Indices continue hovering in the red

The main stock indices continued to trade lower in the afternoon trade. At 13:19 IST, the barometer index, the S&P BSE Sensex, was down 230.57 points or 0.58% at 39,371.06. The Nifty 50 index was down 58.95 points or 0.50% at 11,772.80.

In broader market, the BSE Mid-Cap index was down 0.39%. The BSE Small-Cap index was up 0.07%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1077 shares rose and 1217 shares fell. A total of 123 shares were unchanged.

UPL (up 3.77%), Hindalco Industries (up 1.31%), UltraTech Cement (up 1.27%), Tech Mahindra (up 1.15%) and IndusInd Bank (up 1.11%), advanced.

Yes Bank (down 4.80%), Bharti Infratel (down 2.29%), Sun Pharmaceutical Industries (down 1.82%), Dr. Reddy's Laboratories (down 1.54%) and Housing Development Finance Corporation (down 1.25%), declined.

Car major Maruti Suzuki India (down 2.96%). The company announced that Dzire is now compliant with "AIS-145 Safety Norms" (both petrol and diesel). Dzire Petrol is also now BS-VI compliant. This has led to a price hike across model. The price shall vary from Rs. 5,82,613 to Rs. 9,57,622 (ex-showroom price in Delhi and NCR region). The announcement was made after market hours yesterday, 20 June 2019.

State-run NTPC rose 0.03%. NTPC said that the company participated in the 750 MW tender floated by Solar Energy Corporation of India (SECI) for Rajasthan. In the reverse auction held on 19 June 2019, NTPC has won 160 MW of Solar capacities at a levelised tariff of Rs.2.50 per unit, applicable for 25 years. This solar project shall be set up by NTPC under EPC mode and shall add to the installed capacity of NTPC. The announcement was made after market hours yesterday, 20 June 2019.

Tata Motors was down 0.25%. Moody's Investors Service downgraded the company's corporate family rating (CFR) and the company's senior unsecured instruments rating to Ba3 from Ba2. The outlook remains negative. The announcement was made after market hours yesterday, 20 June 2019.

Overseas, European markets were trading higher while Asian stocks were mixed on Friday. Market focus is largely attuned to simmering geopolitical tensions between the US and Iran. Iran reportedly shot down a US military drone and escalated the volatile situation between Washington and Tehran. The event has intensified fears of military confrontation in the Middle-East.

US stocks advanced on Thursday, with the S&P 500 closing at a record high, in a broad market rally, after the Federal Reserve signaled that an interest-rate cut may be forthcoming.

Markets rallied after Federal Reserve Chairman Jerome Powell on Wednesday signaled that the central bank may cut benchmark interest rates, currently at a range of 2.25%-2.50%, in the coming weeks if the economic outlook buffeted by U.S.-China trade tensions doesn't show signs of improvement.

The Fed next meets July 30-31, while President Donald Trump is reportedly expected to speak to Chinese President Xi Jinping on the sidelines of the coming Group of 20 meeting of the world's richest countries in Japan next week.

In economic data, the US current-account deficit fell 9.4% in the first quarter mostly because of a smaller deficit in goods. The current-account deficit shrank to $130.4 billion from a revised $143.9 billion in the fourth quarter.

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