Domestic stocks opened on a weak note on negative Asian stocks. At 9:24 IST, the barometer index, the S&P BSE Sensex, was down 381.25 points or 0.98% at 38,582.01. The Nifty 50 index was down 104.50 points or 0.89% at 11,607.75.
The S&P BSE Mid-Cap index was down 0.63%. The S&P BSE Small-Cap index was down 0.47%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 315 shares rose and 804 shares fell. A total of 62 shares were unchanged.
On the political front, the fifth phase of the Lok Sabha polls 2019 is underway today, 6 May 2019, with 51 Lok Sabha constituencies from 7 different states going to vote. The 2019 Indian general election, which is scheduled to be held in seven phases, kicked off on 11 April 2019. It will conclude on 19 May 2019. The counting of votes will be conducted on 23 May 2019, and on the same day the results will be declared.
Overseas, Asian stocks were trading sharply lower as trade negotiations between China and the United States deteriorated suddenly. US President Donald Trump announced Sunday that tariffs on $200 billion of Chinese goods will increase next week to 25% from 10%. He also reportedly threatened that the U.S. will impose 25% tariffs on another $325 billion of Chinese goods.
US stocks rose in a broad-based rally on Friday as stronger-than-expected job growth in April coupled with muted wage gains left investors upbeat about the outlook for the economy and interest rates. The Nasdaq registered a record high close, while the S&P 500 ended just shy of a record high finish.
Back home, Hindustan Unilever (HUL) fell 0.93%. Net profit of HUL rose 13.84% to Rs 1538 crore on 8.95% rise in net sales to Rs 9809 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours on Friday, 3 May 2019.
Yes Bank dropped 2.59%. Yes Bank announced that ratings agency ICRA has downgraded long-term ratings of the bank with a Negative outlook. Ratings were removed from 'Watch with Negative Implications'. The announcement was made on Saturday, 4 May 2019.
Yes Bank informed that Reserve Bank of India (RBI) vide its Speaking Order dated 22 April 2019 imposed a penalty of Rs 11.25 lakh under Section 30(1) of the Payment and Settlement Systems Act, 2007. RBI has identified certain violations of RBI Circular dated 5 October 2011 on Domestic Money Transfer - Relaxations and Master Direction dated 11 October 2017 on Issuance and Operation of Prepaid Payment Instruments (PPis) in connection with certain product features of an open loop prepaid card (co-branded) previously issued by the bank. The bank had launched this product as pilot program from 13 September 2017 and later discontinued this product with effect from 14 March 2018. The result was announced after market hours on Friday, 3 May 2019.
Tata Chemicals rose 3.84%. On a consolidated basis, net profit of Tata Chemicals declined 65.03% to Rs 408.71 crore on 8% rise in net sales to Rs 2759.39 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours on Friday, 3 May 2019.
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