The Sensex bounced back into positive terrain while the Nifty was almost flat in the afternoon trade. At 13:34 IST, the barometer index, the S&P BSE Sensex, rose 15.54 points or 0.04% at 37,413.54. The Nifty 50 index also declined 9.65 points or 0.09% at 11,044.25.
The broader market was still under pressure. The S&P BSE Mid-Cap index was down 0.62%. The S&P BSE Small-Cap index fell 0.59%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, shares 716 rose and 1,432 shares fell. A total of 130 shares were unchanged.
HCL Technologies (up 2.14%), Infosys (up 1.94%), TCS (up 1.38%), Hero MotoCorp (up 1.24%) and Hindustan Unilever (up 1.18%) advanced.
Yes Bank (down 6.33%), Indiabulls Housing Finance (down 4.58%), Britannia Industries (down 3.55%), IndusInd Bank (down 3.09%) and UltraTech Cement (down 2.78%) declined.
Tata Motors rose 0.87%. The long term rating of the company has been downgraded to CARE AA- / Negative from CARE AA/Stable due to weak performance of JLR. The announcement was made after market hours yesterday, 19 August 2019.
LT Foods gained 2.25%. LT Foods said that the company's board of directors, with an intent to consolidate its International Business, has approved transfer of investments (shares) in LT Foods International, Limited, U.K, (wholly owned subsidiary of the company) to LT Overseas North Americas Inc., USA, another wholly owned subsidiary of the company at fair value as determined by an independent merchant bank. The announcement was made after market hours yesterday, 19 August 2019.
Himachal Futuristic Communications (HFCL) surged 6.10% after the company bagged purchase order worth Rs 2,467 crore from Bharat Sanchar Nigam for Defence Communication Network (a project funded by Department of Telecom, Government of India). The announcement was made after market hours yesterday, 19 August 2019.
IT Service provider, Wipro rose 0.95%. The company has collaborated with Indian Institute of Science (IISc) for research and innovation in autonomous systems, robotics and 5G. The collaboration will focus on the research and development in Artificial Intelligence, Machine Learning, Visual Computing, Human Computer Interaction (HCI) and Vehicle-to-everything communication (V2X). On BSE, Wipro was trading 1.17% higher at Rs 255.20.
Cash-strapped Dewan Housing Finance Corporation (DHFL) declined 5.71% on announcing a fresh batch of defaults on interest payment after market hours yesterday, 19 August 2019. The company stated that it defaulted on two series of NCDs as well as commercial papers on 16 August 2019. The total default on interest repayment is Rs 1,570 crore across all three instruments. On BSE, DHFL slumped 5.91% to Rs 46.15 post announcement. In a separate announcement, NSE reported that the the stock is barred from trading in F&O segment after crossing 95% of market wide position limit.
Vodafone Idea advanced 1.34% after company's Chief Executive Officer (CEO) Balesh Sharma resigned citing personal reasons. The board has approved the appointment of Ravinder Takkar as the Managing Director and Chief Executive Officer of the Company for a period of three years effective from 19 August 2019.
Maruti Suzuki India was up 2.68% after the company announced a new warranty scheme. The automotive major will offer a 5-year, 1-lakh km warranty for diesel-powered Dzire, S-Cross, Swift and Vitara Brezza. The 5-year, 1- lakh km warranty scheme will cover a host of parts and their replacements. High-pressure pump, compressor, Electronic Control Module (ECM), turbocharger assembly, critical engine and transmission parts will all be covered as part of the scheme. The steering assembly and suspension struts are also a part of the scheme.
The company has also reported that it has received good response from its customers, for the BS-VI range of vehicles. The BS-VI models offered by the company currently constitute about 70% of the total petrol vehicles sold.
Dr. Reddy's Laboratories gained 1.89% on the launch of Vigabatrin Powder for Oral Solution, USP in the U.S. Market. The Vigabatrin Powder for Oral Solution, USP is a therapeutic equivalent generic version of Sabril Powder for Oral Solution, USP, approved by the U.S. Food and Drug Administration (USFDA). Vigabatrin Powder for Oral Solution is available in 500 mg per packet in count size of 50 per carton. The drug major was trading 1.12% higher at Rs 2,538.50.
Mahindra & Mahindra rose 1.10%. The automobile giant has reported that one of its subsidiaries, Mahindra & Mahindra Financial Services (MMFSL) has entered a "share subscription, share purchase and shareholders' agreement" with Ideal Finance based out of Sri Lanka. The company has agreed to acquire up to 58.20% of the equity share capital of Ideal Finance, for an amount not exceeding LKR 200.30 crore. With this acquisition of stake, Ideal Finance would become a subsidiary of MMFSL. The announcement was made during the market hours today, 20 August 2019.
PNB Gilts was down 1.05%. PNB Gilts has been graded a rating of [ICRA]A+ for its commercial papers worth Rs 500 crore. The announcement was made during the trading hours today, 20 August 2019.
Overseas, European stocks were trading higher. DAX (up 0.33%), CAC 40 (up 0.35%) and FTSE 100 (up 0.50%). Finnish central bank governor Olli Rehn said on Monday that the European Central Bank (ECB) was determined to act if the medium-term inflation outlook continues to miss its target of below but close to 2%. This follows the German finance minster indicating over the weekend that the government is prepared to deploy fiscal stimulus to boost its ailing economy,
Asian stocks were trading higher Tuesday as the People's Bank of China published its new loan prime rates under a new mechanism that was unveiled over the weekend. The new 1-year LPR was set at 4.25%, as compared to 4.31% previously. The 5-year LPR was at 4.85%.
U.S. stocks rallied Monday, lifted by encouraging comments from President Donald Trump and other officials on trade talks, along with a move by China over the weekend to lower borrowing costs for companies.
The Commerce Department said Monday that it has given Chinese telecom giant Huawei Technologies Co. Ltd. another 90-day reprieve during which it can continue to do business with American companies, without the granting of case-by-case licences that would otherwise be needed, after the Commerce Department added it to its entity list in May. At the same time, the Commerce Department added another 46 Huawei subsidiaries to the list that will be subject to the full sanctions after 19 November.
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