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Indices continue trading higher

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The Sensex and the Nifty continued trading in positive terrain in mid-afternoon trade. The Nifty was trading above 11,650 level. At 14:24 IST, the barometer index, the S&P BSE Sensex, was up 70.03 points or 0.18% at 39,201.07. The Nifty 50 index was up 16.70 points or 0.14% at 11,679.30.

In the broader market, the S&P BSE Mid-Cap index was down 0.21%. The S&P BSE Small-Cap index was down 0.12%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1082 shares rose and 1260 shares fell. A total of 148 shares were unchanged.

Realty shares were mixed. Parsvnath Developers (down 4.87%), D B Realty (down 3.34%), Unitech (down 1.83%), Sobha (down 0.99%), Sunteck Realty (down 0.96%), DLF (down 0.47%), Oberoi Realty (down 0.36%), Prestige Estates Projects (down 0.29%) and Omaxe (down 0.05%) declined.

Peninsula Land (up 1.44%), Godrej Properties (up 1.1%), Mahindra Lifespace Developers (up 0.89%), Indiabulls Real Estate (up 0.78%), Housing Development and Infrastructure (HDIL) (up 0.35%) and Phoenix Mills (up 0.27%) advanced.

Dhanlaxmi Bank was down 1.90%. The bank reported net profit of Rs 19.84 crore in Q1 June 2019 compared with net loss of Rs 44.99 crore in Q1 June 2018. Total income rose 0.15% to Rs 256.75 crore in Q1 June 2019 over Q1 June 2018.

Menon Bearings was down 0.91%. The company's net profit fell 6.55 % to Rs 4.73 crore on a 3.54% rise in the total income to Rs 41.27 crore in Q1 June 2019 over Q1 June 2018.

JSW Steel (down 1.04%), Tata Steel (down 0.87%) and SAIL (down 0.74%) fell after a global brokerage reportedly maintained bearish call on these three stocks on price and leverage concerns.

Titan Company was down 0.39% after a global brokerage firm reportedly downgraded its rating on the stock from buy to neutral, as it cut the price target for the stock to Rs 1165 from 1200, citing weak jewellery demand in near term.

Media stocks were mixed. Siti Networks (up 3.32%), Eros International Media (up 2.55%), Zee Entertainment Enterprises (up 1.76%), Zee Media (up 0.76%), New Delhi Televison (up 0.29%) and Sun TV Network (up 0.05%) advanced.

Prime Focus (down 2.43%), Dish TV India (down 1.97%), Balaji Telefilms (down 1.21%) and TV Today Network (down 0.62%) declined.

The yield on India's 10-year benchmark federal paper rose to 6.375% at 14:17 IST compared with 6.331% at close in the previous trading session. India's sovereign bonds have rallied recently after the government trimmed FY20 fiscal deficit target to 3.3% from 3.4% estimated earlier. The government also proposed to raise a part of its gross borrowing overseas. Besides broadening the bond market, this proposal could open up a new source of funding the budget deficit.

The RBI has cut rates three times this year amid a subdued inflation outlook and sluggish growth. Wholesale price-based inflation declined for the second consecutive month to its 23-month low of 2.02% in June, prompting experts to expect another rate cut by the RBI, which is slated to meet in the first week of next month.

A foreign investment firm is predicting a big decline in India's sovereign bond yields to levels last seen in 2009. The yield curve is pricing in a deeper trough on policy, with expectations of more rate cuts from the Reserve Bank of India and a change in the way the authority manages liquidity to help transmit lower borrowing costs through to the economy.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 68.79, compared with its close of 68.715 during the previous trading session.

MCX Gold futures for 5 August 2019 settlement fell 0.34% at Rs 34,695.

In the commodities market, Brent crude for September 2019 settlement was up 53 cents at $64.88 a barrel. The contract fell $ 2.13 or 3.20% to settle at $64.35 a barrel in the previous trading session.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 17 2019. 14:27 IST