Market drops in early trade on negative Asian stocks

Local stocks dropped in early trade on negative Asian stocks. At 9:30 IST, the barometer index, the S&P BSE Sensex, was down 251.48 points or 0.65% at 38,469.09. The Nifty 50 index was down 75.85 points or 0.66% at 11,482.75.

The S&P BSE Mid-Cap index was down 0.37%. The S&P BSE Small-Cap index was down 0.44%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 381 shares rose and 709 shares fell. A total of 37 shares were unchanged.

Overseas, Asian stocks were trading lower Tuesday after their US counterparts slipped overnight.

US stocks dropped Monday as investors scaled back expectations for interest-rate cuts following last week's strong June jobs report.

The key testimony from Federal Reserve Chairman Jerome Powell this week will be closely watched, as investors assess prospects for monetary easing following some conflicting signals on the US economy. Federal Reserve Chairman Jerome Powell testifies before Congress on monetary policy and the state of the US economy on Wednesday (the House of Representatives) and Thursday (the Senate).

In Europe, the UK Conservative Party members start voting to choose Theresa May's successor. Front-runner Boris Johnson and Jeremy Hunt will appear at events through the week, including a televised debate on July 9.

Back home, IT major Tata Consultancy Services (TCS) declined 1.34%. TCS announces its Q1 June 2019 result today, 9 July 2019.

Hero MotoCorp rose 0.51%. Hero MotoCorp has made an upward revision in the ex-showroom prices of its motorcycles and scooters, effective 8 July 2019. The price increase across its range of two-wheelers has been 1% (of the ex-showroom price), although the exact quantum of the increase will vary on the basis of the model and the specific market. The announcement was made after market hours yesterday, 8 July 2019.

Titan Company dropped 10%. Titan Company in its quarterly update said that the Q1 June 2019 witnessed a tough macro-economic environment with consumption being hit. Very high gold prices particularly in June also impacted growth in the jewellery industry. Against this background, the company's growth particularly in the jewellery segment was lower than planned even though the gains in market share were sustained. The announcement was made after market hours yesterday, 8 July 2019.

Glenmark Pharmaceuticals rose 0.92%. Glenmark Pharmaceuticals' subsidiary Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (U.S. FDA) for Ranolazine Extended-Release Tablets, 500 mg and 1,000 mg, a generic version of Ranexa Extended-Release Tablets, 500 mg and 1,000 mg, of Gilead Sciences, Inc. The announcement was made before market hours today, 9 July 2019.

Voltas rose 0.04%. Voltas announced its partnership with Energy Efficiency Services (EESL) to manufacture and sell 5-star rated inverter air conditioners. The announcement was made before market hours today, 9 July 2019.

Fortis Healthcare rose 0.12%. Fortis Healthcare said that Fortis Healthcare International (FHIL), a wholly owned subsidiary of the company, which is incorporated in Mauritius, has consummated the Proposed Transaction of sale of the entire shareholding held by FHIL in The Medical and Surgical Centre (MSCL), representing 28.89% stake. The announcement was made after market hours yesterday, 8 July 2019.

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