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Nifty slips below 12,000

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Key indices are trading lower in early trade on selling pressure in index pivotals. At 9:22 IST, the barometer index, the S&P BSE Sensex, was down 87.49 points or 0.22% at 40,566.25. The Nifty 50 index was down 42.35 points or 0.35% at 11,969.70. The Nifty slipped below the psychological 12,000 mark.

The S&P BSE Mid-Cap index was up 0.15%. The S&P BSE Small-Cap index was up 0.18%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 497 shares rose and 510 shares fell. A total of 47 shares were unchanged.

Among stocks, Power Grid Corporation of India shed 0.13%. The company reported 9.49% rise in consolidated net profit to Rs 2571.10 crore on 2.34% fall in total income to Rs 9659.79 crore in Q2 September 2019 over Q2 September 2018.

Bharat Petroleum Corporation (BPCL) declined 0.63%. BPCL reported 2.68% rise in consolidated net profit to Rs 1502.63 crore on 10.99% fall in total income to Rs 65015.28 crore in Q2 September 2019 over Q2 September 2018.

GlaxoSmithkline Consumer Healthcare slipped 0.18%. The company reported 25.34% rise in net profit to Rs 345.31 crore on 4.57% rise in total income to Rs 1423.22 crore in Q2 September 2019 over Q2 September 2018.

Reliance Industries fell 0.4%. Reliance Strategic Business Ventures (RSBVL), a wholly owned subsidiary of the Reliance Industries has acquired further shares in SkyTran Inc. on 6 November 2019, to increase its shareholding in SkyTran Inc. to 17.37% on a fully diluted basis.

Infosys rose 0.43% after the company announced the opening of its new state-of-the-art Digital Innovation Centre in Dusseldorf, Germany.The Centre will help Infosys work more closely with its clients in the region in supporting their digital transformation journey, while focusing on next-generation business suites such as SAP HANA, as well as cloud based services, Internet of Things, 5G, Artificial Intelligence and Machine Learning.

Indraprastha Gas surged 5.22% after the company reported 101.25% rise in consolidated net profit to Rs 415.82 crore on 19.93% rise in total income to Rs 1773.84 crore in Q2 September 2019 over Q2 September 2018.

Wockhardt lost 4.52% after the company reported consolidated net loss of Rs 94.24 crore in Q2 September 2019 as compared to net loss of Rs 30.84 crore in Q2 September 2018. Total income fell 29.14% to Rs 801.98 crore in Q2 September 2019 over Q2 September 2018.

Meanwhile, India's credit ratings outlook was reportedly cut to negative from stable by Moody's Investors Service on concern the government won't be able to help stunted economic growth. Moody's cited a growing debt burden and the government's struggle to narrow the budget deficit.

Overseas, most Asian markets were trading higher after China said it had agreed with the United States to cancel tariffs in phases.

In US, the Dow and S&P 500 notched record closing highs on Thursday as the latest signs of progress in U.S.-China trade relations relieved investors, but a report raising fresh worries about the outlook for a deal limited the day's gains.

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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, November 08 2019. 09:27 IST