Indices sink in negative zone

Key benchmark indices reversed gains and hit intraday low in negative zone in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 94.08 points or 0.25% at 37,597.81. The Nifty 50 index was down 19.25 points or 0.17% at 11,367.85. Realty stocks saw mixed trend.

Stocks trimmed initial gains amid mild volatility in early trade. The Sensex and the Nifty, both, scaled record high in early trade. Indices hovered with small gains in a tidy range in morning trade.

The S&P BSE Mid-Cap index was down 0.56%. The S&P BSE Small-Cap index was down 0.53%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, turned negative from positive in mid-morning trade. On the BSE, 1040 shares rose and 1329 shares fell. A total of 113 shares were unchanged.

Larsen & Toubro rose 0.65% after the company said that its construction arm Larsen & Toubro Construction has won orders worth Rs 1904 crore across various business segments. The power transmission & distribution (PT&D) business of L&T Construction has bagged EPC orders worth Rs 1723 crore. The smart world & communication business has secured an order worth Rs 181 crore for the implementation of Goa Intelligent City Management System for Panaji City as the master system integrator (MSI). The announcement was made during market hours today, 7 August 2018.

Adani Ports and Special Economic Zone lost 5.83% after consolidated net profit fell 9.14% to Rs 697.40 crore on 12.17% decline in net sales to Rs 2411.03 crore in Q1 June 2018 over Q1 June 2017. The result was announced after market hours yesterday, 6 August 2018.

Karan Adani, chief executive officer and whole time director of Adani Ports and Special Economic Zone said that the company clocked highest quarterly throughput with a growth of 9% in Q1FY19. This has been possible due to its continued efforts to diversify cargo at all its ports.

Port earnings before interest, taxes, depreciation and amortization (EBITDA) margins have expanded by 100 BPS to 70% and the company expects EBITDA to continue to expand due to its focus on higher capacity utilization, automation and mechanisation through use of technology. The company's focus will be to further strengthen its balance sheet and to continue best practices in health, safety and environment processes.

Realty stocks saw mixed trend. DLF (down 2.3%), Housing Development and Infrastructure (down 3.76%), D B Realty (down 0.45%), and Oberoi Realty (down 0.85%) declined. Sobha (up 2.93%), Godrej Properties (up 0.09%), Prestige Estates Projects (up 0.09%), Indiabulls Real Estate (up 0.24%) and Unitech (up 0.49%) rose.

Overseas, most Asian stocks rose on positive leads from earnings-led gains on Wall Street. The three major US stock indexes closed higher on Monday amid a strong US earnings season, with results from Berkshire Hathaway impressing and Facebook lifting the Nasdaq after a report it was planning new services.

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