Market reverses initial losses

A bout of volatility was seen in early trade as domestic stocks reversed initial losses triggered on weak global cues. At 9:22 IST, the barometer index, the S&P BSE Sensex, was up 133.41 points or 0.36% at 36,833.25. The Nifty 50 index was up 40.50 points or 0.37% at 10,903.10.

The S&P BSE Mid-Cap index was up 0.47%. The S&P BSE Small-Cap index was up 0.4%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 676 shares rose and 333 shares fell. A total of 39 shares were unchanged.

Overseas, Asian stocks were trading lower Tuesday as the US-China trade war intensified, after Beijing confirmed it is suspending agricultural product purchases in response to new American tariffs. The Chinese Ministry of Commerce said Chinese companies have stopped purchasing American agricultural products in response to Trump's latest salvo and added it would not rule out tariffs on newly purchased agricultural goods after August 3. For its part, China is one of the largest buyers of U.S. agriculture.

US stocks suffered their biggest one-day decline of 2019 on Monday as China allowed its currency to fall to a more-than-10-year low versus the dollar after President Donald Trump rattled markets by announcing additional tariffs on Chinese goods late last week. President Donald Trump said last week the US is putting 10% tariffs on another $300 billion worth of Chinese goods starting September 1.

US Treasury Secretary Steven Mnuchin said on Monday the government had determined that China is manipulating its currency, and that Washington would engage with the International Monetary Fund to eliminate unfair competition from Beijing.

In economic data, the Institute for Supply Management said its nonmanufacturing, or services, index fell to 53.7% in July from 55.1% in June. The reading was the lowest since August 2016. A reading of more than 50 indicates expansion in activity.

Back home, Indiabulls Housing Finance rose 1.65% ahead of its Q1 result today, 6 August 2019.

Titan Company fell 0.76% ahead of its Q1 result today, 6 August 2019.

Wipro slipped 0.4%. Wipro announced that Designit, its strategic design arm, has opened a new studio in Sydney to expand its Australian operations and meet growing business requirements in the region. The announcement was made after market hours yesterday, 5 August 2019.

Berger Paints India rose 3.49%. The company's consolidated PBDIT (Profit before Depreciation, Interest, Tax and Other Income) rose 27.5% to Rs 305.20 crore on 15.7% rise in revenue from operations to Rs 1716.5 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market yesterday, 5 August 2019.

SRF jumped 7.35% after consolidated profit after tax (PAT) rose 41% to Rs 189 crore on 9% rise in revenue to Rs 1828 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market yesterday, 5 August 2019.

Muthoot Finance rose 1.2%. A meeting of the board of directors of Muthoot Finance is scheduled to be held on 12 August 2019 to consider raising of funds in the form of loans including bank loans or by issuance of foreign currency bonds or rupee denominated bonds overseas on public/private basis in international markets. The announcement was made after market hours yesterday, 5 August 2019.

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