Market reverses initial losses amid volatility

A bout of volatility was seen in early trade as the key indices regained positive zone after opening lower due to negative Asian stocks. At 9:27 IST, the barometer index, the S&P BSE Sensex, was down 24.04 points or 0.06% at 37,855.02. The Nifty 50 index was up 2.95 points or 0.03% at 11,255.10.

The S&P BSE Mid-Cap index was up 0.06%. The S&P BSE Small-Cap index was down 0.22%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 513 shares rose and 560 shares fell. A total of 51 shares were unchanged.

Overseas, Asian stocks slipped amid expectations the U.S. Federal Reserve could be less aggressive than expected with monetary policy when it meets next week.

U.S. stocks finished lower Thursday, retreating from records for the S&P 500 and Nasdaq, after a series of mostly disappointing earnings reports.

The Fed will gather on July 30-31 for policy meeting and the U.S. central bank is widely anticipated to cut benchmark rates by at least 25 basis points to combat headwinds from the China-U.S. trade dispute and signs of slowing economic growth outside of the U.S.

In Europe, the European Central Bank laid the groundwork for further cuts to interest rates, announcing Thursday that it intends to leave official rates at present or lower levels, at least through the first half of 2020.

Back home, Tata Motors fell 0.21% after the company reported consolidated net loss of Rs 3698.34 crore in Q1 June 2019, higher than net loss of Rs 1902.37 crore in Q1 June 2018. Total income fell 7.43% to Rs 62302.98 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 25 July 2019.

Bajaj Finserv shed 0.05%. The company's consolidated net profit rose 2.37% to Rs 845.34 crore on 39.92% increase in total income to Rs 12272.26 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 25 July 2019.

Biocon advanced 3.77% after consolidated net profit rose 72.35% to Rs 206.30 crore on 24.88% increase in total income to Rs 1490 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 25 July 2019.

Bank of Baroda gained 3.29% after net profit rose 34.38% to Rs 709.87 crore on 63.13% increase in total income to Rs 20860.90 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 25 July 2019.

GRUH Finance fell 0.42%. The company's net profit rose 0.46% to Rs 115.64 crore on 18.19% increase in total income to Rs 532.97 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 25 July 2019.

Techno Electric & Engineering Company rose 0.78% after the company was awarded an order worth Rs 369 crore from Damodar Valley Corporation for setting up Flue Gas Desulphurisation (FGD) System for Bokaro 'A' Thermal Power Station, BTPS 'A', (1X500 MW) located at Bokaro, Jharkhand. The announcement was after market hours yesterday, 25 July 2019.

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