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Sensex drops below 37,000

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Local stocks opened on a weak note on negative Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 308.22 points or 0.83% at 36,710.10. The Nifty 50 index was down 88.35 points or 0.8% at 10,891.65. The Sensex dropped below the psychological 37,000 mark in early trade.

The S&P BSE Mid-Cap index was down 0.51%. The S&P BSE Small-Cap index was down 0.48%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 213 shares rose and 546 shares fell. A total of 33 shares were unchanged.

Overseas, Asian stocks were trading lower Friday after a surprise tariff announcement from the United States escalated trade tensions between Washington and Beijing. Japan's cabinet on Friday approved a plan to remove South Korea from a so-called white list of countries that enjoy trade privileges with Tokyo. The moves followed after Japan last month placed restrictions on exports of three important high-tech materials to South Korea that are used by tech companies to make memory chips and display panels.

US stocks fell Thursday after President Donald Trump announced plans to impose additional tariffs Chinese imports to the US.

Trump said the US would impose 10% tariffs on $300 billion of Chinese goods beginning September 1. The president said trade talks with Beijing are continuing after US officials returned from negotiations in China. The 10% levies will apply to $300 billion of Chinese goods coming into the US. It doesn't include $250 billion of goods already subject to tariffs, the president said.

In the US, the Institute for Supply Management said its manufacturing index slipped to 51.2% in July, the lowest reading since August 2016. Meanwhile the IHS Markit US manufacturing index fell to its lowest since September 2009 at 50.4%.

Back home, Bharti Airtel rose 1%. The company reported consolidated net loss of Rs 2866 crore in Q1 June 2019 as compared with net profit of Rs 97.30 crore in Q1 June 2018. Total income rose 4.19% to Rs 20905.60 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 1 August 2019.

Tata Motors fell 0.46%. Tata Motors Commercial and Passenger Vehicles Business sales in the domestic market dropped 34% at 32,938 units in July 2019 over July 2018 on subdued demand. The announcement was made after market hours yesterday, 1 August 2019.

Hero MotoCorp declined 1.59%. The company sold 535,810 units of motorcycles and scooters in July 2019. The announcement was made after market hours yesterday, 1 August 2019.

Tata Power Company lost 1.42%. Tata Power Company reported 90.95% slide in consolidated net profit to Rs 151.27 crore 13.57% fall in total income to Rs 8408.83 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 1 August 2019.

Raymond fell 1.9%. The company reported consolidated net loss of Rs 14.85 crore in Q1 June 2019 as compared with net profit of Rs 0.02 crore in Q1 June 2018. Total income rose 14.02% to Rs 1469.94 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 1 August 2019.

Dalmia Bharat rose 1.63% after the company reported 181.48% surge in consolidated net profit to Rs 152 crore 7.05% rise in total income to Rs 2581 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 1 August 2019.

JK Tyre & Industries dropped 15.91% after the company reported 73.63% slide in consolidated net profit to Rs 16.91 crore 5.79% rise in total income to Rs 2587.60 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 1 August 2019.

Meanwhile, the total gross GST revenue collected in July 2019 is Rs 1,02,083 crore of which CGST is Rs 17,912 crore, SGST is Rs 25,008 crore, IGST is Rs 50,612 crore (including Rs 24,246 crore collected on imports) and Cess is Rs 8,551 crore (including Rs 797 crore collected on imports). The revenue in July 2018 was Rs 96,483 crore and the revenue during July 2019 is a growth of 5.80% over the revenue in the same month last year.

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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, August 02 2019. 09:29 IST
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