Domestic stocks drifted lower in early trade tracking mostly negative Asian stocks as trading resumed after a local holiday. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 265.63 points or 0.71% at 37,045.90. The Nifty 50 index was down 79.95 points or 0.72% at 10,949.45.
The S&P BSE Mid-Cap index was down 0.84%. The S&P BSE Small-Cap index was down 0.53%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 395 shares rose and 807 shares fell. A total of 58 shares were unchanged. The equity markets were closed on Thursday, 15 August 2019, on account of Independence Day.
Meanwhile, the government might soon provide a broad stimulus package or a sector-specific booster dose, reports suggested. This comes after Prime Minister Narendra Modi's meeting with Finance Minister Nirmala Sitharaman and officials of her ministry last week. There might also be some relief to foreign portfolio investors from the super-rich surcharge.
On the macro front, India's merchandise exports increased 2.2% to US$ 26.33 billion in July 2019 over a year ago. Meanwhile, merchandise imports dipped 10.4% to US$ 39.76 billion. The trade deficit narrowed 27.9% to US$ 13.43 billion in July 2019 from US$ 18.01 billion in July 2018. This data was announced by government after market hours on Wednesday, 14 August 2019.
Overseas, most Asian stocks were trading lower 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.
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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.
Back home, Indiabulls Housing Finance lost 8.99% 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.
Tata Motors fell 1.86% 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 rose 1.11%. Pursuant to the allotment of its equity shares on 15 August 2019, has raised Rs 1930 crore through the Qualified Institution Placement (QIP) route. The QIP opened on 8 August 2019 and closed on 14 August 2019. The bank allotted 23.1 crores equity shares to eligible qualified institutional buyers (QIBs) at Rs 83.55 per equity share. The announcement was made before market hours today, 16 August 2019.
Indraprastha Gas rose 0.76% after consolidated net profit rose 31.05% to Rs 244.78 crore on a 22.84% rise in the total income to Rs 1779.47 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.
Gayatri Projects rose 2.08% after the company reported 8.74% rise in net profit to Rs 54.77 crore on 19.75% rise in total income to Rs 985.71 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Wednesday, 14 August 2019.
Omaxe rose 0.05% after the company reported 83.28% rise in consolidated net profit to Rs 16.22 crore on 96.49% rise in total income to Rs 358.56 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Wednesday, 14 August 2019.
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