Key equity benchmarks once again slipped into negative terrain in afternoon trade. At 13:28 IST, the barometer index, the S&P BSE Sensex fell 97.93 points or 0.25% at 38,992.10. The Nifty 50 index also tanked 40.35 points or 0.35% at 11,559.85.
The S&P BSE Mid-Cap index was down 0.85%. The S&P BSE Small-Cap index fell 0.05%.
The market breadth was negative. On the BSE, shares 976 rose and 1,272 shares fell. A total of 138 shares were unchanged.
Reliance Industries rose 3.98% on media reports that a foreign brokerage house maintained its 'overweight' call with a target price of Rs 1,469 per share today, 24 September 2019. The firm has stated that investor's confidence is increasing the firm's earnings; while lower taxes and cheaper gas feed costs would lower the outlook risk.
Tech Mahindra (up 2.78%), Dr Reddy's Laboratories (up 1.84%), Tata Motors (up 1.75%), HCL Technologies (up 1.50%) and Sun Pharmaceuticals (up 1.29%) advanced.
JSW Steel (down 3.80%), State Bank of India (down 3.11%), IOCL (down 2.80%), Hero MotoCorp (down 2.74%) and Larsen & Toubro (down 2.64%) declined.
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Wipro rose 0.58%. The IT major has launched the first phase of noomis, online platform of Febraban, to help financial services organisations to collaborate and share information. Febraban is an industry association that represents the financial services sector in Brazil. It also organizes CIAB, an information technology trade show for financial services in Latin America. The announcement was made after market hours yesterday, 23 September 2019.
Infosys advanced 2.76%. A global brokerage firm maintained its 'underperform' rating on the stock, while raising the target price limit from Rs 670 per share to Rs 690 per share today, 24 September 2019. The brokerage house has stated that the IT major is expecting weaker half-yearly earnings amid softness in its key verticals.
Tata Consultancy Services (TCS) was up 1.55% after the IT giant announced the launch of the 'TCS BaNCS' Cloud for asset servicing, which automates the servicing of all classes of assets across all markets, and is targeted at custodians, broker dealers, asset managers and investment and private banks.
Axis Bank declined 2.62%. The rating committee of ICRA has assigned 'ICRA MAAA' (Stable) rating to the 'Fixed Deposit Programme'. The announcement was made after market hours yesterday, 23 September 2019.
Zee Entertainment Enterprises (ZEEL) gained 3.12% to Rs 280.60, snapping recent fall. Shares tumbled this morning as lenders to the Essel group sold pledged promoters' shares of ZEEL for over Rs 200 crore on Monday. As per the bulk deal data, Catalyst Trusteeship offloaded 72.50 lakh shares of ZEEL at an average price of Rs 281.75 on the NSE yesterday, 23 September 2019. As of 30 June 2019, the ZEEL promoters held 34.38 crore shares, or 35.80% stake, in the company. Of this, over 21.99 crore shares were pledged.
Maruti Suzuki India rose 0.94% to Rs 6,964 after the company's chairman R.C. Bhargava told the media on Monday, 23 September 2019, that the firm expects higher car sales in September. The company's chairman R.C. Bhargava was quoted by the media on Monday, 23 September 2019, that Maruti Suzuki India expects sales of its cars in September to be higher than the previous month as the uncertainty around the goods and services tax (GST) rate cut is over. Bhargava told the media that the booking levels have gone up substantially compared to last month, and the expectation is that the 29th and 30th of September will probably witness very high retail sales, he reportedly added. The festive season in India that typically starts in end-September and lasts till October usually sees an uptick in auto sales.
Shares of Maruti Suzuki India surged 17.27% in three trading sessions to its current market price of Rs 6,964, from a recent closing low of Rs 5,938.30 on 19 September 2019.
Eicher Motors tanked 5.33%. Shares of Eicher Motors soared 22.06% in the past two trading sessions to settle at Rs 19,236.50 yesterday, 23 September 2019, from its close of Rs 15,759.50 on 19 September 2019.
Overseas, shares in Europe and Asia were trading higher as traders monitor the latest U.S.-China trade developments. US Treasury Secretary Steven Mnuchin reportedly said US-China trade talks will resume in early October.
U.S. stocks closed mixed, but largely unchanged Monday after investors weighed downbeat data on eurozone manufacturing activity.
In eurozone, manufacturing activity contracted more sharply in September, posting its worst reading in nearly seven years. The flash eurozone manufacturing purchasing managers index (PMI) fell to 45.6 in September, down from 47 in August.
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