Key indices pared losses in mid afternoon trade. At 14:24 IST, the barometer index, the S&P BSE Sensex, was down 311.83 points or 0.81% at 38,025.18. The Nifty 50 index was down 72.95 points or 0.64% at 11,346.30. Weakness in other Asian stocks spoiled investors sentiment.
The S&P BSE Mid-Cap index was down 0.69%. The S&P BSE Small-Cap index was down 1.23%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 670 shares rose and 1755 shares fell. A total of 150 shares were unchanged.
Realty shares declined. D B Realty (down 9.32%), Indiabulls Real Estate (down 8.34%), Godrej Properties (down 4.52%), Peninsula Land (down 3.64%), Anant Raj (down 3.4%), Parsvnath Developers (down 2.99%), Oberoi Realty (down 2.58%), Prestige Estates Projects (down 2.19%), Mahindra Lifespace Developers (down 1.7%), Sobha (down 1.16%), Sunteck Realty (down 1.16%), Phoenix Mills (down 1.14%), Housing Development and Infrastructure (HDIL) (down 1.1%) and Omaxe (down 0.18%) declined. Unitech (up 3.88%) and DLF (up 0.83%) advanced.
The National Housing Bank (NHB) has advised housing finance companies (HFCs) to desist providing loans to finance subvention schemes offered by builders to sell homes, according to a circular issued by the regulator. The new guideline from the NHB came after reports of HFCs as well as their individual borrowers being exposed to additional risks in case of housing loan products involving subvention schemes offered by builders. The housing regulator has also recommended that housing loans should be offered strictly linked to different stages of construction and no upfront disbursal should be made in case of incomplete projects.
The NHB has also asked HFCs to put in place a well-defined mechanism for monitoring the progress of construction of housing projects and obtain borrowers' consent before releasing payments to developers. However, merely obtaining the borrower's consent and releasing funds by the company without linkage to different stages of construction will be seen as dereliction of duty of the HFC, it said.
Laurus Labs was down 2.94%. The company during market hours today, 22 July 2019, announced the launch of the generic version of Lyrica, (pregabalin) Capsules, in all eight commercially available strengths (25 mg, 50 mg, 75 mg, 100 mg, 150 mg, 200 mg, 225 mg, & 300 mg) in US market. Rising recently received the final approval from the U.S. Food and Drug Administration (FDA) for the Abbreviated New Drug Application (ANDA).
Srikalahasthi Pipes was up 5.05% after the company announced Q1 June 2019 result during market hours today, 22 July 2019. Srikalahasthi Pipes's net profit rose 93.03% to Rs 33.37 crore on a 11.86% rise in the total income to Rs 373.18 crore in Q1 June 2019 over Q1 June 2018.
Hindustan Media Ventures was up 11.09% after the company announced Q1 June 2019 result during market hours today, 22 July 2019. Hindustan Media Ventures' net profit rose 200.53% to Rs 39.67 crore on a 2.14% rise in the total income to Rs 239.67 crore in Q1 June 2019 over Q1 June 2018.
Oriental Bank of Commerce was up 0.49% after the bank announced Q1 June 2019 result during market hours today, 22 July 2019.Oriental Bank of Commerce reported net profit of Rs 112.68 crore in Q1 June 2019 compared with net loss of Rs 393.21 crore in Q1 June 2018. Total income rose 19.14% to Rs 5634.98 crore in Q1 June 2019 over Q1 June 2018.
Most auto shares rose. Maruti Suzuki India (up 2.24%), Hero MotoCorp (up 1.02%), Tata Motors (up 0.9%), Ashok Leyland (up 0.76%) and Bajaj Auto (up 0.07%) advanced. Eicher Motors (down 2.89%), Escorts (down 2.89%) and Mahindra & Mahindra (down 1.33%) declined.
TVS Motor Company fell 3.8% ahead of its Q1 June 2019 result today.
The yield on India's 10-year benchmark federal paper rose to 6.432% at 14:19 IST compared with 6.361% at close in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 69.005, compared with its close of 68.8025 during the previous trading session.
MCX Gold futures for 5 August 2019 settlement rose 0.27% at Rs 35,129.
In the commodities market, Brent crude for September 2019 settlement was up $1.43 at $63.90 a barrel. The contract rose 54 cents or 0.87% to settle at $62.47 a barrel in the previous trading session.
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