Selling pressure continues unabated

Key benchmark indices further extended losses and hit fresh intraday low in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 340.60 points or 0.91% at 37,241.31. The Nifty 50 index was down 92.90 points or 0.84% at 11,016.75.

Global shares were negative as fears about a Sino-U.S. trade war, protests in Hong Kong and a crash in Argentina's peso currency drove investors to safe harbours.

The broader market witnessed steep selling. The S&P BSE Mid-Cap index was down 1.97%. The S&P BSE Small-Cap index fell 1.07%.

The market breadth favored the sellers. On the BSE, 838 shares rose and 1531 shares fell. A total of 143 shares were unchanged.

Finance Minister Nirmala Sitharaman met Foreign portfolio investors (FPI) on Friday. FPIs pressed for complete rollback of the higher super-rich surcharge proposed in the Budget. They also sought relief in matters related to long-term capital gains (LTCG) and dividend distribution tax (DDT), beside easier KYC norms. According to media reports, the FM heard all the views, but gave no indication about when the proposals will be implemented.

In the commodities market, Brent crude for October 2019 settlement was up 16 cents at $58.73 a barrel. The contract rose 4 cents or 0.06% to settle at $58.57 a barrel in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.282, compared with its close of 71.266 during the previous trading session.

The yield on India's 10-year benchmark federal paper rose to 6.509% at 14:20 IST compared with 6.49% at close in the previous trading session.

MCX Gold futures for 4 October 2019 settlement rose 0.66% at Rs 38,495.

On the equity front, Yes Bank witnessed major selling pressure. The stock slumped 8.89% to Rs 74.80.

HDFC twins were under pressure. HDFC (down 4.15%) and HDFC Bank (down 3.10%), declined.

Index major ITC was down 2.89% to 246.90.

Pidilite Industries rose 1.15. The script has hit its 52-week high of Rs 1366.20 today. The adhesive manufacturing company announced that it has entered into a joint venture with Corporacion Empresarial Grupo Puma S.L. (Grupo Puma) a leading technical mortars manufacturer based in Spain to establish a joint venture company (JVC) in India.

This joint venture will provide a comprehensive array of technical mortars for wide applications ranging from flooring, wall plasters, textured wall plasters, decorative plasters and insulation. Grupo Puma will license the technology to the JVC which will invest in a modern manufacturing facility in India. The entity will service the key markets of SAARC (excluding Pakistan) and Myanmaar.

Info Edge (India) slipped 1.19% after the company announced its Q1 June 2019 result during market hours today, 13 August 2019. On a consolidated basis, the online classifieds company reported a net loss of Rs 187.58 crore in Q1 June 2019 over a net loss of Rs 18.57 crore in Q1June 2018. Net sales rose 15.43% to Rs 319.73 crore in Q1 June 2019 over Q1 June 2018.

IPCA Laboratories lost 2.42%. The pharmaceutical company reported a rise of 89% in consolidated net profit after tax to Rs 129.43 crore on a 23% rise the consolidated net total income to Rs 1098.53 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 13 August 2019.

Varroc Engineering fell 2.79%. The company announced acquisition of 74% equity stake in the Pune - based CarlQ Technologies. The transaction is to be completed On or before 31 August 2019 or such other date as may be mutually agreed between the parties. The cost of the said acquisition is Rs 19.24 crore. The announcement was made on Saturday, 10 August 2019.

BPCL lost 0.07%. The company's consolidated net profit dropped 44.1% to Rs 1623.75 crore on a 6.3% rise in net sales to Rs 76,325.39 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 9 August 2019. On standalone basis, the company's net profit declined 53.1% to Rs 1075.12 crore on 6.4% rise in net sales to Rs 76,317.94 crore in Q1 June 2019 over Q1 June 2018.

The company's market sales were at 11.11 MMT (Million Metric Tonne) in Q1 June 2019 as compared to 10.97 MMT in Q1 June 2018. The company's average gross refining margin declined to $2.81 per barrel in Q1 June 2019 as compared to $7.49 per barrel in Q1 June 2018.

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