Sensex, Nifty hit fresh intraday low

Key equity barometers extended early losses and hit fresh intraday low in morning trade. At 10:24 IST, the barometer index, the S&P BSE Sensex, was down 109.35 points or 0.29% at 37,721.63. The Nifty 50 index was down 21.20 points or 0.19% at 11,230.95.

The S&P BSE Mid-Cap index was up 0.10%. The S&P BSE Small-Cap index was down 0.21%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 757 shares rose and 908 shares fell. A total of 87 shares were unchanged.

Bajaj Auto (down 0.02%), Maruti Suzuki India (down 0.44%), JSW Steel (up 0.56%) and Vedanta (down 2.01%) ahead of Q1 June 2019 results today.

Most IT stocks fell. Infosys (down 0.99%), Tech Mahindra (down 0.92%), MindTree (down 0.6%), HCL Technologies (down 0.58%), Hexaware Technologies (down 0.53%) and TCS (down 0.46%) declined.

Oracle Financial Services Software (up 1.31%) and Wipro (up 0.32%) advanced.

Persistent Systems was down 3.52%. On a consolidated basis, Persistent systems' net profit fell 2.37% to Rs 82.47 crore on a 0.03% rise in the net sales to Rs 832.11 crore in Q1 June 2019 over Q4 March 2019. The result was announced after market hours yesterday, 25 July 2019.

MphasiS fell 2.47%. On a consolidated basis, Mphasis' net profit fell 0.54% to Rs 264.7 crore on a 1.86% rise in the net sales to Rs 2062.56 crore in Q1 June 2019 over Q4 March 2019. The result was announced after market hours yesterday, 25 July 2019.

PVR fell 3.22%. On a consolidated basis, PVR's net profit fell 69% to Rs 16.15 crore on a 26.4% rise in the net sales to Rs 880.39 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 25 July 2019.

Westlife Development fell 5.58%. On a consolidated basis, Westlife Development reported net loss of Rs 1.13 crore in Q1 June 2019 compared with net profit of Rs 9.02 crore in Q1 June 2018. Net sales rose 11.8 % to Rs 381.86 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 25 July 2019.

Tata Coffee gained 1.98%. On a consolidated basis, the company's net profit fell 12.8% to Rs 22.14 crore on a 10.5% rise in the net sales to Rs 466.67 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 25 July 2019.

AU Small Finance Bank rose 4.29%. AU Small Finance Bank's net profit rose 147.7% to Rs 190.32 crore on a 66.1% rise in the total income to Rs 1168.33 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 25 July 2019.

Realty stocks were mixed. Anant Raj (up 2.71%), DLF (up 0.97%), Omaxe (up 0.93%), D B Realty (up 0.55%), Indiabulls Real Estate (up 0.42%), Sunteck Realty (up 0.14%), Prestige Estates Projects (up 0.11%) and Phoenix Mills (up 0.01%) advanced.

Parsvnath Developers (down 3.06%), Sobha (down 2%), Unitech (down 0.92%), Housing Development and Infrastructure (HDIL) (down 0.38%), Mahindra Lifespace Developers (down 0.31%), Godrej Properties (down 0.28%) and Oberoi Realty (down 0.03%) declined.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 69.06, compared with its close of 69.045 during the previous trading session.

Overseas, Asian stocks were trading lower amid expectations the U.S. Federal Reserve could be less aggressive than expected with monetary policy when it meets next week.

U.S. stocks finished lower Thursday, retreating from records for the S&P 500 and Nasdaq, after a series of mostly disappointing earnings reports.

The Fed will gather on July 30-31 for policy meeting and the U.S. central bank is widely anticipated to cut benchmark rates by at least 25 basis points to combat headwinds from the China-U.S. trade dispute and signs of slowing economic growth outside of the U.S.

In Europe, the European Central Bank laid the groundwork for further cuts to interest rates, announcing Thursday that it intends to leave official rates at present or lower levels, at least through the first half of 2020.

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