Sensex, Nifty bounce back

Key equity benchmarks bounced back in positive terrain in the afternoon trade. At 13:30 IST, the barometer index, the S&P BSE Sensex, rose 36.11 points or 0.10% at 37,433.35. The Nifty 50 index rose 14.50 points or 0.13% at 11,099.90.

The S&P BSE Mid-Cap index was up 0.02%. The S&P BSE Small-Cap index fell 0.36%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 829 shares rose and 1,387 shares fell. A total of 101 shares were unchanged.

Axis Bank dropped 4.22%. The bank's net profit jumped 95.42% to Rs 1370.08 crore on 21.79% rise in total income to Rs 19123.71 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 30 July 2019. Net interest income (interest earned less interest expended) for the quarter ended 30 June 2019 grew by 13% to 5,844 crore from Rs 5,167 crore for the quarter ended 30 June 2018.

The ratio of gross NPAs to gross advances stood at 5.25% as on 30 June 2019 as against 5.26% as on 31 March 2019 and 6.52% as on 30 June 2018. The ratio of net NPAs to net advances stood at 2.04% as on 30 June 2019 as against 2.06% as on 31 March 2019 and 3.09% as on 30 June 2018. The bank's provision coverage ratio increased to 78% as on 30 June 2019 compared with 77% on 30 June 2018.

Hero MotoCorp was up 3.22% at Rs 2,344.75. The stock hit a 52-week low of Rs. 2228.25 in intraday today. The company's consolidated net profit rose 36.05% to Rs 1252.22 crore on 1.33% rise in total income to Rs 9155.87 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 30 July 2019.

Tech Mahindra slipped 2.12%. The firm's consolidated net profit declined 15.29% to Rs 959.30 crore on 2.69% decline in net sales to Rs 8653 crore in Q1 June 2019 over Q4 March 2019. The result was announced after market hours yesterday, 30 July 2019. EBITDA declined 19.8% to Rs 1314.10 crore in Q1 June 2019 over Q4 March 2019. EBITDA margin fell to 15.2% in Q1 June 2019 from 18.4% Q4 March 2019.

In a separate announcement, the IT company announced that its board has approved the proposal to acquire majority stake in Mad*Pow Media Solutions, LLC through its wholly owned subsidiary viz. Tech Mahindra (Americas), Inc. The cost of the said acquisition is US$25.3mn. The transaction is expected to close by 31 July 2019.

Maruti Suzuki India rose 0.28%. The car maker announced after market hours yesterday, 30 July 2019, that Ertiga (Petrol) is now BS-VI compliant. The revised ex-showroom price in Delhi and NCR of BS-VI compliant Ertiga (Petrol) varies from Rs. 7.54 lakh to Rs. 10.05 lakh with effect from 30th July, 2019.

Mahindra & Mahindra shed 0.23%. The company announced after market hours yesterday, 30 July 2019 that its shareholding in SmartShift Logistics Solutions has increased from 30.73% to approximately 34% of the Share Capital (Equity and Preference) on a fully diluted basis.

Coffee Day Enterprises was locked in 20% lower circuit at Rs 123.25. As per reports, fishermen found the body of CCD owner V.G Siddhartha in the backwaters of the Nethravati River at Hoige Bazaar. Siddhartha went missing on Monday evening, following which search operations near Mangaluru were initiated early on Tuesday morning.

JSW Steel advanced 2.43%. The steel manufacturer announced after market hours yesterday, 30 July 2019 that it has been declared as the Preferred Bidder for 6 Category "C" iron ore Mines having estimated resource of around 120.714 MMT, in the e-auctions conducted by the Government of Karnataka.

Eicher Motors (up 0.56%), Indian Oil Corporation (up 1.57%) and UPL (up 2.37%) will announce their Q1 June 2019 results today.

Yes Bank (up 4.94%), IndusInd Bank (up 4.24%), Sun Pharmaceuticals (up 3.57%), Grasim Industries (up 3.28%) and UPL (up 2.42%), advanced.

Zee Entertainment Enterprises (down 4.59%), Bharti Airtel (down 3.33%), Bharti Infratel (down 2.04%), Titan Company (down 1.73%) and Bajaj Finance (down 1.54%), declined.

Overseas, European markets were trading lower as investors await an interest rate decision from the U.S. Federal Reserve. DAX (down 0.04%), CAC 40 (down 0.07%) and FTSE 100 (down 0.36%) declined. Asian shares were trading lower on Wednesday amid dampened expectations for a resolution to the U.S.-China trade war. China's factory activity contracted for the third straight month in July, according to official data released on Wednesday.

The official manufacturing Purchasing Managers' Index (PMI) for July came in at 49.7 from June's reading of 49.4, according to data from the Chinese statistics bureau.

US stocks drifted lower Tuesday as President Trump renewed his attacks on China, quashing hopes for a speedy resolution to trade tensions. Investors also digested another round of mixed corporate earnings and awaited a crucial Federal Reserve decision.

President Trump ratcheted up pressure on China to quickly reach a trade deal, warning that if he is re-elected next year, the terms of an agreement would be much tougher than what is currently being discussed. US delegates including Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer are in Shanghai for meetings with their Chinese counterparts, but hopes remain low for a breakthrough as neither side appears eager to make a deal.

The US Federal Reserve's two-day policy meeting concludes today, 31 July 2019. It is widely anticipated to cut benchmark rates by at least 25 basis points to combat headwinds from the China-US trade dispute and signs of slowing economic growth outside of the US.

Powered by Capital Market - Live News