Metal stocks decline

Key indices hovered in negative zone in mid morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was down 203.52 points or 0.52% at 39,248.55. The Nifty 50 index was down 70.90 points or 0.60% at 11,752.40.

Trading for the day began on a negative note as domestic stocks edged lower in early trade on selling pressure in index pivotals. Key benchmark indices extended fall in morning trade after an initial decline.

Among secondary barometers, the BSE Mid-Cap index was down 0.55%. The BSE Small-Cap index was down 0.60%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On BSE, 616 shares advanced and 1397 shares declined. A total of 114 shares were unchanged.

Metal stocks dropped. Jindal Steel & Power (down 2.68%), Tata Steel (down 2.56%), Steel Authority of India (down 2.28%), Vedanta (down 2.03%), Hindalco Industries (down 1.29%), Hindustan Zinc (down 0.53%) and Hindustan Copper (down 0.37%), edged lower. National Aluminium Company (up 0.2%) and NMDC (up 0.09%), edged higher.

Oil and gas stocks declined. Reliance Industries (down 1.63%), HPCL (down 2.79%), Indian Oil Corporation (down 2.31%), BPCL (down 1.88%), GAIL India (down 1.67%), ONGC (down 0.33%), Oil India (down 0.23%) declined. Indraprastha Gas (up 0.22%) rose.

Reliance Infrastructure was down 5.82% after the company reported dismal Q4 results. The company reported consolidated net loss of Rs 3,301 crore in Q4 March 2019 as against net profit of Rs 133.66 crore in Q4 March 2018. Net sales rose 30.48% to Rs 4,012.65 crore in Q4 March 2019 over Q4 March 2018. The company said net loss was largely a result of one time impairment of Reliance Naval and Engineering acquired in 2016, which was already NPA company. The amount could be written back upon successful debt resolution of R-Naval pursuant to the new RBI circular, the firm added.

Divi's Laboratories gained 1.95% after the company announced that the US Food and Drug Administration (USFDA) had conducted an inspection at the company's unit-II at Chippada village, Bheemunipatnam district, Andhra Pradesh, from 10 to 15 June, 2019. This was a general current good manufacturing practice (CGMP) inspection by the US-FDA. The inspection has been concluded with no 483 observations.

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