Key equity benchmarks ended with tiny losses on Thursday. The Nifty just manage to hold above 11,250 mark. Trading was volatile as traders rolled over positions in the F&O segment from July 2019 series to August 2019 series. The July 2019 F&O contracts expired today.
Key indices opened higher and hit fresh intraday high in morning trade. Benchmarks reversed trend in mid-morning trade as selling pressure emerged at higher levels. After hitting fresh intraday low in afternoon trade, the indices bounced back in mid-afternoon trade. Last hour selling dragged the barometers a tad below flat line at closing trade.
The Sensex fell 16.67 points or 0.04% to settle at 37,830.98, its lowest closing level since 16 May 2019. The index rose 322.22 points, or 0.85% at the day's high of 38,169.87. The index fell 72.14 points, or 0.19% at the day's low of 37,775.51.
The Nifty 50 index fell 19.15 points or 0.17% to settle at 11,252.15, its lowest closing level since 15 May 2019. The index rose 90.10 points, or 0.80% at the day's high of 11,361.40. The index fell 31.95 points, or 0.28% at the day's low of 11,239.35.
The Nifty 50 index has fallen 435.35 points, or 3.72%, in six sessions from its recent closing high of 11,687.50 on 17 July 2019.
The S&P BSE Mid-Cap index rose 0.53%. The S&P BSE Small-Cap index fell 0.09%.
The market breadth was tilted in favour of sellers. On the BSE, 1082 shares rose and 1353 shares fell. A total of 168 shares were unchanged.
Among the sectoral indices on the BSE, the S&P BSE Healthcare index (up 1.61%), the S&P BSE IT index (up 0.77%) and the S&P BSE Teck index (up 0.75%) outperformed the S&P BSE Sensex. Meanwhile, the S&P BSE Energy index (down 1.91%), the S&P BSE Oil & Gas index (down 1.28%) and the S&P BSE Metal index (down 0.83%) underperformed the S&P BSE Sensex.
Tata Motors lost 4.56%. The company reported consolidated net loss of Rs 3238.18 crore in Q1 June 2019 compared with net loss of Rs 2584.23 crore in Q1 June 2018. Revenues fell 7.77% to Rs 60,830.16 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours today.
Fitch Ratings has downgraded the long-term issuer default rating (IDR) of Tata Motors to 'BB-' from 'BB'. The outlook is negative. The rating has been removed from Rating Watch Negative where it was placed on 6 February 2019.
Ambuja Cements was down 0.39% to Rs 214.75. The company's net profit rose 21.51% to Rs 831.75 crore on 3.41% increase in net sales to Rs 7,068.79 crore in Q2 June 2019 over Q2 June 2018. Pace of construction activities slowed down due to liquidity issues in the market and weak demand. Cement realisation registered a growth of 9% year on year.
Bajaj Finserv fell 3.92% to Rs 6783. The company's net profit rose 2.36% to Rs 845.34 crore on 39.91% increase in total income to Rs 12,272.26 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours today.
Bajaj Finance fell 3.95%. The company's consolidated net profit rose 43% to Rs 1195.25 crore on 47.5% rise in total income to Rs 5808.29 crore in Q1 June 2019 over Q1 June 2018. The company's loan losses and provisions jumped 69% from Rs 327 crore in Q1 June 2018 to Rs 551 crore in Q1 June 2019. The provisioning coverage ratio as of 30 June 2019 was 61%. The result was announced during market hours today, 25 July 2019.
Bajaj Finance's asset under management (AUM) grew 41% from Rs 91,287 crore in Q1 June 2018 to Rs 1,28,898 crore in Q1 June 2019. Net interest income was up by 43% from Rs 2,579 crore in Q1 June 2018 to Rs 3,695 crore in Q1 June 2019.
Bharti Infratel fell 0.91%. The consolidated net profit rose 39.03% to Rs 887 crore on 0.61% rise in total income to Rs 2042.40 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 24 July 2019.
Yes Bank fell 1.68%. ICRA downgraded ratings on Yes Bank's Rs 32,911.7 crore bond programme, citing an increase in stressed assets and lack of debt resolutions. The rating on bonds aggregating Rs 22,111.70 crore were downgraded by one notch, while that on Rs 10,800 crore of additional tier I (AT-I) bonds were downgraded by two notches. The announcement was made after market hours yesterday, 24 July 2019.
Fertilizers & Chemicals Travancore (FACT) surged 9.95% to end at Rs 42.55 after the Union Cabinet approved the sale of 481.79 acres of land currently held by the company to the Government of Kerala.
