Key benchmarks extended losses and hit fresh intraday low in mid-morning trade. The Nifty regained 11,000 mark after briefly slipping below that level. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 141.30 points or 0.38% at 37,255.94. The Nifty 50 index was down 43.55 points or 0.39% at 11,041.85.
The S&P BSE Mid-Cap index was down 0.57%. The S&P BSE Small-Cap index fell 0.83%. Both these indices underperformed the Sensex.
The market breadth was weak. On the BSE, 662 shares rose and 1398 shares fell. A total of 88 shares were unchanged.
Most auto shares rose. TVS Motor Company (up 3.06%), Bajaj Auto (up 1.41%), and Ashok Leyland (up 0.29%) advanced. Escorts was down 0.65%.
Hero MotoCorp gained 3.74%. The company's consolidated net profit rose 36% to Rs 1252.22 crore on 8.2% decline in net sales to Rs 8185.66 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 30 July 2019.
Maruti Suzuki India rose 0.65%. The car maker announced after market hours yesterday, 30 July 2019, that Ertiga (Petrol) is now BS-VI compliant. The revised ex-showroom price in Delhi and NCR of BS-VI compliant Ertiga (Petrol) varies from Rs. 7.54 lakh to Rs. 10.05 lakh with effect from 30th July, 2019.
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Mahindra & Mahindra shed 0.57%. The company announced after market hours yesterday, 30 July 2019, that its shareholding in SmartShift Logistics Solutions has increased from 30.73% to approximately 34% of the Share Capital (Equity and Preference) on a fully diluted basis.
Eicher Motors rose 0.69% ahead of its Q1 June 2019 result today.
Gujarat Gas jumped 6.23%. On a consolidated basis, the city gas distributor's net profit rose 91.6% to Rs 234.04 crore on a 48.1% rise in the net sales to Rs 2614.61 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 30 July 2019.
Gulf Oil Lubricants India gained 2.27%. The lubricant maker's net profit rose 21.4% to Rs 48.73 crore on a 12.9% rise in the net sales to Rs 440.68 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 30 July 2019.
Dish TV India fell 1.23%. The company reported consolidated net loss of Rs 31.98 crore in Q1 June 2019 compared with a net profit of Rs 27.87 crore in Q1 June 2018. Net sales declined 44.1% to Rs 926.30 crore in Q1FY19 over Q1FY18. The result was announced after market hours yesterday, 30 July 2019.
The firm's consolidated subscription revenues plunged 44.5% to Rs 826.10 crore in Q1 June 2019 over Q1 June 2018. The consolidated EBITDA also dropped by 3.7% to Rs 536 crore this quarter as against the same quarter last fiscal year. The company achieved an EBITDA margin of 57.9% this quarter, under the New Tariff Regime.
Vinati Organics slumped 5.12%. On a consolidated basis, Vinati Organics' net profit rose 28.2% to Rs 82.36 crore on a 11.9% rise in the net sales to Rs 290.74 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 30 July 2019.
Metal shares rose. Tata Steel (up 2.34%), Steel Authority of India (up 2.16%), Hindustan Zinc (up 1.14%), National Aluminium Company (up 1.14%), Hindustan Copper (up 1.12%), Vedanta (up 0.8%), NMDC (up 0.56%) and Hindalco Industries (up 0.26%) advanced.
JSW Steel gained 2.26%. The steel manufacturer announced after market hours yesterday, 30 July 2019, that it has been declared as the Preferred Bidder for 6 Category "C" iron ore Mines having estimated resource of around 120.714 MMT, in the e-auctions conducted by the Government of Karnataka.
Jindal Steel & Power (JSPL) gained 2.03%. The company announced before market hours today, 31 July 2019, that it has successfully executed the first-ever rail order to Indian Railways on 29th July 2019. JSPL has supplied 126604 tones of long rails to Indian Railways in record time and far ahead of schedule. Out of this total quantity, JSPL supplied 97,400 tonnes of long rails on 22nd April 2019, in record time and four months ahead of schedule. The total value of the contract was at Rs. 732 crore.
Overseas, Asian shares were trading lower on Wednesday amid dampened expectations for a resolution to the U.S.-China trade war. China's factory activity contracted for the third straight month in July, according to official data released on Wednesday.
The official manufacturing Purchasing Managers' Index (PMI) for July came in at 49.7 from June's reading of 49.4, according to data from the Chinese statistics bureau.
US stocks drifted lower Tuesday as President Trump renewed his attacks on China, quashing hopes for a speedy resolution to trade tensions. Investors also digested another round of mixed corporate earnings and awaited a crucial Federal Reserve decision.
President Trump ratcheted up pressure on China to quickly reach a trade deal, warning that if he is re-elected next year, the terms of an agreement would be much tougher than what is currently being discussed. US delegates including Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer are in Shanghai for meetings with their Chinese counterparts, but hopes remain low for a breakthrough as neither side appears eager to make a deal.
The US Federal Reserve's two-day policy meeting concludes today, 31 July 2019. It is widely anticipated to cut benchmark rates by at least 25 basis points to combat headwinds from the China-US trade dispute and signs of slowing economic growth outside of the US.
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