Barometers trade with small losses

Key benchmarks were trading with small losses in afternoon trade. At 13:16 IST, the barometer index, the S&P BSE Sensex, was down 41.07 points or 0.10% at 39,153.42. The Nifty 50 index was down 14.30 points or 0.12% at 11,709.80.

Among secondary barometers, the BSE Mid-Cap index was down 0.26%. The BSE Small-Cap index was up 0.08%.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1043 shares rose and 1231 shares fell. A total of 161 shares were unchanged.

UPL (up 3.92%), Indiabulls Housing Finance (up 2.53%), Yes Bank (up 1.92%), Coal India (up 1.10%) and Tata Consultancy Services (up 1.05%) advanced.

ONGC (down 3.01%), Vedanta (down 2.67%), Eicher Motors (down 2.25%), JSW Steel (down 2.23%) and Bajaj Auto (down 1.83%) declined.

Larsen & Toubro was up 0.24%. The company announced that its power business arm has bagged a mega engineering, procurement and construction (EPC) order from SJVN Thermal to set up a 2x660 MW ultra-super critical power plant in Buxar district, Bihar. The order falls under Mega category the range for which is greater than 7000 crore as per its classification of contracts. The announcement was made during market hours today, 24 June 2019.

IT major Infosys was down 0.34%. The shareholders of the company have voted in favor of reappointment of Nandan M. Nilekani as director of the company, at 38th annual general meeting held on 22 June 2019. The announcement was made during market hours today, 24 June 2019.

Tata Steel was down 2.22%. Fitch Ratings affirmed the steel maker's long-term issuer default rating (IDR) at 'BB'. The outlook is stable. The affirmation of ratings follows confirmation by the European Commission that it has rejected a proposed joint venture with Thyssenkrupp AG on antitrust concerns.

NTPC was up 0.52%. Fitch Ratings affirmed the state-run power sector major's long-term foreign- and local-currency issuer default ratings at 'BBB-'. The outlook is stable.

IndusInd Bank was up 0.60%. As per reports, the Hinduja Group will invest another Rs 2,700 crore into IndusInd Bank through a warrant issue to ramp up the promoter holding after the merger of Bharat Financial Inclusion. The promoters will be subscribing to the warrants at a premium of Rs 1,709 a share, reports added.

Overseas, European stocks edged lower while most Asian stocks continued to trade higher on Monday. Investors continued to pin their hopes on any signs of a thaw in US-China trade negotiations while to continued to monitor the rising geopolitical tensions between the U.S. and Iran, inciting fears of a military confrontation in the Middle East.

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