Key indicators hit fresh intraday high in afternoon trade. At 13:30 IST, the barometer index, the S&P BSE Sensex, rose 42.88 points or 0.11% at 37,354.41. The Nifty 50 index advanced 11.35 points or 0.10% at 11,040.75.
The S&P BSE Mid-Cap index was up 0.10%. The S&P BSE Small-Cap index was flat.
The market breadth, indicating the overall health of the market, was negative. On the BSE, shares 1,082 rose and 1,179 shares fell. A total of 138 shares were unchanged.
UPL (up 4.36%), GAIL (up 3.23%), Grasim Industries (up 2.44%), Maruti Suzuki India (up 2.02%) and Power Grid Corporation of India (up 1.54%) advanced.
TCS (down 1.98%), Vedanta (down 1.36%), Tech Mahindra (down 1.23%), Dr Reddy's Laboratories (down 1.02%) and Britannia Industries (down 0.71%) declined.
Hero MotoCorp was up 0.33%. The company announced the closure of manufacturing facilities from 15 August 2019 to 18 August 2019. The company clarified that this has been a part of the annual holiday calendar on account of Independence Day, Raksha Bandhan and the weekend but this also reflects the prevailing market demand scenario.
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Tata Motors fell 0.17% after CRISIL Ratings downgraded long term rating of Tata Motors to AA-/Negative from AA/Negative due to weakening of outlook on the business risk profile of JLR. The announcement was made after market hours on Wednesday, 14 August 2019.
Yes Bank jumped 5.03%. The bank raised Rs 1,930 crore via qualified institution placement route. The QIP opened on 8 August 2019 and closed on 14 August 2019. The bank allotted Rs 23.1 crore equity shares to eligible qualified institutional buyers at Rs 83.55 per equity share. The announcement was made before market hours today, 16 August 2019.
Indiabulls Housing Finance lost 4.25% after the company said that the rating committee of the international rating agency Moody's Investors Service has revised the corporate family rating of Indiabulls Housing Finance to Ba2. The announcement was made after market hours on Wednesday, 14 August 2019.
Indiabulls Group shares came under selling pressure after credit ratings firm Moody's revised the corporate family rating of Indiabulls Housing Finance to Ba2 from Ba1. Indiabulls Housing Finance (IBH) (down 7.64%), Indiabulls Integrated Services (down 5%) and Indiabulls Ventures (down 3.1%) declined. Moody's has also downgraded the company's foreign-currency senior secured rating to Ba2 from Ba1, foreign- and local- currency senior secured MTN program ratings to (P)Ba2 from (P)Ba1. The international rating agency has changed the outlook to negative from stable.
Moody's said that the downgrade reflects renewed pressure on the cost and availability of funds for IBH and certain other finance companies in India. This presents a more challenging external environment than Moody's had anticipated. The company's incremental cost of funding increased 45bps quarter-on-quarter ending June 2019, while the company's balance sheet declined by 7% over the same period. This rise in funding costs was a key driver for the 28 bps decline in spreads in the same period, although profitability remains comparatively strong relative to its peer group.
Indraprastha Gas advanced 2.45% after consolidated net profit rose 31.05% to Rs 244.78 crore on a 22.84% rise in the total income to Rs 1,779.47 crore in Q1 June 2019 over Q1 June 2018. The company announced its Q1 June 2019 results after market hours on Wednesday, 14 August 2019.
HEG was down 5.32% after the company's net profit declined 17.3% to Rs 524.42 crore on a 4.2% rise in net sales to Rs 1,346.55 crore.
Suzlon Energy gained 5.53% after the company announced its Q1 June 2019 result after market hours on 14 August 2019. The company reported a consolidated net loss of Rs 327.16 crore in Q1 June 2019 compared with a net loss of Rs 572.86 crore in Q1 June 2018. Net sales declined 34.5% to Rs 833.15 crore in Q1 June 2019 over Q1 June 2018.
IDBI Bank tanked 8.29% after the bank's the bank reported a net loss of Rs 3,800.84 crore in Q1 June 2019 over a net loss of Rs 2,409.89 crore in Q1 June 2018. Total Income fell 7.5% to Rs 5,923.93 crore in Q1 June 2019 over Q1 June 2018. On a positive side, the bank reported that gross NPA ratio improved to 29.12% as on 30 June 2019 as against 30.78% as on 30 June 2018.
MTNL rose 1.79%. The company reported a consolidated net loss of Rs 1,054.6 crore in Q1 June 2019 over a net loss of Rs 943.88 crore in Q1 June 2018. The company's net sales declined 15.3% to Rs 433.85 crore in Q1 June 2019 over Q1 June 2018.
Overseas, European stocks were trading higher. London's FTSE 100 index failed to open at the start of the European trading on Friday. The London Stock Exchange has said it is currently investigating a potential trading services issue.
Most Asian stocks were trading lower on Friday as investors watched developments in the US-China trade war. In US, the S&P 500 and the Dow gained ground in a late rally on Thursday as upbeat retail sales data offset recessionary fears amid the simmering US-China trade tensions.
Investors and central banks remain concerned though that President Trump's trade war with China is undermining global economic growth after China on Thursday threatened unspecified retaliation against Trump's recent threat to impose more tariffs on its imports from September.
On the data front, U.S. industrial output fell 0.2% in July, the second drop in the past four months, the Federal Reserve reported Thursday. Industrial output is only up 0.5% on a year-on-year basis.
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