Sensex, Nifty hit fresh intraday low

Key indices hit fresh intraday low in morning trade, dragged by weakness in banks stocks. The Nifty descended towards 11850 level. At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 143.27 points or 0.36% at 40,104.96. The Nifty 50 index was down 44.9 points or 0.38% at 11,872.30.

The broader market were trading near the flat line. The S&P BSE Mid-Cap index was down 0.07%. The S&P BSE Small-Cap index was down 0.12%.

The market breadth was negative. On the BSE, 880 shares rose and 918 shares fell. A total of 94 shares were unchanged. In Nifty 50 index, 20 stocks advanced while 30 stocks declined.

Among Nifty companies, Cipla (up 2.47%) and Tata Steel (down 0.27%) will announce its Q2 September 2019 results today.

Lupin (up 0.02%), Voltas (down 0.49%), Brigade Enterprises (up 1.27%), BSE (up 0.25%), Bosch (down 1.95%), Indiabulls Housing Finance (down 0.89%), Emami (down 0.31%), EID Parry India (up 2.14%), Exide Industries (down 0.37%), Godrej Consumer Products (up 2.23%), Fortis Healthcare (down 0.79%), Kalpataru Power (down 0.34%), Manappuram Finance (down 2.26%), Minda Corporation (down 1.48%) and Take Solutions (down 0.61%) are some of the companies that will announce their Q2 2019 earnings today.

Buzzing Index:

The Nifty Bank index extended yesterday's losses. The index was down 0.62% at 30,032.05.

Among private sector banks, Axis Bank (down 0.77%), HDFC Bank (down 0.66%), AU Small Finance Bank (down 0.61%), ICICI Bank (down 0.48%), Federal Bank (down 0.47%), RBL Bank (down 0.4%) and IndusInd Bank (down 0.2%) declined.

Among PSU banks, Oriental Bank of Commerce (up 2.02%), Bank of Baroda (down 1.57%), Syndicate Bank (down 1.55%), Punjab National Bank (down 1.39%), Bank of India (down 1.35%), Allahabad Bank (down 1.28%), Union Bank of India (down 0.96%) and State Bank of India (down 0.92%) tumbled

Canara Bank was down 1.35% ahead of Q2 2019 results today.

Stocks in Spotlight:

Titagarh Wagons jumped 6.87% after the company announced a turnaround in Q2 2019 result after market hours yesterday. On consolidated basis, company reported a net profit of Rs 12.31 crore in Q2 September 2019 as against a net loss of Rs 15.18 crore in Q2 September 2018. The company's net sales rose 71.9% to Rs 416.13 crore on YoY basis in Q2 2019.

Sun Pharma Advanced Research Company (SPARC) jumped 7.22% to Rs 152.90 after the company announced grant of exclusive licenses to a subsidiary of China Medical System Holdings (CMS). The license allows CMS to develop and commercialize multiple products in Mainland China, Hong Kong, Macao and Taiwan. The initial term of the agreement shall be 20 years from the date of first commercial sale of each product in the territory and may be further extended as per mutual agreement between the parties.

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