A bout of volatility was seen in early trade as the key indices drifted lower in early trade on negative Asian stocks. At 9:29 IST, the barometer index, the S&P BSE Sensex, was down 61.21 points or 0.16% at 37,821.58. The Nifty 50 index was down 11.60 points or 0.1% at 11,272.70.
The S&P BSE Mid-Cap index was down 0.61%. The S&P BSE Small-Cap index was down 0.23%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 586 shares rose and 636 shares fell. A total of 61 shares were unchanged.
Overseas, Asian stocks were trading lower Monday as US-China negotiations resume in Beijing later this week amid low expectations for a major breakthrough. Meanwhile, Chinese industrial profits fell in June, according the the country's National Bureau of Statistics on Saturday. Industrial profits fell 3.1% in June from a year earlier, following a 1.1% gain in May.
US stocks closed at new highs for the S&P 500 and Nasdaq Composite indexes on Friday, as investors welcomed strong corporate earnings, government approval of the T-Mobile and Sprint merger.
On the economic front, the U.S. economy grew at an annualized pace of 2.1% in the second quarter, according to the Commerce Department, slowing from 3.1% in the first three months of the year.
The Fed will gather on July 30-31 for policy meeting and the U.S. central bank is widely anticipated to cut benchmark rates by at least 25 basis points to combat headwinds from the China-U.S. trade dispute and signs of slowing economic growth outside of the U.S.
Back home, ICICI Bank gained 2.83% after the bank reported a net profit of Rs 1908.03 crore in Q1 June 2019 as compared to net loss of Rs 119.55 crore in Q1 June 2018. The bank's total income rose 15.24% to Rs 21405.50 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 27 July 2019.
Vedanta lost 1.77% after consolidated net profit declined 11.87% to Rs 1351 crore on 3.85% fall in total income to Rs 21754 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 26 July 2019.
Maruti Suzuki India dropped 1.98%. Maruti Suzuki India announced introduction of CNG variant in Ertiga and Tour M. The ex-showroom price in Delhi and NCR of Ertiga CNG is Rs 8.87 lakh while the price of Tour M CNG is Rs 8.82 lakh. The same shall be effective from 26 July 2019. The announcement was made after market hours on Friday, 26 July 2019.
Havells India lost 4.9% after consolidated net profit declined 16.3% to Rs 177.09 crore on 4.47% increase in net sales to Rs 2716.88 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 27 July 2019.
Escorts fell 0.46% after consolidated net profit fell 27.64% to Rs 87.74 crore on a 5.78% decrease in total income to Rs 1458.40 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 27 July 2019.
Polycab India jumped 6.21% after consolidated net profit rose 75.68% to Rs 135.27 crore on a 14.88% increase in net sales to Rs 1932.98 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 26 July 2019.
Eris Lifesciences rose 1.82% after consolidated net profit rose 17.96% to Rs 84.05 crore on 10.04% increase in net sales to Rs 271.89 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 27 July 2019.
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