The benchmark indices pared gains in morning trade. At 10:22 IST, the barometer index, the S&P BSE Sensex, was up 66.27 points or 0.18% at 36,766.11. The Nifty 50 index was up 26.80 points or 0.25% at 10,889.40.
The S&P BSE Mid-Cap index was up 0.86%. The S&P BSE Small-Cap index rose 1.13%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1245 shares rose and 481 shares fell. A total of 80 shares were unchanged.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 70.655, compared with its close of 70.804 during the previous trading session.
Indiabulls Housing Finance (up 4.35%) and Titan Company (down 0.75%) will announce their Q1 June 2019 results today.
Metal stocks were in demand. Jindal Steel & Power (up 2.14%), Hindustan Copper (up 2.13%), Hindustan Zinc (up 2.02%), NMDC (up 1.72%), National Aluminium Company (up 1.4%), Hindalco Industries (up 1.08%), Vedanta (up 0.96%), Steel Authority of India (up 0.75%), Tata Steel (up 0.55%) and JSW Steel (up 0.46%) advanced.
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Jindal Stainless rose 3.39%. On a consolidated basis, the stainless steel makers's net profit fell 72.9% to Rs 33.29 crore on a 3% fall in the net sales to Rs 3263.32 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 5 August 2019.
The company also announced the issue of non-convertible debentures (NCDs) of upto Rs 900 crore on private placement basis primarily to refinance existing debt/convertible instruments. The announcement was made after trading hours yesterday, 5 August 2019.
Dilip Buildcon fell 1.46%. On a consolidated basis, the construction company's net profit fell 54.9% to Rs 100.42 crore on a 3.4% fall in the net sales to Rs 2436.44 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 5 August 2019.
Indian Hotels rose 3.81%. On a consolidated basis, the hospitality company's net profit fell 24.3% to Rs 4.90 crore on a 4.1% rise in the net sales to Rs 1020 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 5 August 2019.
KEI Industries rose 1.34%. On a consolidated basis, the electrical cable and wire manufacturer's net profit rose 41.9% to Rs 45.72 crore on a 22% rise in the net sales to Rs 1081.36 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 5 August 2019.
Power sector shares rose. Reliance Infrastructure (up 1.86%), CESC (up 1.63%), Coal India (up 1.45%), NHPC (up 1.38%), Reliance Power (up 1.37%), Adani Power (up 1.29%), GMR Infrastructure (up 1.15%), JSW Energy (up 0.82%), NTPC (up 0.7%) and Power Grid Corporation of India (up 0.02%) advanced. Jaiprakash Power Ventures was down 2.38%.
Torrent Power jumped 5.4%. On a consolidated basis, the company's net profit rose 21.9% to Rs 275.27 crore on a 5.9% rise in the net sales to Rs 3736.13 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 5 August 2019.
Tata Power gained 1.73%. The company's wholly owned subsidiary, Tata Power Solar, has commissioned 70kW solar rooftop installation at the eminent India International Centre. The announcement was made after market hours yesterday, 5 August 2019.
Granules India rose 1.40%. The drug maker announced that the US Food & Drug Administration (US FDA) has approved the abbreviated new drug application (ANDA) filed by Granules Pharmaceuticals, Inc., a wholly owned foreign subsidiary of the company for Amphetamine Sulfate Tablets USP 5 mg and 10 mg. It is bioequivalent to the reference listed drug product (RLD), Evekeo Tablets, 5 mg and 10 mg, of Arbor Pharmaceuticals, LLC. The announcement was made during market hours today, 6 August 2019.
Most realty shares rose. Indiabulls Real Estate (up 6.63%), Housing Development and Infrastructure (HDIL) (up 4.26%), Oberoi Realty (up 1.36%), Prestige Estates Projects (up 1.35%), Sobha (up 1.33%), Godrej Properties (up 1.15%), Anant Raj (up 1.14%), Unitech (up 1.03%), DLF (up 0.67%), Phoenix Mills (up 0.59%), D B Realty (up 0.5%) and Omaxe (up 0.05%) advanced.
Parsvnath Developers (down 4.15%) and Sunteck Realty (down 0.37%) declined.
Overseas, Asian stocks were trading lower Tuesday as the US-China trade war intensified, after Beijing confirmed it is suspending agricultural product purchases in response to new American tariffs. The Chinese Ministry of Commerce said Chinese companies have stopped purchasing American agricultural products in response to Trump's latest salvo and added it would not rule out tariffs on newly purchased agricultural goods after August 3. For its part, China is one of the largest buyers of U.S. agriculture.
China's yuan fell as much as 1.9% to a record offshore low of 7.1087 to the dollar. China's central bank said that the depreciation was "due to the effects of unilateralist and trade-protectionist measures and the expectations for tariffs against China." People's Bank of China Governor Yi Gang said that China won't engage in competitive devaluation and that the decline was due to market forces.
US stocks suffered their biggest one-day decline of 2019 on Monday as China allowed its currency to fall to a more-than-10-year low versus the dollar after President Donald Trump rattled markets by announcing additional tariffs on Chinese goods late last week. President Donald Trump said last week the US is putting 10% tariffs on another $300 billion worth of Chinese goods starting September 1.
US Treasury Secretary Steven Mnuchin said on Monday the government had determined that China is manipulating its currency, and that Washington would engage with the International Monetary Fund to eliminate unfair competition from Beijing.
In economic data, the Institute for Supply Management said its nonmanufacturing, or services, index fell to 53.7% in July from 55.1% in June. The reading was the lowest since August 2016. A reading of more than 50 indicates expansion in activity.
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