Key benchmark indices trimmed losses after hitting fresh intraday low in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 125.26 points or 0.32% at 39,561.89. The Nifty 50 index was down 32.35 points or 0.27% at 11,833.40.
The S&P BSE Mid-Cap index was down 0.05%. The S&P BSE Small-Cap index was down 0.23%.
The market breadth was negative. On the BSE, 861 shares rose and 1175 shares fell. A total of 111 shares were unchanged.
Yes Bank was down 6.78% to Rs 101.75 after the media reported that a Mumbai-based Radius Developers has defaulted on scheduled interest payments on a Rs 1,200-crore loan to the private lender. The media quoted a Radius Group spokesperson as saying that the company will be paying the interest component of Rs 30 crore to Yes Bank by 5 July.
Godrej Properties tumbled 10.56% to Rs 981.50. On the BSE, 2.13 lakh shares were traded in the counter so far compared with average daily volumes of 55,000 shares in the past two weeks.
ICRA was down 5.36% to Rs 3046. The board of directors of ICRA decided, pending the completion of the examination of the concerns raised in the anonymous representation that was forwarded to the company by the Securities and Exchange Board of India (Sebi), to place Naresh Takkar on leave, effective immediately, until further notice.
The board of directors has also decided to appoint Vipul Agarwal, as interim chief operating officer ("COO"), apart from his role as group chief financial officer. Agarwal will be responsible for handling ICRA ratings and non-ratings businesses. The senior management of ICRA and its group entities, will report to him. During Takkar's period of leave, Agarwal will report to the board of directors.
ONGC was up 1.86% to Rs 164.05. ONGC has discovered over 230 million tonnes of in-place oil reserves in the last three years, Petroleum Minister Dharmendra Pradhan reportedly said Monday. In a written reply to a question in the Lok Sabha, he said ONGC as on 1 April 2019, has in place oil reserves of 459.84 million tonnes. These reserves are spread over 16 assets it currently extracts oil from, he said.
Meanwhile, ONGC announced that it has signed an MoU with Indian Oil Corporation (IOC) for Co2 based Enhanced Oil Recovery (EOR) by injecting Co2 captured from IOC's Koyali refinery. The MoU is aimed to establish a framework for mutually beneficial cooperation in the area of Co2-EOR as a mode of CCUS. The common objective is to address some of the biggest challenges of our country in particular & world at large, namely energy security and climate change.
JSW Energy was up 1.53% to Rs 69.65. The company announced that that it has terminated the proposed acquisition of thermal plant in Chhattisgarh from Jindal Steel and Power
Most pharma stocks declined. Sun Pharmaceutical Industries (down 2.9%), Cadila Healthcare (down 1.94%), Wockhardt (down 1.12%), Aurobindo Pharma (down 1.04%), Lupin (down 0.8%), Dr Reddy's Laboratories (down 0.65%), Piramal Enterprises (down 0.51%), Divi's Laboratories (down 0.18%) and Cipla (down 0.16%) edged lower. IPCA Laboratories (up 1.56%), GlaxoSmithKline Pharmaceuticals (up 0.75%), Alkem Laboratories (up 0.13%) and Glenmark Pharmaceuticals (up 0.06%) edged higher.
Shares of most IT companies were trading lower. Mphasis (down 1.27%), TCS (down 0.61%), Persistent Systems (down 0.34%), Hexaware Technologies (down 0.31%), Tech Mahindra (down 0.24%) and HCL Technologies (down 0.22%) declined. Oracle Financial Services Software (up 1.45%), MindTree (up 1.13%), Wipro (up 0.96%) and Infosys (up 0.16%) gained.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 68.985, compared with its close of 69.9475 during the previous trading session.
Meanwhile, over 20 people have been killed in rain-related incidents in Mumbai and Pune, with heavy rains forcing authorities to declare a public holiday today, 2 July 2019, to ensure safety of Mumbai residents.
Heavy to very heavy rainfall at a few places with extremely heavy rainfall at isolated places is very likely over Vidarbha and east Madhya Pradesh, the India Meteorological Department (IMD) said on Tuesday. Madhya Pradesh, Maharashtra, Marathwada and Odisha are also predicted to receive heavy downpour today, the weather department said. Thunderstorm accompanied by lightning at isolated places are very likely over parts of Jharkhand, the IMD said.
Rough to very rough sea conditions (with wind speed reaching 40-50 kmph) are likely to prevail over westcentral & adjoining southwest Arabian Sea, along & off Gujarat coast, along & off Andaman & Nicobar Islands, north & adjoining central Bay of Bengal and adjoining coastal areas of West Bengal, Odisha and Andhra Pradesh. Fishermen are advised not to venture into these areas.
Private weather forecaster, Skymet Weather, said intermittent moderate rain with isolated heavy spells and strong gusty winds will continue over Mumbai, Mumbai Suburban, Palghar and Thane during next 2-3 hours.
On the macro front, the Index of Eight Core Industries registered a growth of 5.1% in May 2019 over May 2018. The cumulative growth of these industries during April-May 2019-20 was 5.7% as compared to the growth of 4.4% during April- May 2018-19. The data was announced by government after market hours yesterday, 1 July 2019.
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