Key indices bounced back in positive terrain in the afternoon trade. At 13:30 IST, the barometer index, the S&P BSE Sensex, rose 79.89 points or 0.22% at 37,098.21. The Nifty 50 index also rose 30.30 points or 0.28% at 11,010.30.
Broader market pared losses. The S&P BSE Mid-Cap index was down 0.35%. The S&P BSE Small-Cap index fell 0.88%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 843 shares rose and 1,425 shares fell. A total of 126 shares were unchanged.
HDFC (down 0.59%), ITC (down 1.29%) and State Bank of India (down 0.38%) will announced their Q1 June 2019 results today.
Eicher Motors (up 2.21%), Bajaj Auto (up 2.06%), Asian Paints (up 1.75%), Adani Ports and Special Economic Zone (up 1.52%) and Mahindra & Mahindra (up 1.38%) advanced.
Wipro (down 3.14%), Tata Steel (down 2.82%), HCL Technologies (down 2.55%), ONGC (down 2.48%) and Vedanta (down 2.23%) declined.
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Bharti Airtel rose 3.66%. The company reported consolidated net loss of Rs 2866 crore in Q1 June 2019 as compared with net profit of Rs 97.30 crore in Q1 June 2018. Total income rose 4.19% to Rs 20905.60 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 1 August 2019.
Consolidated earnings before interest tax depreciation and amortization (EBITDA) increased 24.21% to Rs 8492.6 crore in Q1 June 2019 from 6837 crore in Q1 June 2018. The EBITDA margin grew to 41% in Q1 June 2019 from 34.5% Q1 June 2018. The average revenue per user (ARPU) grew 22.6% to Rs 129 in Q1 June 2019 from Rs 105 in Q1 June 2018. ARPU grew 5.1% from Rs 123 in Q4 March 2019.
Tata Motors rose 0.62%. Tata Motors Commercial and Passenger Vehicles Business sales in the domestic market dropped 34% at 32,938 units in July 2019 over July 2018 on subdued demand. The announcement was made after market hours yesterday, 1 August 2019.
Hero MotoCorp advanced 1.04%. The company sold 535,810 units of motorcycles and scooters in July 2019. The announcement was made after market hours yesterday, 1 August 2019.
Power Grid Corporation of India was down 1.24%. Its consolidated net profit rose 9.75% to Rs 2489.39 crore on 11.26% rise in net sales to Rs 9179.63 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 2 August 2019. The firm said that it was declared as the successful bidder under tariff-based competitive bidding to establish transmission system for two projects at Bhuj in Gujarat and Rajasthan SEZ.
Coal India fell 2.86%. The company published its provisional production and off-take performance for the month of July 2019. The company's coal production declined 5.1% to 38.50 million tonnes while the off-take of coal dropped by 2.9% to 46.82 million tonnes in July 2019 over July 2018.
As per reports, Coal India plans to procure rail wagons under general purpose wagon investment scheme at an estimated cost of Rs 700 crore.
On derivatives front, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 4.51% at 15.2150. On the options front, Nifty option chain for 29 August 2019 expiry showed a maximum call open interest (OI) of 22.29 lakh contracts at the 11500 strike price. Maximum put OI of 33.78 lakh contracts was seen at 11000 strike price. Options data suggested a trading range for Nifty will be between 11,000 and 11,500.
Overseas, European stocks were trading lower. DAX (down 2.36%), CAC 40 (down 2.54%) and FTSE 100 (down 1.77%). Asian stocks were trading lower Friday after a surprise tariff announcement from the United States escalated trade tensions between Washington and Beijing. Japan's cabinet on Friday approved a plan to remove South Korea from a so-called white list of countries that enjoy trade privileges with Tokyo. The moves followed after Japan last month placed restrictions on exports of three important high-tech materials to South Korea that are used by tech companies to make memory chips and display panels.
US stocks fell Thursday after President Donald Trump announced plans to impose additional tariffs Chinese imports to the US. Trump said the US would impose 10% tariffs on $300 billion of Chinese goods beginning September 1. The president said trade talks with Beijing are continuing after US officials returned from negotiations in China. The 10% levies will apply to $300 billion of Chinese goods coming into the US. It doesn't include $250 billion of goods already subject to tariffs, the president said.
In the US, the Institute for Supply Management said its manufacturing index slipped to 51.2% in July, the lowest reading since August 2016. Meanwhile the IHS Markit US manufacturing index fell to its lowest since September 2009 at 50.4%.
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