Key benchmark indices came off day's low in morning trade. Weakness in IT and auto stocks continued to put pressure on bourses. At 10:24 IST, the barometer index, the S&P BSE Sensex, was down 143.69 points or 0.38% at 37,438.22. The Nifty 50 index was down 28.90 points or 0.26% at 11,080.75.
The S&P BSE Mid-Cap index was down 0.74%. The S&P BSE Small-Cap index fell 0.13%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 836 shares rose and 976 shares fell. A total of 117 shares were unchanged.
Coal India (up 0.02%), ONGC (up 0.84%) and Sun Pharmaceutical Industries (up 1.45%) will announce their Q1 June 2019 results today.
Most auto stocks fell. Mahindra & Mahindra (down 3.19%), Maruti Suzuki India (down 2.56%), TVS Motor Company (down 1.81%), Ashok Leyland (down 1.24%), Eicher Motors (down 0.95%) and Escorts (down 0.92%) declined.
Tata Motors (up 2.01%), Hero MotoCorp (up 0.56%) and Bajaj Auto (up 0.48%) advanced.
Grasim Industries fell 2.25%. The viscose staple fibre (VSF) and chemicals manufacturer said its board will meet on 14 August 2019 to consider raising of funds through issue of non-convertible debentures, in one or more tranches, on private placement basis. The announcement was made on Monday, 12 August 2019.
Bharat Heavy Electricals lost 3.08%. On a consolidated basis, the power plant equipment manufacturer reported net loss of Rs 217.72 crore in Q1 June 2019 compared with net profit of Rs 40.69 crore in Q1 June 2018. Net sales fell 23.9% to Rs 4411.09 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 9 August 2019.
Future Consumer fell 2.50%. On a consolidated basis, the sourcing-to-supermarket food company reported net loss of Rs 14.94 crore in Q1 June 2019 compared with net loss of Rs 5.91crore in Q1 June 2018. Net sales rose 24.7% to Rs 1048.45 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 9 August 2019.
In a separate announcement, the company said that CARE Ratings has re-affirmed its rating of CARE Al assigned to the company in respect of commercial paper worth Rs 100 crore. The announcement was made on Monday, 12 August 2019.
Sunteck Realty lost 1.70%. On a consolidated basis, the luxury real estate development company's net profit fell 51.3% to Rs 33.21 crore on a 17.3% fall in the net sales to Rs 174.60 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Monday, 12 August 2019.
Balkrishna Industries lost 3.10%. On a consolidated basis, the tire manufacturing company's net profit fell 21.4% to Rs 176.84 crore on a 11% fall in the net sales to Rs 1198.93 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 10 August 2019.
Suprajit Engineering fell 3.53%. On a consolidated basis, the automotive cable and halogen lamp maker's net profit fell 13.7% to Rs 24.85 crore on a 0.4% rise in the net sales to Rs 363.37 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 10 August 2019.
New Delhi Television lost 2.28%. NDTV said that its founders Mrs. Radhika Roy and Dr. Prarmoy Roy were prevented trom leaving the country. They have been stopped from traveling abroad on the basis of wholly unsubstantiated corruption case filed by the CBI about an ICICI loan that was taken by their company, RRPR Holding, which was fully repaid with interest ahead of schedule. The case has been challenged in the Hon'ble Delhi High Court by RRPR, owned by the NDTV founders, which has stake in NDTV. The announcement was made after market hours on Friday, 9 August 2019.
IRB Infrastructure Developers shed 0.10%. The highway construction company informed that Mhaiskar Infrastructure - wholly owned subsidiary of the company, has successfully completed concession period of Mumbai Pune Project on 10 August 2019. Subsequently, this SPV has handed over the Project to the Maharashtra State Road Development Corporation (MSRDC). The annoucment was made on Monday, 12 August 2019.
On the macro front, the quick estimates of Index of Industrial Production (IIP) with base 2011-12 showed that India's industrial output grew 2% in June. The data was released by the government after market hours on 9 August 2019.
Most IT stocks fell. MindTree (down 3.41%), Tech Mahindra (down 2.77%), Infosys (down 2.27%), MphasiS (down 1.93%), Oracle Financial Services Software (down 1.67%), Wipro (down 1.27%), Persistent Systems (down 1.25%), TCS (down 1.16%) and HCL Technologies (down 0.54%) declined. Hexaware Technologies was up 2.86%.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 70.688, compared with its close of 70.410 during the previous trading session.
Overseas, Asian stocks were trading lower on Tuesday as fears about a drawn out Sino-US trade war, protests in Hong Kong and a crash in Argentina's peso currency drove investors to safe harbours like bonds, gold, and the yen.
US stock benchmarks finished sharply lower Monday as simmering geopolitical tensions spooked equity investors and drove a bond market rally while the protracted US-China trade war stoked fears of impending recession.
A foreign brokerage reportedly said that fears of the US-China trade war leading to a recession are increasing and it no longer expects a trade deal between the world's two largest economies before the 2020 US presidential election.
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