The benchmark indices hit their fresh intraday low in morning trade amid weak global cues. At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 344.37 points or 0.93% at 36,673.95. The Nifty 50 index was down 108.30 points or 0.99% at 10,871.70.
The S&P BSE Mid-Cap index was down 1.22%. The S&P BSE Small-Cap index was down 1.55%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 440 shares rose and 1453 shares fell. A total of 68 shares were unchanged.
HDFC (down 1.82%), ITC (down 1.49%) and State Bank of India (down 1.18%) will announced their Q1 June 2019 results today.
Most power shares fell. Reliance Power (down 3.69%), CESC (down 2.48%), Jaiprakash Power Ventures (down 2.34%), Torrent Power (down 2.03%), Reliance Infrastructure (down 1.9%), Adani Power (down 1.6%), NTPC (down 0.87%), NHPC (down 0.69%) and JSW Energy (down 0.45%) declined. GMR Infrastructure was up 0.13%.
Power Grid Corporation of India was down 1% ahead of its Q1 results today. The firm said that the electric utilities company has been declared as the successful bidder under Tariff based competitive bidding to establish transmission system for two projects at Bhuj in Gujarat and Rajasthan SEZ. The announcement was made after market hours yesterday, 1 August 2019.
Tata Power fell 1.34%. On a consolidated basis, Tata Power's profit after tax before exceptional items rose 0.79% to Rs 254 crore on a 5% rise in revenue to Rs 7,567 crore in Q1 June 2019 over Q1 June 2018. The company said that the rise in the profit was due to lower losses in Mundra on account of lower FOB price of coal, new capacity addition in renewables, favourable regulatory Order in Maithon and steady operational performance across all segments. The result was announced after market hours yesterday, 1 August 2019.
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Coal India fell 2.89% after 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 Mill Te while the off-take of coal dropped by 2.9% to 46.82 Mill Te in July 2019 over July 2018.
As per reports, the Indian state-controlled coal mining and refinery company has decided to procure rail wagons under general purpose wagon investment scheme at an estimated cost of Rs 700 crore.
The Ministry of Coal is preparing a plan to cut imports of coal by minimum one-third over the next five years, on account of factors like increase in domestic production and a jump in renewable output, reports added.
Dalmia Bharat rose 1.57%. On a consolidated basis, the conglomerate's profit after tax rose 192.3% to Rs 152 crore on a 7.13% rise in the income from operations to Rs 2537 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 1 August 2019.
Bajaj Electricals slipped 1.88%. The consumer electrical equipment manufacturer said that CARE Ratings had downgraded the credit rating of the company's commercial paper (CP) issuance (aggregating to Rs.500 crore), from CARE A1+ to CARE A1. The announcement was made after market hours yesterday, 1 August 2019.
The rating agency has considered the moderation in liquidity profile marked by large accumulation of receivables under engineering procurement commissioning (EPC) division of the company, affecting the cash generated from operations for financial year 2019, as the primary reason for its downgrade of the credit rating of the company.
Adani Transmission shed 0.27%. The power transmission company said that it has received the letter of intent (LOI) from PFC Consulting (A wholly owned subsidiary of PFC Corporation) to build, own. operate and maintain the transmission project in the state of Rajasthan for a period of 35 years. The project "Bikaner - Khetri Transmission Limited" consists of approximately 480 ckt kms of 765kV line along with associated transmission system. The announcement was made after market hours yesterday, 1 August 2019.
Auto shares extended losses. Ashok Leyland (down 11.39%), Eicher Motors (down 1.65%), Escorts (down 1.61%), TVS Motor Company (down 1.35%), Bajaj Auto (down 1.2%), Maruti Suzuki India (down 1.01%) and Mahindra & Mahindra (down 0.3%) declined.
Tata Motors fell 1.81%. The company's 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 declined 2.70%. The company sold 535,810 units of motorcycles and scooters in July 2019. The announcement was made after market hours yesterday, 1 August 2019.
JK Tyre Industries lost 9.95%. The company reported 73.63% slide in consolidated net profit to Rs 16.91 crore on 5.79% rise in total income to Rs 2587.60 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 1 August 2019.
Ceat fell 1.17%. On a consolidated basis, tyre manufacturer's profit after tax rose 15% to Rs 82 crore on a 1.74% rise in the revenue from operations to Rs 1752 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 1 August 2019.
Overseas, 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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