Key indices opened on a weak note on selling pressure in index pivotals. At 9:23 IST, the barometer index, the S&P BSE Sensex, was down 407.58 points or 1.29% at 31,153.64. The Nifty 50 index was down 106.50 points or 1.15% at 9,132.70.
The S&P BSE Mid-Cap index was down 0.81%. The S&P BSE Small-Cap index was down 0.52%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 355 shares rose and 695 shares fell. A total of 43 shares were unchanged.
Cues to watch:
The market is likely to remain volatile in the near term, reacting to the spread of novel coronavirus, or COVID-19, newsflow regarding development of its vaccine and government's measures on stimulus and restarting the economy.
Prime Minister Narendra Modi said the country would look to ease a nearly seven-week lockdown aimed at preventing the spread of the novel coronavirus. On Monday, Modi told the heads of states in a video call the government would look at a gradual withdrawal of the lockdown, which has been repeatedly extended until May 17.
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Stocks in news:
Nestle India rose 0.85%. Nestle India will today declare result for the quarter ended 31 March 2020.
Piramal Enterprises lost 6.51%. Consolidated net loss of Piramal Enterprises was Rs 1701.93 crore in the quarter ended March 2020 as against net profit of Rs 455.25 crore during the previous quarter ended March 2019. Sales declined 1.98% to Rs 3341.00 crore in the quarter ended March 2020 as against Rs 3408.52 crore during the previous quarter ended March 2019.
Tata Chemicals rose 0.33%. The company has resumed the operations at its manufacturing facilities located at Mambattu-Nellore (Andhra Pradesh), Sriperumbudur (Tamil Nadu) and Cuddalore (Tamil Nadu).
Godrej Agrovet rose 0.63%. Consolidated net profit of Godrej Agrovet declined 34.40% to Rs 74.58 crore in the quarter ended March 2020 as against Rs 113.69 crore during the previous quarter ended March 2019. Sales rose 7.39% to Rs 1490.35 crore in the quarter ended March 2020 as against Rs 1387.85 crore during the previous quarter ended March 2019.
Ashok Leyland declined 1.13%. Ashok Leyland said that the meeting of the board of directors of the company is scheduled on 14 May 2020 to consider and approve secured, rated, listed, redeemable Non Convertible Debentures aggregating to Rs 300 crore with a green-shoe option of Rs 200 crore on private placement basis, in one or more tranches/series.
Meanwhile, Sebi has reduced broker turnover fees and filing charges on offer documents for public offering, rights issue and buyback of shares. The broker turnover fee has been reduced to 50% of the existing fee structure for the period June 2020 to March 2021, the Securities and Exchange Board of India (Sebi) said.
Global Markets:
Overseas, Asian stocks were trading lower on Tuesday, as Chinese inflation data for April missed expectations.
On the economic data front, China's consumer price index for April rose 3.3% year-on-year. Meanwhile, China's producer price index for April declined 3.1% year-on-year.
In US, stocks were little changed Monday as investors weighed the benefits of reopening the economy against concerns that such steps could lead to fresh waves of coronavirus infections and renewed lockdowns.
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