Key benchmark indices trimmed losses in early afternoon trade. At 12:27 IST, the barometer index, the S&P BSE Sensex, was down 529.21 points or 1.43% at 36,589.01. The Nifty 50 index was down 158.80 points or 1.44% at 10,838.55. Tensions in Jammu and Kashmir (J&K), coupled with weak global cues spoiled investors sentiment.
The S&P BSE Mid-Cap index was down 1.28%. The S&P BSE Small-Cap index was down 1.83%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 491 shares rose and 1637 shares fell. A total of 111 shares were unchanged.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 70.310, compared with its close of 69.690 during the previous trading session.
On derivatives front, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 11.32% at 16.9075.
On the options front, Nifty option chain for 29 August 2019 expiry showed a maximum call open interest (OI) of 23.08 lakh contracts at the 11000 strike price. Maximum put OI of 31.27 lakh contracts was seen at 11000 strike price.
The Union Government on Monday moved a resolution in Rajya Sabha to scrap Article 370 of the Constitution that gives special status to Jammu and Kashmir. President Ram Nath Kovind issued a notification- The Constitution (Application to Jammu and Kashmir) Order, 2019 that will come into force immediately. The order is set to supersede the Constitution (Application to Jammu and Kashmir) Order, 1954 as amended from time to time.
The government also moved a bill proposing division of the state of Jammu and Kashmir into two union territories- Jammu and Kashmir division and Ladakh. Amit Shah in Rajya Sabha said the union territory in Ladakh will have no legislature while the union territory of Jammu and Kashmir will have a legislature like Delhi and Puducherry.
On the equity front, metal shares declined. Jindal Steel & Power (down 3.77%), Hindustan Copper (down 3.46%), Tata Steel (down 2.97%), Hindalco Industries (down 2.83%), JSW Steel (down 2.36%), National Aluminium Company (down 1.94%), NMDC (down 1.61%), Steel Authority of India (down 1.47%), Vedanta (down 1.4%) and Hindustan Zinc (down 0.92%) declined.
National Fertilizers slumped 7.85%. On a consolidated basis, the company reported a net loss of Rs 64.83 crore in Q1 June 2019 over a net profit of Rs 41.43 crore in Q1 June 2018. The revenue from operations rose 17.78% to Rs 2547.04 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 2 August 2019.
Trident rose 3.17%. On a consolidated basis, the company reported a 101.13% rise in the net profit to Rs 124.48 on 15.45% increase in the revenue from operations to Rs 1312.15 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 2 August 2019.
Bata India gained 2.61%. The company's consolidated net profit rose 22.5% to Rs 100.97 crore on 10.6% rise in net sales to Rs 882.76 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 2 August 2019.
The growth is attributed to successful execution of "Sweeping Angela Off Her Feet" strategy. This involves innovative campaigns which have helped to sustain profitable growth across categories and mindful upgradation of stores to provide world class shopping experience to our loyal customers while keeping costs under control. Retail channel continued to grow at a steady pace and supported by double- digit growth in e-commerce & non-retail channel as well.
Deepak Nitrite lost 0.14%. The company's consolidated net profit jumped 601.5% to Rs 131.61 crore on a 126.5% surge in net sales to Rs 1,050.98 crore in Q1 June 2019 compared with Q1 June 2018. The result was announced after trading hours on Friday, 2 August 2019.
V-Mart Retail slumped 6.64%. The company's net profit fell 29.2% to Rs 17.60 crore on 25.4% rise in net sales to Rs 453.05 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 2 August 2019.
Same store sales growth (SSSG) stood at 5.2% for the quarter. The company registered the highest revenue growth in Uttar Pradesh, its largest state in terms of retail store presence. The key growth driver for this quarter was the holy month of Ramadan, leading to Eid, a festival widely celebrated by millions of families in geographies where V-Mart has a substantial presence.
The company's earnings before interest tax depreciation and amortization (EBITDA) increased 33.79% to Rs 57.8 crore in Q1 June 2019 from 43.2 crore in Q1 June 2018.
Realty shares fell. Peninsula Land (down 5.41%), Unitech (down 5%), Housing Development and Infrastructure (HDIL) (down 4.45%),DLF (down 3.41%), Sunteck Realty (down 2.75%), Godrej Properties (down 2.39%), Phoenix Mills (down 2.18%), Indiabulls Real Estate (down 11.19%), Sobha (down 1.73%), Mahindra Lifespace Developers (down 1.36%), D B Realty (down 0.38%), Oberoi Realty (down 0.37%), Anant Raj (down 0.19%) Omaxe (down 0.1%) declined.
Parsvnath Developers (up 3.66%) and Prestige Estates Projects (up 1.66%) advanced.
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