Key benchmark indices hit fresh intraday low in morning trade. The Nifty 50 index was trading slightly above it 11,500 mark. Auto shares saw major selling pressure.
At 10:24 IST, the barometer index, the S&P BSE Sensex, was down 254.39 points or 0.65% at 38,643.07. The Nifty 50 index was down 72.85 points or 0.63% at 11,524.05.
Selling was wide spread. The S&P BSE Mid-Cap index was down 0.92%. The S&P BSE Small-Cap index fell 0.91%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 482 shares rose and 1292 shares fell. A total of 86 shares were unchanged.
Auto shares fell. TVS Motor Company (down 2.52%), Mahindra & Mahindra (down 2.14%), Bajaj Auto (down 1.56%), Hero MotoCorp (down 1.52%), Ashok Leyland (down 1.29%), Maruti Suzuki India (down 1.27%), Escorts (down 1.05%) and Eicher Motors (down 0.85%) declined.
Tata Motors fell 1.8%. The auto major said that it has incorporated a wholly owned subsidiary company named Brabo Robotics and Automation with effect from 17 July 2019. Brabo Robotics and Automation is engaged in manufacture of machinery and equipment relating to factory automation and robotics. The announcement was made after market hours yesterday, 18 July 2019.
Most IT shares fell. Persistent Systems (down 3.09%), Wipro (down 1.1%), Tech Mahindra (down 0.89%), MphasiS (down 0.43%), Oracle Financial Services Software (down 0.19%), Infosys (down 0.16%) and Hexaware Technologies (down 0.1%) declined.
MindTree (up 1.86%), TCS (up 0.46%) and HCL Technologies (up 0.09%) advanced.
Larsen & Toubro Infotech was down 3.73% after the company announced its Q1 June 2019 result after market hours yesterday, 18 July 2019. On a consolidated basis, L&T Infotech's net profit fell 6.1% to Rs 355.80 crore on a 0.04% fall in the net sales to Rs 2484.90 crore in Q1 June 2019 over Q4 March 2019.
Cyient was down 10.82% after the company announced its Q1 June 2019 result after market hours yesterday, 18 July 2019. On a consolidated basis, Cyient's net profit fell 49.57% to Rs 90.50 crore on a 6.35% fall in the net sales to Rs 1089 crore in Q1 June 2019 over Q4 March 2019.
In a separate announcement yesterday, Cyient informed of the merger of Cyient DLM and Cyient Insight, it's wholly owned subsidiaries with the company.
Sasken Technologies was down 6.17% after the company announced its Q1 June 2019 result after market hours yesterday, 18 July 2019. On a consolidated basis, Sasken Technologies's net profit fell 15.56% to Rs 23.18 crore on a 0.65% fall in the net sales to Rs 134.66 crore in Q1 June 2019 over Q4 March 2019.
InterGlobe Aviation was up 0.95% ahead of its Q1 June 2019 result today. InterGlobe Aviation announced after market hours yesterday, 18 July 2019, that it has received a communication from the Ministry of Corporate Affairs (MCA) vide its letter dated 17 July 201 9, requiring the company to furnish certain information/explanations in relation to complaint dated 8 July 2019 received from Mr. Rakesh Gangwal, co-founder and director of the company. The company will respond to MCA within the prescribed period.
Most metal shares fell. Hindustan Copper (down 1.23%), Hindalco Industries (down 1.02%), JSW Steel (down 0.62%), National Aluminium Company (down 0.43%) and Steel Authority of India (down 0.33%) declined.
NMDC (up 0.66%), Tata Steel (up 0.36%), Vedanta (up 0.25%) and Jindal Steel & Power (up 0.21%) advanced.
Hindustan Zinc was down 0.62% ahead of its Q1 June 2019 result today.
RBL Bank (down 0.32%), Dabur India (down 0.61%), Bandhan Bank (down 0.39%), ICICI Lombard General Insurance Company (down 1.23%), L&T Finance Holdings (down 2.01%) , L&T Technology Services (down 2.83%), Mahindra CIE Automotive (down 0.18%), Phillips Carbon Black (up 1.42%) and Unitech (down 0.95%) will announce their Q1 June 2019 result today.
DHFL (down 3.29%), IDBI Bank (down 0.87%), Reliance Capital (up 0.48%), Reliance Infrastructure (down 0.83%) and Tata Elxsi (up 0.61%) are currently under F&O ban. F&O ban was imposed after these contracts crossed 95% of the market-wide position limit in derivatives market.
Overseas, Asian stocks were trading higher on Friday, as comments from US Federal Reserve official cemented expectations of a US interest rate cut later this month.
US stocks closed higher Thursday, after New York Federal Reserve President John Williams said the central bank's wisest strategy is to cut interest rates at the first sign of economic distress when interest rates are already low. The Fed is widely expected to cut interest rates at the conclusion of its two-day July 30-31 policy meeting.
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