The benchmark indices were trading near the day's high in mid-morning trade. At 11:29 IST, the barometer index, the S&P BSE Sensex, was up 127.47 points or 0.33% at 39,024.18. The Nifty 50 index was up 37.95 points or 0.33% at 11,626.30.
The S&P BSE Mid-Cap index was up 0.32%. The S&P BSE Small-Cap index was up 0.21%.
The market breadth was negative. On the BSE, 995 shares rose and 1013 shares fell. A total of 135 shares were unchanged.
Yes Bank was up 1.72%. With reference to media report titled, "4 PE players set to infuse capital in YES Bank," the bank clarified after market hours yesterday, 15 July 2019, that in ordinary course of business, it continues to explore various means of raising capital/ funds through issuance of securities to diverse set of investors, in order to meet its business/ regulatory requirements subject to compliance with prescribed procedures and receipt of statutory/regulatory approvals. It added that it is unaware of the source and as a matter of policy, the bank would not like to comment on such speculation.
Most IT shares declined. TCS (down 1.69%), HCL Technologies (down 0.91%), Wipro (down 0.83%), MindTree (down 0.63%), MphasiS (down 0.26%), Tech Mahindra (down 0.2%), Oracle Financial Services Software (down 0.17%), Persistent Systems (down 0.13%), Hexaware Technologies (up 1.04%) and Infosys (up 0.21%) advanced.
In the foreign exchange market, the rupee inched higher against the dollar. The partially convertible rupee was hovering at 68.5425, compared with its close of 68.5475 during the previous trading session.
Most realty shares rose. Prestige Estates Projects (up 4.93%), Oberoi Realty (up 2.88%), Phoenix Mills (up 2.24%), DLF (up 2.12%), Sobha (up 1.93%), Godrej Properties (up 1.35%), Anant Raj (up 0.66%), Omaxe (up 0.27%) and Indiabulls Real Estate (up 0.18%) advanced. Parsvnath Developers (down 4.84%), D B Realty (down 2.88%), Housing Development and Infrastructure (HDIL) (down 1.72%), Unitech (down 0.92%), Mahindra Lifespace Developers (down 0.45%) and Sunteck Realty (down 0.2%) declined.
Vakrangee reversed early gains and was down 0.28%. The company announced during market hours today, 16 July 2019 that it has decided to set-up the electric vehicle (EV) charging infrastructure facility through Nextgen Vakrangee Kendra Outlets. Vakrangee has 3,504 Nextgen Vakrangee Kendra's spread across 19 states, 366 districts and 2,186 postal codes. It has a planned target to reach at least 75,000 by FY2021-22 and 3,00,000 outlets by FY2024-25.
Indiabulls Housing Finance was up 0.56%. CRISIL has revised its rating watch on the long term bank facilities and debt instruments of Indiabulls Housing Finance (IBHFL) to 'Rating Watch with Negative Implications' from 'Rating Watch with Developing Implications'. The rating on the short term bank facilities and the short-term debt programme has been reaffirmed at 'CRISIL A1+'.
Cummins India was down 1.90%. The company announced during market hours today, 16 July 2019, that Sandeep Sinha, managing director of Cummins India and vice president of Cummins India ABO, has resigned to pursue business interests outside of Cummins. The Cummins India board of directors is committed to confirming Sinha's successor and will run an efficient and expendient process.
Tinplate Company of India was down 3.07% after the company announced Q1 June 2019 result after market hours yesterday, 15 July 2019. Tinplate Company of India's net profit fell 7.06% to Rs 8.78 crore on a 1.05% fall in the total income to Rs 568.24 crore in Q1 June 2019 over Q1 June 2018.
Aditya Birla Fashion and Retail was down 1.21%. The company, after market hours yesterday, 15 July 2019, announced a partnership with India's leading designers Shantanu & Nikhil with the acquisition of 51% stake in Finesse International Design, a company primarily engaged in the business of bespoke occasion and ceremonial contemporary apparel for men and women under the brand name 'Shantanu & Nikhil'.
On the macro front, India's merchandise exports fell 9.71% to $25.01 billion while imports fell 9.06% to $40.29 billion in June compared with a year earlier, data released by government after market hours yesterday, 15 July 2019 showed. Trade deficit narrowed to $15.28 billion in June from $16.6 billion in June 2018.
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