Indices came off day's low and continued trading with modest losses in mid-morning trade. The Nifty slipped below the 11,000-mark in early hours of trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 180.98 points or 0.49% at 37,130.55. The Nifty 50 index was down 58.80 points or 0.53% at 10,970.45.
The S&P BSE Mid-Cap index was down 0.74%. The S&P BSE Small-Cap index was down 0.45%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 686 shares rose and 1136 shares fell. A total of 83 shares were unchanged.
The equity markets were closed on Thursday, 15 August 2019, on account of Independence Day.
Some media reports indicated that the government may soon provide a broad stimulus package or a sector-specific booster dose. There may be some relief to foreign portfolio investors from the super-rich surcharge, reports added.
On the macro front, India's merchandise exports increased 2.2% to $26.33 billion in July 2019 over a year ago. Meanwhile, merchandise imports dipped 10.4% to $39.76 billion. The trade deficit narrowed 27.9% to $13.43 billion in July 2019 from $18.01 billion in July 2018. This data was announced by government after market hours on Wednesday, 14 August 2019.
India's services trade surplus improved 3.4% to $6.79 billion in June 2019 from $6.57 billion in June 2018. As per the data released by the Reserve Bank of India, India's services exports increased 10.0% to $18.55 billion in June 2019 over June 2018. Meanwhile, India's services imports jumped 14.2% to $11.76 billion in June 2019.
On the equity front, Tata Motors slipped 1.53% to Rs 119 after CRISIL downgraded company's rating to CRISIL AA-/ on backdrop of weakening of the business risk profile of JLR.
HEG was down 5.66% to Rs 949.6 after the company's net profit declined 17.3% to Rs 524.42 crore on a 4.2% rise in net sales to Rs 1346.55 crore.
Suzlon Energy gained 3.37% to Rs 4.3 after the company announced its Q1 June 2019 result after market hours on 14 August 2019. The company reported a consolidated net loss of Rs 327.16 crore in Q1 June 2019 over a net loss of Rs 572.86 crore in Q1 June 2018. The company's net sales declined 34.5% to Rs 833.15 crore in Q1 June 2019 over Q1 June 2018.
Dewan Housing Finance Corporation (down 2.45%) stayed in banned period in F&O segment after crossing 95% of market wide position limit.
Overseas, most Asian stocks were trading lower on Friday as investors watched developments in the US-China trade war. In US, the S&P 500 and the Dow gained ground in a late rally on Thursday as upbeat retail sales data offset recessionary fears amid the simmering US-China trade tensions.
Investors and central banks remain concerned though that President Trump's trade war with China is undermining global economic growth after China on Thursday threatened unspecified retaliation against Trump's recent threat to impose more tariffs on its imports from September.
On the data front, U.S. industrial output fell 0.2% in July, the second drop in the past four months, the Federal Reserve reported Thursday. Industrial output is only up 0.5% on a year-on-year basis.
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