Key benchmark indices pared early losses in morning trade. At 10:23 IST, the barometer index, the S&P BSE Sensex, was down 37.81 points or 0.10% at 39,177.83. The Nifty 50 index was down 14.60 points or 0.12% at 11,672.90. The undertone of the market was weak due to negative global cues. The S&P BSE Mid-Cap index was down 0.36%. The S&P BSE Small-Cap index was down 0.30%. The market breadth, indicating the overall health of the market, was negative. On the BSE, 685 shares rose and 993 shares fell. A total of 109 shares were unchanged. IT shares were mixed. Oracle Financial Services Software (up 1.14%), MphasiS (up 0.3%), Persistent Systems (up 0.14%) and Infosys (up 0.09%) advanced. Hexaware Technologies (down 2.02%), HCL Technologies (down 1.63%), Tech Mahindra (down 1.14%) and TCS (down 0.86%) declined. Mindtree was down 7.09% after the company announced its Q1 June 2019 result after market hours yesterday, 17 July 2019. Mindtree reported that the consolidated net profit fell 53.27% to Rs 92.7 crore on 0.28% decrease in net sales to Rs 1834.20 crore in Q1 June 2019 over Q4 March 2019. Wipro gained 3.23%. The IT major's consolidated net profit fell 3.86% to Rs 2,387.60 crore on a 1.93% fall in net sales to Rs 14716.10 crore in Q1 June 2019 over Q4 March 2019. The result was announced after market hours yesterday, 17 July 2019. Nestle India was up 0.16%. The company announced after market hours yesterday, 17 July 2019, that MAGGI Fusian - the range of Asian flavor inspired noodles, have garnered overwhelming consumer response on Amazon Prime Days, witnessing an equivalent of 2.5 lakh single units being sold over a two day period, with orders coming from 29 states of India. NMDC was up 0.57%. The company said that High Court of Karnataka has permitted it to resume operations at Donimalai iron ore mine. Tata Chemicals was up 0.42%. The company after market hours yesterday, 17 July 2019, that Brickwork Ratings had given a rating of BWR AA+ (Outlook: Stable) for 2500 - 10% rated taxable unsecured redeemable NCDS amounting to Rs. 250 crore issued by the company. Reliance Power was down 1.52%. ICRA downgraded borrowings worth Rs 8,015 crore of the company to 'default'. The company continues to remain in the non-cooperating category. DHFL (up 0.62%), IDBI Bank (down 1.28%), Reliance Capital (down 0.83%), Reliance Infrastructure (down 0.10%) and Tata Elxsi (down 0.63%) are currently under F&O ban. F&O ban was imposed after these contracts crossed 95% of the market-wide position limit in derivatives market. ACC (down 0.74%), Larsen & Toubro Infotech (down 0.42%) and Colgate Palmolive (India) (down 0.73%) will announce their Q1 June 2019 results today. Overseas, most Asian stocks were trading lower on Thursday, amid a renewed threat to trade. Japan's exports fell 6.7% in June as compared to a year ago, according to data released on Thursday. The Bank of Korea announced that it was cutting the base rate by 25 basis points to 1.5%, following a cut to South Korea's growth target earlier this month, and an ongoing trade spat between Seoul and Tokyo that has seen Japan place import curbs on important materials used by South Korea's technology sector. US stocks ended lower for a second straight session Wednesday as investors digested mixed earnings results and economic data, while a lack of progress on the Beijing-Washington tariff dispute remained a headache. At the macroeconomic level, businesses were generally positive through early July about the economic outlook for the coming months despite widespread concerns about the possible negative impact of trade-related uncertainty, according to the Beige Book survey released by the US Federal Reserve on Wednesday. The survey found that the economy expanded at modest pace from mid-May through early July, little changed from the spring. The Fed is widely expected to cut interest rates at the conclusion of its two-day July 30-31 policy meeting and the Beige Book didn't alter that outlook. Powered by Capital Market - Live News |