Fresh selling pressure dragged the key barometers to fresh intraday low in early afternoon trade. The Nifty 50 index broke the 11,200 level. At 12:29 IST, the barometer index, the S&P BSE Sensex, was down 348.02 points or 0.92% at 37,534.77. The Nifty 50 index was down 127.05 points or 1.13% at 11,157.25..
The S&P BSE Mid-Cap index was down 0.94%. The S&P BSE Small-Cap index fell 0.98%.
The market breadth was tilted in favour of sellers. On the BSE, 674 shares rose and 1472 shares fell. A total of 111 shares were unchanged.
Most power generation shares fell. Reliance Infrastructure (down 7.22%), Reliance Power (down 6.87%), Adani Power (down 3.73%), Jaiprakash Power Ventures (down 2.63%), NTPC (down 1.24%), CESC (down 0.54%), Torrent Power (down 0.21%) and GMR Infrastructure (down 0.14%) declined. JSW Energy was up 0.81%.
State run Coal India (down 1.04%) and State run Power Grid Corporation of India (down 0.47%) declined.
NHPC shed 0.22%. The hydropower generation company after market hours on Friday, 26 July 2019, announced that resolution plan submitted by NHPC for Lanco Teesta Hydro Power has been approved by NCLT Bench, Hyderabad subject to certain reliefs as per The Insolvency and Bankruptcy Code, 2016 (IBC).
Most realty shares fell. Indiabulls Real Estate (down 8.12%), Sunteck Realty (down 4.86%), Parsvnath Developers (down 4.81%), Anant Raj (down 3.83%), Housing Development and Infrastructure (HDIL) (down 3.77%), Unitech (down 3.67%), D B Realty (down 2.71%), Peninsula Land (down 10%), Prestige Estates Projects (down 1.41%), Phoenix Mills (down 1.29%), Godrej Properties (down 0.58%) and Omaxe (down 0.2%) declined. Sobha (up 1.92%) and Oberoi Realty (up 1.37%) advanced.
DLF fell 1.8% ahead of its Q1 June 2019 result today.
Mahindra Lifespace Developers lost 5.39%. The company's consolidated net profit fell 51.6% to Rs 12.92 crore on 31% decline in net sales to Rs 106.22 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 26 July 2019. EBITDA declined 55.8% to Rs 19 crore in Q1 June 2019 over Q1 June 2018. The EBITDA margin fell to 16% in Q1 June 2019 from 24% in Q1 June 2018.
Sanjay Dutt, Chairman, FICCI Real Estate Committee, and MD and CEO, Tata Realty and Infrastructure said that the Indian real estate sector has started reviving and the first half of the year has already seen $2.7 billion investment. 2019 has started on a positive note with about $2.7 billion of real estate investments recorded in the first half of the year in various asset classes across the country. Improvement in infrastructure, roads, and metros coupled with the increased speed of technology implementation (e.g. 5G) will be impactful game changers for the sector and will improve the investor interest in the sector, Dutt said.
The launch of India's first Real Estate Investment Trust (REIT) is another positive move for the sector further building confidence among global real estate investors to invest in India, he noted. The majority of the funds and private equities are investing in commercial and warehousing spaces and top 40-50 million square feet of space is getting absorbed in major cities of India, he added.
Power Mech Projects fell 7.03%. The company announced after trading hours on Friday, 26 July 2019, that it received communication from State Project Director, Samagra Shiksha, Andhra Pradesh cancelling the order worth Rs 512.78 crore given to the company for providing necessary infrastructure facilities in all government schools on hybrid annuity mode. The order was cancelled on the ground that the project work was not commenced. As the construction activity is not commenced, there is no implication on the financials of the company.
On a consolidated basis, Power Mech Projects' net profit rose 16.5% to Rs 28.41 crore on a 6.3% increase in net sales to Rs 491.22 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 27 July 2019.
Minda Industries was fell 2.17%. The company announced on Saturday, 27 July 2019, that commercial paper of Rs 30 crore issued on 26 April 2019 with maturity date of 25 July 2019 has been redeemed.
PNB Housing Finance was down 1.51%. The housing finance company, before market hours today, 29 July 2019, announced that it has raised $100 million from International Finance Corporation, a member of the World Bank Group, for onlending to buyers in affordable housing projects.
On derivatives front, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 8.92% at 13.215.
On the options front, Nifty option chain for 29 August 2019 expiry showed a maximum call open interest (OI) of 15.31 lakh contracts at the 11500 strike price. Maximum put OI of 29.42 lakh contracts was seen at 11000 strike price. Options data suggested a trading range for Nifty will be between 11,000 and 11,500.
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