Market slips in early trade

Local stocks are trading lower in early trade. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 96.95 points or 0.24% at 40,151.28. The Nifty 50 index was down 27.25 points or 0.23% at 11,889.95. Most Asian stocks were trading lower.

The S&P BSE Mid-Cap index was up 0.09%. The S&P BSE Small-Cap index was up 0.28%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 677 shares rose and 470 shares fell. A total of 56 shares were unchanged.

Among stocks, Titan Company lost 7.51% after the company reported 1.02% fall in consolidated net profit to Rs 302.79 crore on 1.74% rise in net sales to Rs 4600.71 crore in Q2 September 2019 over Q2 September 2018. Revenue growth during the quarter was impacted substantially by the decline in the revenues of the jewellery division due to the sudden spike in gold prices in June 2019.

Tech Mahindra rose 0.43% after the company reported 17.2% rise in consolidated profit after tax to Rs 1124 crore on a 4.8% rise in revenue to Rs 9070 crore in Q2 September 2019 over Q1 June 2019. EBITDA rose 14.2% to Rs 1501 crore while the EBITDA margins rose by 130 bps to 16.5% in Q2 September 2019 over Q1 June 2019.

Hero MotoCorp rose 0.27%. The Board of Directors of Hero MotoCorp has considered and approved an investment of upto Rs 450 crore in its associate company, Hero FinCorp (HFCL) by subscribing to the issue of shares by way of private placement in one or more tranches.

Sun Pharmaceutical Industries gained 2.02%. Sun Pharmaceutical Industries and its subsidiaries and/or associate companies announced that it has entered into a licensing agreement with AstraZeneca UK (AstraZeneca) to introduce certain novel readyto-use (RTU) infusion oncology products in China. The agreement will help to bring cost effective and quality drugs to patients in China.

Divis Laboratories slipped 0.8%. The company reported 11.63% fall in consolidated net profit to Rs 356.78 crore on 9.19% rise in net sales to Rs 1445.57 crore in Q2 September 2019 over Q2 September 2018.

Gujarat Gas advanced 2.34% after the company reported 1161.05% surge in consolidated net profit to Rs 517.03 crore on 27.93% rise in net sales to Rs 2512.91 crore in Q2 September 2019 over Q2 September 2018.

Torrent Power rose 3.54% after the company reported 83.03% surge in consolidated net profit to Rs 754.41 crore on 11.54% rise in net sales to Rs 3842 crore in Q2 September 2019 over Q2 September 2018.

Gillette India fell 1.96% after the company reported 5.49% fall in net profit to Rs 61.76 crore on 1.25% rise in net sales to Rs 462.20 crore in Q1 September 2019 over Q1 September 2018.

Overseas, most Asian stocks were trading lower on Wednesday as investors awaited new developments toward scaling back a bruising trade war between the United States and China.

US stocks were mixed on Tuesday as investors paused in the wake of a rally buoyed by hopes of a trade deal between the United States and China that sent the three main U.S. stock indexes to record highs in the previous session.

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