Key barometers pared gains in the afternoon trade. At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 116.35 points or 0.30% at 39,013.06. The Nifty 50 index rose 35.80 points or 0.31% at 11,624.15. Weakness in HDFC Bank and TCS weighed on the benchmark indices, while gains in Tata Motors and Yes Bank supported the indices.
The S&P BSE Mid-Cap index was up 0.36%. The S&P BSE Small-Cap index was up 0.06%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1042 shares rose and 1236 shares fell. A total of 145 shares were unchanged.
BPCL (up 2.07%), Titan Industries (up 2.07%), NTPC (up 1.76%), ONGC (up 1.69%), and Tata Steel (up 1.53%) advanced.
TCS (down 1.55%), UPL (down 1.18%), HCL Technologies (down 0.94%), Hindalco Industries (down 0.92%) and Britannia Industries (down 0.56%) declined.
HDFC Bank was down 0.33%. The bank's board is scheduled to meet on Saturday, 20 July 2019, to consider declaration of a special interim dividend, for the financial year 2019-2020, to commemorate 25 years of operations. The announcement was made after market hours yesterday, 15 July 2019.
HDFC advanced 0.19%. HDFC has filed term sheet for issuing secured redeemable non-convertible debentures worth Rs 5000 crore on private placement basis. HDFC said that the coupon rate on debentures is 7.87% per annum. The tenor of the debentures is three years, with redemption date being 18 July 2022. The issue opens and closes on the same day on 17 July 2019. The announcement was made after market hours yesterday, 15 July 2019.
Mahindra & Mahindra was down 1.31% after a global brokerage reportedly downgraded its rating on the stock to 'sell' from 'underperform', citing weak earnings growth. The firm has slashed its target price to Rs 590 from Rs 690 per share.
Tata Motors was up 4.57%. According to media reports, Jaguar Land Rover Automotive Plc won a 500 million-pound ($626 million) loan guarantee from the U.K. government. The guarantee to JLR by the U.K. Export Finance agency was granted to support the design, manufacture and export of electric cars. JLR, a unit of Tata Motors, will invest hundreds of millions of pounds transforming its Castle Bromwich site near Birmingham after previously committing to electrified options of all new models from 2020. The first electric vehicle off the production line will be the ninth generation of Jaguar's flagship XJ saloon.
Yes Bank was up 8.05%. With reference to media report titled, "4 PE players set to infuse capital in YES Bank," the bank clarified after market hours yesterday, 15 July 2019, that in ordinary course of business, it continues to explore various means of raising capital/ funds through issuance of securities to diverse set of investors, in order to meet its business/ regulatory requirements subject to compliance with prescribed procedures and receipt of statutory/regulatory approvals. It added that it is unaware of the source and as a matter of policy, the bank would not like to comment on such speculation.
State Bank of India (SBI) was up 1.07%. The Reserve Bank of India (RBI) has imposed, by an order dated 15 July 2019, monetary penalty of Rs 7 crore on SBI for non-compliance with the directions issued by RBI on income recognition and asset classification (IRAC) norms; code of conduct for opening and operating current accounts and reporting of data on Central Repository of Information on Large Credits (CRILC); and fraud risk management and classification and reporting of frauds.
Overseas, European stocks continued trading higher while most Asian stocks were mixed as investors looked to earnings and clues from policy makers for the next catalyst.
Meanwhile, trade continues to be an area of focus for the market. President Donald Trump said Monday that US tariffs were having a 'major effect' on China, following the release of data that showed China's economy growing at its slowest pace in 27 years.
Elsewhere, in terms of data, the euro zone's balance of trade for May and July's economic sentiment figures for Germany and the euro zone are due Tuesday.
US stocks settled at record high Monday as investors digested second-quarter results from Citigroup and awaited a wave of second-quarter earnings. On the economic data front, the New York Fed's Empire State manufacturing survey rebounded to 4.3 in July, from minus 8.6 in June.
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