Key indices cut losses after an initial slide triggered by weak Asian stocks. At 9:28 IST, the barometer index, the S&P BSE Sensex, was down 130.53 points or 0.34% at 38,174.88. The Nifty 50 index was down 43.80 points or 0.39% at 11,316.10.
Domestic stock markets were closed on Wednesday, 2 October 2019 on account of Mahatma Gandhi Jayanti.
The S&P BSE Mid-Cap index was up 0.02%. The S&P BSE Small-Cap index was down 0.26%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 514 shares rose and 752 shares fell. A total of 66 shares were unchanged.
Overseas, Asian stocks were trading lower on Thursday after the United States opened a new trade war front by saying it will impose tariffs on $7.5 billion of goods from the European Union. Markets in China and South Korea are closed on Thursday for holidays.
The United States on Wednesday said it would slap 10% tariffs on European-made Airbus planes and 25% duties on French wine, Scotch and Irish whiskies, and cheese from across the continent as punishment for illegal EU aircraft subsidies.
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US stocks dropped on Wednesday with data showing slower job creation adding to concerns about a weakening manufacturing sector as President's Trump's trade policies take their toll.
A private-sector employment report from Automatic Data Processing showed that a modest 135,000 jobs were created in September, and the average monthly job growth for the past three months also fell to 145,000 from 214,000 for the same time period last year.
Among stocks, Yes Bank jumped 21.06%. Yes Bank said that the forced sale of 10 crore equity shares (3.92% of the bank's equity share capital) triggered by an invocation of pledge on the equity shares of a large stakeholder. With this sale, the entire pledge stands extinguished and all sale under the same is duly completed. The bank said that it's financial and operating metrics remain intrinsically sound and stable with liquidity position well in excess of regulatory requirements. The announcement was made yesterday, 2 October 2019, when stock markets were closed for local holiday.
Tata Motors gained 4.03%. Sales in the domestic and international market stood at 36,376 vehicles in September 2019 compared to 69,991 units in September 2018. The announcement was made after market hours on Tuesday, 1 October 2019.
Hero MotoCorp rose 1.09%. Hero MotoCorp sold 6.12 lakh units of motorcycles and scooters in September 2019. With this, the company registered a growth of 12.6% over August 2019 when it had sold 5.43 lakh units. To add cheer to the festive season, Hero MotoCorp has introduced a holistic range of benefits and schemes, covering sales and after-sales for customers around the country. The announcement was made after market hours on Tuesday, 1 October 2019.
M&M slipped 0.06%. M&M along with Ford Motor Company Inc., USA (FMC) has executed a Business Transfer Agreement and Share Subscription Agreement to enable the formation of a joint venture by way of the company and/ or its subsidiaries acquiring 51 % of the equity share capital of Ardour Automotive Private Limited, presently a wholly owned subsidiary of FMC (NewCo) in India. The balance 49% equity shareholding in NewCo will be held by FMC and/ or any of its affiliates. NewCo will acquire the automotive business of Ford India Private Limited (FIPL), a wholly owned subsidiary of FMC. Upon completion of the business transfer, the Agreements contemplate the execution of a Joint Venture Agreement and other ancillary documents between the company and/ or its Subsidiaries and FMC and/ or any of its affiliates. The announcement was made after market hours on Tuesday, 1 October 2019.
Infosys fell 0.07%. Infosys announced a new strategic program, Innov8, to accelerate enterprise digital transformation journeys using SAP digital solutions. As part of the program, Infosys and SAP are in talks to create a joint go-to-market engagement model between project Embrace from SAP and Infosys' Innov8 program. The joint engagement model is intended to help companies accelerate their digital transformation based on SAP S/4HANA to build intelligent enterprises. The announcement was made after market hours on Tuesday, 1 October 2019.
GMR Infrastructure rose 2.75%. The approval of the Competition Commission of India has been received for the proposed equity investment from Tata Group, GIC affiliate and SSG affiliate at GMR Airports, subsidiary of the company. The announcement was made before market hours today, 3 October 2019.
TVS Motor Company lost 2.95%. TVS Motor Company registered sales of 3.15 lakh units in September 2019 as against sales of 4.23 lakh units in September 2018. Planned rationalisation of BS IV stocks is reflecting in the sales growth difference between September 2018 and September 2019. The announcement was made after market hours on Tuesday, 1 October 2019.
On the macro front, the total gross GST revenue collected in September 2019 is Rs 91916 crore. The revenue during September 2019 has declined by 2.67% in comparison to the revenue during September 2018. During April-September 2019 vis-vis 2018, the domestic component has grown by 7.82% while the GST on imports has shown negative growth and the total collection has grown by 4.90%.
As per reports, U.S. Commerce Secretary Wilbur Ross will be holding talks with Indian leaders today amid hopes of trade deal. There are renewed expectations of a trade deal on farm goods and pharmaceuticals.
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