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Market drifts lower in early trade

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Local stocks drifted lower in early trade on selling pressure in index pivotals. At 9:27 IST, the barometer index, the S&P BSE Sensex, was down 140.10 points or 0.35% at 39,461.53. The Nifty 50 index was down 30.75 points or 0.26% at 11,801.

The S&P BSE Mid-Cap index was down 0.05%. The S&P BSE Small-Cap index was up 0.12%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 576 shares rose and 560 shares fell. A total of 64 shares were unchanged.

Overseas, Asian stocks were trading mixed on Friday on rising tensions in the Middle East. Iran reportedly shot down a U.S. military drone and escalated the volatile situation between Washington and Tehran.

US stocks advanced on Thursday, with the S&P 500 closing at a record high, in a broad market rally, after the Federal Reserve signaled that an interest-rate cut may be forthcoming.

Markets rallied after Federal Reserve Chairman Jerome Powell on Wednesday signaled that the central bank may cut benchmark interest rates, currently at a range of 2.25%-2.50%, in the coming weeks if the economic outlook buffeted by U.S.-China trade tensions doesn't show signs of improvement.

The Fed next meets July 30-31, while President Donald Trump is reportedly expected to speak to Chinese President Xi Jinping on the sidelines of the coming Group of 20 meeting of the world's richest countries in Japan next week.

In economic data, the U.S. current-account deficit fell 9.4% in the first quarter mostly because of a smaller deficit in goods. The current-account deficit shrank to $130.4 billion from a revised $143.9 billion in the fourth quarter.

Back home, NTPC rose 0.26%. NTPC said that the company participated in the 750 MW tender floated by Solar Energy Corporation of India (SECI) for Rajasthan. In the reverse auction held on 19 June 2019, NTPC has won 160 MW of Solar capacities at a levelised tariff of Rs.2.50 per unit, applicable for 25 years. This solar project shall be set up by NTPC under EPC mode and shall add to the installed capacity of NTPC. The announcement was made after market hours yesterday, 20 June 2019.

GAIL (India) slipped 0.14%. GAIL (India) has fixed 10 July 2019 as the record date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus shares in the ratio of 1:1 i.e. one new bonus equity share for every one existing equity share. The announcement was made after market hours yesterday, 20 June 2019.

AU Small Finance Bank rose 0.59%. The company's board of directors has considered and approved to augment the capital by issue of Basel II compliant, Rated, Unlisted,Tier II, Unsecured Non-Convertible Redeemable Debentures, being classified as subordinated debt in one or more tranches upto Rs 500 crore. The announcement was made after market hours yesterday, 20 June 2019.

Andhra Bank advanced 2.37% after the bank announced that it has scheduled a board meeting on 25 June 2019 to consider and approve capital raising plan of the bank for the FY 2019-20. The announcement was made after market hours yesterday, 20 June 2019.

Welspun Corp gained 2.56% after the company said that the commercial production of pipes has successfully commenced at spiral pipe plant in Jamunia (near Bhopal) in Madhya Pradesh. This plant has a capacity of around 175 KMT per annum. The announcement was made after market hours yesterday, 20 June 2019.

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

First Published: Fri, June 21 2019. 09:27 IST
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