore to CGST and Rs 14,677 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of December, 2018 is Rs 36,107 crore for CGST and Rs 39,503 crore for the SGST.

The collection in January 2019 is a significant increase from the collection of Rs 94,725 crore in December 2018, which was a decline from Rs 97,637 crore in November and Rs 1,00,710 crore in October. January 2019 collections are 14% above the January 2018 collections of Rs 89,825 crore. This jump has been achieved despite various tax reductions having come into force that provided major relief to the consumers. The gross GST collections over the last three-month period has been 14% higher than the corresponding period last year, Ministry of Finance said in a statement on 2 February 2019.

Overseas, Asian markets were mixed on Monday. China's financial markets are closed all week for the Lunar New Year holiday.

US stocks managed to close mostly higher Friday after an unexpectedly strong January jobs report. The US economy created 304,000 new jobs in January. At the same time, job growth for December was reduce by 90,000, somewhat blunting the impact of the headline number.

Among other data in the US, the ISM manufacturing index's final reading for January came in at 56.6%, above the initial reading of 54.1%. The IHS Markit final US manufacturing purchasing managers index reading came in at 54.9 in January, up from 53.8 in December.

The University of Michigan raised its reading of consumer sentiment for January from an initial print of 90.7 to 91.2. That compares to a 98.3 reading for December and was the worst final reading since Donald Trump was elected president.

Construction spending rose in November, up 0.8% from October to a seasonally adjusted annual rate of $1.2 trillion, the Commerce Department said Friday morning in a release that was delayed due to the government shutdown.