Volatility struck bourses in early trade as the key indices regained positive zone soon after sinking in negative zone. At 9:18 IST, the barometer index, the S&P BSE Sensex, was up 32.94 points or 0.09% at 37,435.43. The Nifty 50 index was up 18 points or 0.16% at 11,071.90. Positive Asian stocks boosted sentiment.
Investors are awaiting any measures the government might announce to spur growth. Finance minister Nirmala Sitharaman last week said that discussions on a possible stimulus package for industry are going on at the highest level and an announcement will come at a right time. Sitharaman held several meetings this month with industry executives, who have called for stimulus measures, including tax rebates, to support consumer demand and private investment.
The S&P BSE Mid-Cap index was up 0.09%. The S&P BSE Small-Cap index was up 0.04%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 474 shares rose and 423 shares fell. A total of 33 shares were unchanged.
Overseas, 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.
Back home, Tata Motors slipped 0.33%. Tata Motors said that 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.
Nestle India rose 0.1%. Nestle India announced the launch of the world's no. 1 cocoa-malt beverage - MILO in India. MILO has a rich legacy, having nourished young champions around the world for more than 85 years by providing nutritious energy and the inspiration to grow with sports. The announcement was made after market hours yesterday, 19 August 2019.
Mangalore Refinery & Petrochemicals lost 2.17%. Mangalore Refinery & Petrochemicals said that the company has structured shutdown of the Phase-III process units of the refinery as a precautionary measure to access the condition of the facilities in the vicinity and for immediate stabilisation. The refinery has been affected by a minor landslide as an aftermath of the intensified monsoon in Dakshina Kannada District. The announcement was made after market hours yesterday, 19 August 2019.
LT Foods gained 5.34%. 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.
HFCL surged 6% after the company bagged purchase order worth Rs 2467 crore from Bharat Sanchar Nigam for Defence Communication Network (Project funded by Department of Telecom, Government of India). The announcement was made after market hours yesterday, 19 August 2019.
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