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Sensex, Nifty hit fresh intraday lows

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Key indices reversed early gains and hit a fresh intraday low in morning trade. The Nifty regained the crucial 11,000-mark after briefly slipping below that level. At 10:20 IST, the barometer index, the S&P BSE Sensex, was down 87.12 points or 0.23% at 37,315.37. The Nifty 50 index was down 37.05 points or 0.34% at 11,016.90.

Broader markets witnessed underperformed the benchmark indices. The S&P BSE Mid-Cap index was down 0.57%. The S&P BSE Small-Cap index was down 0.5%.

The market breadth was weak. On the BSE, 634 shares rose and 1054 shares fell. A total of 91 shares were unchanged.

Shares of IT companies jumped as rupee depreciated in foreign exchange market. MindTree (up 2.8%), Infosys (up 1.86%), Oracle Financial Services Software (up 1.42%), Persistent Systems (up 1.36%), TCS (up 1.31%), Tech Mahindra (up 0.81%), HCL Technologies (up 0.56%), Hexaware Technologies (up 0.34%), Mphasis (up 0.22%) advanced.

The S&P BSE IT was up 1.37% at 15,753.50.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.61, compared with its close of 71.435 during the previous trading session.

Leading provider of IT Services Wipro announced collaboration with Indian Institute of Science (IISc) for research and innovation in autonomous systems, robotics and 5G. The collaboration will focus on the research and development in Artificial Intelligence, Machine Learning, Visual Computing, Human Computer Interaction (HCI) and Vehicle-to-everything communication (V2X). On BSE, Wipro was trading 1.17% higher at Rs 255.2.

Shares of Sterling and Wilson Solar were trading at Rs 725.1 at 10:20 IST on BSE, discount of 7.04% over the initial public offer price of Rs 780. The stock debuted at Rs 700, discount of 10.25% to the initial public offer (IPO) price.

NBFC major, DHFL announced fresh batch of defaults on interest payment after market hours yesterday, 19 August 2019. The company stated that it defaulted on two series of NCDs as well as commercial papers on 16 August 2019. The total default on interest repayment is Rs 1570 crore across all three instruments. On BSE, DHFL slumped 5.91% to Rs 46.15 post announcement. In a separate announcement, NSE reported that the the stock is barred from trading in F&O segment after crossing 95% of market wide position limit.

Vodafone Idea slumped 5.18% to Rs 5.68 after company's Chief Executive Officer Balesh Sharma resigned citing personal reasons. The board has approved the appointment of Ravinder Takkar as the Managing Director and Chief Executive Officer of the Company for a period of three years effective from 19 August 2019.

Overseas, Asian stocks were trading higher Tuesday as the People's Bank of China published its new loan prime rates under a new mechanism that was unveiled over the weekend. The new 1-year LPR was set at 4.25%, as compared to 4.31% previously. The 5-year LPR was at 4.85%.

US stocks rallied Monday, lifted by encouraging comments from President Donald Trump and other officials on trade talks, along with a move by China over the weekend to lower borrowing costs for companies.

The Commerce Department said Monday that it has given Chinese telecom giant Huawei Technologies Co. Ltd. another 90-day reprieve during which it can continue to do business with American companies, without the granting of case-by-case licences that would otherwise be needed, after the Commerce Department added it to its entity list in May. At the same time, the Commerce Department added another 46 Huawei subsidiaries to the list that will be subject to the full sanctions after 19 November.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, August 20 2019. 10:26 IST