The market pared losses in the afternoon trade. At 13:30 IST, the barometer index, the S&P BSE Sensex, was fell 206.51 points or 0.55% at 37,676.28. The Nifty 50 index fell 91.60 points or 0.81% at 11,192.70.
The S&P BSE Mid-Cap index was down 0.90%. The S&P BSE Small-Cap index fell 0.95%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 673 shares rose and 1,525 shares fell. A total of 107 shares were unchanged.
ICICI Bank gained 3.30% after the bank reported a net profit of Rs 1908.03 crore in Q1 June 2019 as compared to net loss of Rs 119.55 crore in Q1 June 2018. The bank's total income rose 15.24% to Rs 21405.50 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 27 July 2019.
Vedanta declined 4.39% after consolidated net profit declined 11.87% to Rs 1,351 crore on 3.85% fall in total income to Rs 21,754 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 26 July 2019.
Maruti Suzuki India dropped 3.16%. The car major announced introduction of CNG variant in Ertiga and Tour M. The ex-showroom price in Delhi and NCR of Ertiga CNG is Rs 8.87 lakh while the price of Tour MCNG is Rs 8.82 lakh. The same shall be effective from 26 July 2019. The announcement was made after market hours on Friday, 26 July 2019.
Cipla dropped 1.58%. The drug making company announced during market hours, 29 July 2019, that Alvotech and Cipla Gulf, its wholly-owned subsidiary, have entered into an exclusive partnership for the commercialization of AVT02, an adalimumab biosimilar, in select emerging markets. AVT02 is a mAb biosimilar to AbbVie's HUMIRA, which is a leading drug indicated for the treatment of several autoimmune diseases. AbbVie's HUMIRA recorded sales of about US$20 billion in 2018, making it the largest-selling blockbuster medicine worldwide.
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Dr. Reddy's Laboratories (down 2.31%), Bank of Maharashtra (down 1.38%), DLF (rose 0.42%), Sun Pharma Advanced Research Company (fell 1.79%), Strides Pharma Science (shed 0.18%) and Alembic Pharmaceuticals (gained 0.85%) ahead of its Q1 June 2019 result today.
Yes Bank (up 1.93%), HCL Technologies (up 0.71%), Infosys (up 0.41%), Tech Mahindra (up 0.36%) and State Bank of India (up 0.29%), advanced.
Indiabulls Housing Finance (down 8.67%), Grasim Industries (down 7.63%), Bharati Infratel (down 4.48%), Bajaj Auto (down 4.38%) and Tata Motors (down 4.28%), declined.
Overseas, European stocks were mixed. Asian stocks were trading lower Monday as US-China negotiations resume in Beijing later this week amid low expectations for a major breakthrough. Meanwhile, Chinese industrial profits fell in June, according the country's National Bureau of Statistics on Saturday. Industrial profits fell 3.1% in June from a year earlier, following a 1.1% gain in May.
US stocks closed at new highs for the S&P 500 and Nasdaq Composite indexes on Friday, as investors welcomed strong corporate earnings, government approval of the T-Mobile and Sprint merger.
On the economic front, the U.S. economy grew at an annualized pace of 2.1% in the second quarter, according to the Commerce Department, slowing from 3.1% in the first three months of the year.
The Fed will gather on July 30-31 for policy meeting and the U.S. central bank is widely anticipated to cut benchmark rates by at least 25 basis points to combat headwinds from the China-U.S. trade dispute and signs of slowing economic growth outside of the U.S.
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