Sagar Cements jumped 7.06%. On a consolidated basis, Sagar Cements's net profit rose 407% to Rs 29.51 crore on a 25.2% rise in the net sales to Rs 344.20 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 24 July 2019.
Most metal shares fell. NMDC (down 2.69%), JSW Steel (down 2.49%), Tata Steel (down 1.28%), Steel Authority of India (down 1.15%), National Aluminium Company (down 1.1%), Hindustan Copper (down 1.03%), Hindustan Zinc (down 0.57%), Jindal Steel & Power (down 0.48%) and Hindalco Industries (down 0.23%), edged lower. Vedanta rose 3.82%.
Most pharmaceutical shares rose. Lupin (up 4.49%), Divi's Laboratories (up 2.80%), Sun Pharmaceutical Industries (up 2.69%), Alkem Laboratories (up 2.36%), Dr Reddy's Laboratories (up 2.20%), Glenmark Pharmaceuticals (up 1.96%), Strides Shasun (up 1.17%), Aurobindo Pharma (up 0.92%), Cadila Healthcare (up 0.85%) and IPCA Laboratories (up 0.02%), edged higher. GlaxoSmithKline Pharmaceuticals (down 0.08%), Piramal Enterprises (down 0.58%) and Wockhardt (down 1.12%), edged lower.
Cipla rose 3.36%. The company after market hours yesterday, 24 July 2019, announced the acquisition of the prescription drug Zemdri (Plazomicin) from Achaogen Inc. in a Chapter 11, U.S. Bankruptcy Code auction of Achaogen's assets. Cipla USA has acquired worldwide rights of Zemdri (excluding Greater China) with its allied assets and limited liabilities.
Caplin Point Laboratories jumped 10.30%. The company after market hours yesterday, 24 July 2019, announced that it has received the Establishment Inspection Report (EIR) from US FDA for the recently concluded inspection in June 2019. This was the third successful US FDA audit at the plant since 2016.
Syndicate Bank lost 1.27%. On a consolidated basis, Syndicate Bank reported net loss of Rs 957.37 crore in Q1 June 2019 compared with net loss of Rs 1238.33 crore in Q1 June 2018. Total income rose 7.9% to Rs 6080.69 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 24 July 2019.
IDFC First Bank rose 3.59%. On a consolidated basis, IDFC First Bank reported net loss of Rs 611.64 crore in Q1 June 2019 compared with net profit of Rs 191.59 crore in Q1 June 2018. Total income rose 62.1% to Rs 4177.18 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 24 July 2019.
Shriram Transport Finance Company jumped 6.46%. On a standalone basis, net profit rose 10.7% to Rs 634.25 crore on a 8.85% increase in total income to Rs 4,061.65 crore in Q1 June 2019 over Q1 June 2018. The net interest income rose 7.62% at Rs 1,961.74 crore during the period under review.
The total assets under management (AUM) jumped by 5.77% to Rs 106343.48 crore in 30 June 2019 as against Rs 100540.57 crore in 30 June 2018.
GOCL Corporation jumped 13.38%. The company announced during market hours today, 25 July 2019, that Quaker Chemical Corporation and Houghton International have on 23 July 2019 received approval from the United States Federal Trade Commission for their combination. This was the final approval required. The approval is subject to the divestiture of certain product lines comprising approximately three percent of combined company revenue. It further added that the divestiture will occur concurrent with the close of the combination which is expected to be on Thursday, 1 August 2019.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 69.0050, compared with its close of 68.9825 during the previous trading session.
In the commodities market, Brent crude for September 2019 settlement rose 62 cents at $63.80 a barrel. The contract fell 65 cents or 1.02 % to settle at $63.18 a barrel in the previous trading session.
Overseas, most European stocks were trading higher after soft economic data bolstered expectations of a rate cut from the European Central Bank (ECB). The ECB is scheduled to announce its latest interest rate decision at 12:45 p.m. London time, with Draghi's press conference set to follow at around 1:30 p.m.
Most Asian stocks closed higher on Thursday as semiconductor stocks in Japan and South Korea gained.
In US, the S&P 500 and Nasdaq stock indexes closed at record on Wednesday despite mixed earnings and economic data and antitrust probes into leading U.S. technology stocks. But the Dow ended lower after disappointing earnings from Boeing and Caterpillar.
In economic data, U.S. new home sales rebounded in June, the first gain in three months, but U.S. manufacturers expanded in July at the slowest pace in almost 10 years. IHS Markit said its manufacturing PMI slid to 50 this month from 50.6 in June, marking the lowest level since September 2009 just as the current expansion was getting under way.
A U.S. delegation headed by U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin is set to travel to China to revive trade talks next week, as per reports, marking the first in-person talks since the Group of 20 summit last month.
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