Market tumbles on negative Asian stocks

Domestic stocks dropped sharply in early trade on negative Asian stocks. At 9:28 IST, the barometer index, the S&P BSE Sensex, was down 514.45 points or 1.39% at 36,603.77. The Nifty 50 index was down 138.75 points or 1.26% at 10,858.60. The Sensex fell below the psychological 37,000 mark in early trade.

The S&P BSE Mid-Cap index was down 1.7%. The S&P BSE Small-Cap index was down 1.66%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 236 shares rose and 1035 shares fell. A total of 40 shares were unchanged.

Overseas, Asian shares were trading lower on Monday as a sharp escalation in the Sino-US trade war kept financial markets on edge.

US stocks ended at their lowest levels in a month on Friday as investors worried that President Trump's escalation of the trade war with China would impact economic growth. Stocks extended losses after China vowed to retaliate against President Trump's decision on Thursday to impose 10% tariffs on the remaining $300 million of imports from China not already subject to levies.

Back home, ITC fell 1.42%. The company's consolidated net profit rose 12.79% to Rs 3355.01 crore on 8.12% rise in total income to Rs 13305.19 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 2 August 2019.

Nestle India advanced 3.73% after net profit rose 10.84% to Rs 437.84 crore on 11.41% rise in total income to Rs 3073.44 crore in Q2 June 2019 over Q2 June 2018. The result was announced after market hours on Friday, 2 August 2019.

Gujarat State Petronet rose 0.33% after consolidated net profit rose 53.48% to Rs 331.76 crore on 41.2% rise in total income to Rs 3052.54 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 2 August 2019.

Aditya Birla Capital rose 0.67% after consolidated net profit rose 26.89% to Rs 269.85 crore on 19.13% rise in total income to Rs 3711.79 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 2 August 2019.

Bata India shed 0.63%. The company's consolidated net profit rose 22.52% to Rs 100.97 crore on 11.08% rise in total income to Rs 899.62 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 2 August 2019.

Union Bank of India lost 2.09%. The bank's net profit rose 73.25% to Rs 224.43 crore on 0.22% fall in total income to Rs 9887.14 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 2 August 2019.

Deepak Nitrite rose 0.93% after consolidated net profit rose 601.55% to Rs 131.61 crore on 128.64% rise in total income to Rs 1062.57 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 2 August 2019.

Meanwhile, the Cabinet will reportedly meet today morning and is expected to take stock of the policy decisions concerning Jammu and Kashmir. Panic gripped the Valley after the government imposed restrictions and curfews in several districts of Jammu and Kashmir on Sunday. The government has cited precautionary measure as the reason beefing up security deployment and imposing curfew.

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