Key equity barometers hit fresh intraday low in morning trade, dragged by weakness in auto stocks. At 10:22 IST, the barometer index, the S&P BSE Sensex, was down 110.08 points or 0.29% at 37,772.71. The Nifty 50 index was down 54.65 points or 0.48% at 11,229.65.
The S&P BSE Mid-Cap index was down 0.78%. The S&P BSE Small-Cap index fell 0.60%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 667 shares rose and 1085 shares fell. A total of 95 shares were unchanged.
Dr. Reddy's Laboratories was down 1.12%, ahead of its Q1 June 2019 result today.
Indiabulls groups shares fell after BJP Leader Subramanian Swamy sent a letter to PM Modi, accusing the group of Rs 1 lakh crore fraud. Indiabulls Ventures (down 6.48%), Indiabulls Housing Finance (down 6.10%), Indiabulls Integrated Services (down 5%) and Indiabulls Real Estate (down 4.91%) declined.
Swamy urged Prime Minister Narendra Modi to institute a Special Investigation Team of the Central Bureau of Investigation (CBI), Enforcement Directorate (ED), Serious Frauds Investigation Office (SFIO) and Income Tax (IT) officials to probe into the money laundering of the Indiabulls group by siphoning the funds of the National Housing Bank.
Most auto shares fell on reports the government is proposing to increase the registration fees for new vehicles across all types. Bajaj Auto (down 4.86%), Ashok Leyland (down 3.7%), TVS Motor Company (down 3.51%), Hero MotoCorp (down 3.16%), Tata Motors (down 2.82%), Eicher Motors (down 2.31%) and Mahindra & Mahindra (down 0.85%) declined.
Maruti Suzuki India fell 2.74%. The car major announced introduction of CNG variant in Ertiga and Tour M. The ex-showroom price in Delhi and NCR of Ertiga CNG is Rs 8.87 lakh while the price of Tour M CNG is Rs 8.82 lakh. The same shall be effective from 26 July 2019. The announcement was made after market hours on Friday, 26 July 2019.
Escorts was up 0.19%. The company's consolidated net profit fell 27.64% to Rs 87.74 crore on a 5.78% decrease in total income to Rs 1458.40 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 27 July 2019.
Vodafone Idea was down 22.70%. On a consolidated basis, Vodafone Idea reported net loss of Rs 4067.01 crore in Q1 June 2019 compared with net loss of Rs 2757.60 crore in Q1 June 2018. Net sales rose 92% to Rs 11264.70 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 26 July 2019.
TeamLease Services fell 4.79%. On a consolidated basis, TeamLease Services' net profit fell 13.8% to Rs 18.79 crore on a 22.5% rise in the net sales to Rs 1251.23 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 26 July 2019.
Music Broadcast lost 6.86%. The company's net profit fell 37.6% to Rs 8.43 crore on a 7.8% fall in the net sales to Rs 69.78 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 26 July 2019.
Moil was down 2.38%. The company's net profit fell 20.1% to Rs 90.68 crore on a 10.7% fall in the net sales to Rs 280.07crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 27 July 2019.
Overseas, most Asian stocks were trading lower Monday as US-China negotiations resume in Beijing later this week amid low expectations for a major breakthrough. Meanwhile, Chinese industrial profits fell in June, according the the country's National Bureau of Statistics on Saturday. Industrial profits fell 3.1% in June from a year earlier, following a 1.1% gain in May.
US stocks closed at new highs for the S&P 500 and Nasdaq Composite indexes on Friday, as investors welcomed strong corporate earnings, government approval of the T-Mobile and Sprint merger.
On the economic front, the U.S. economy grew at an annualized pace of 2.1% in the second quarter, according to the Commerce Department, slowing from 3.1% in the first three months of the year.
The Fed will gather on July 30-31 for policy meeting and the U.S. central bank is widely anticipated to cut benchmark rates by at least 25 basis points to combat headwinds from the China-U.S. trade dispute and signs of slowing economic growth outside of the U.S.
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