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Indices hit fresh intraday low; metal shares buck trend

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Key indices hit fresh intraday low in morning trade. At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 262.70 points or 0.66% at 39,687.76. The index was down 73.95 points or 0.62% at 11,891.65. Negative cues from other Asian shares put pressure on domestic bourses.

Among secondary barometers, the BSE Mid-Cap index was down 0.44%. The BSE Small-Cap index was down 0.23%.

The market breadth, indicating the overall health of the market, was negative. On BSE, 857 shares rose and 1001 shares fell. A total of 102 shares were unchanged.

bucked negative market trend. (up 4.63%), (up 3.53%), (up 2.64%), (up 1.95%), (up 1.43%), (up 1.41%), (up 1.02%), NMDC (up 1.02%), (up 0.75%) and (up 0.71%), edged higher.

FMCG shares declined. (down 0.86%), (down 0.8%), (down 0.72%), (down 0.58%), (down 0.45%), (down 0.41%), (down 0.38%), (down 0.27%), (down 0.17%) and (down 0.16%), edged lower. was up 0.09%.

was down 2.73% after credit rating agency has placed Yes Bank's foreign currency issuer rating of Ba1 under review for downgrade. Moody's has also placed the bank's long-term foreign and local currency deposit ratings of Ba1, foreign currency senior unsecured MTN program rating of (P)Ba1, and Baseline Credit Assessment (BCA) and adjusted BCA of ba2 under review for downgrade. The announcement was made after market hours yesterday, 11 June 2019.

The review for downgrade takes into account Moody's expectation that the ongoing liquidity pressures on Indian will negatively impact the credit profile of Yes Bank, given the bank's sizeable exposure to weaker in the sector. At the end of March 2019, Yes Bank's exposure to Indian housing (HFC) and non-companies (NBFC) represented 6.4% of its total exposure. In addition, had a 7% direct exposure to the commercial and as of the same date, which is also under pressure, because liquidity conditions have worsened for the real estate sector, just like with the HFCs and NBFCs.

(DHFL) was up 4.95% after the company announced that the company had made full payment towards interest payable on secured redeemable non-convertible debentures (NCDs) issued by way of public issue within the cure period of seven working days. The company has made interest payments in lieu of Rs 961 crore as committed to its debenture holders. With this tranche, the company confirms full payment and will seek rating upgrades from agencies, DHFL said. The announcement was made after market hours yesterday, 11 June 2019.

Overseas, Asian stocks declined on Wednesday. China's inflation data showed the price index in the country rising 0.6% year-on-year in May. The consumer price index also rose 2.7% year-on-year in the same period.

US stocks declined on Tuesday, snapping a six-day winning streak. reportedly said he is personally holding up a trade deal with and that he will not complete the agreement unless returns to terms negotiated earlier in the year.

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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, June 12 2019. 10:41 IST