Key benchmarks were trading in a narrow range with modest losses in mid-afternoon trade. At 14:27 IST, the barometer index, the S&P BSE Sensex, was down 458.28 points or 1.23% at 36,659.94. The Nifty 50 index was down 131.40 points or 1.19% at 10,865.95.
The S&P BSE Mid-Cap index was down 1.42%. The S&P BSE Small-Cap index was down 1.61%.
The market breadth was weak. On the BSE, 491 shares rose and 1637 shares fell. A total of 111 shares were unchanged.
The Union Government on Monday moved a resolution in Rajya Sabha to scrap Article 370 of the Constitution that gives special status to Jammu and Kashmir. President Ram Nath Kovind issued a notification- The Constitution (Application to Jammu and Kashmir) Order, 2019 that will come into force immediately. The order is set to supersede the Constitution (Application to Jammu and Kashmir) Order, 1954 as amended from time to time.
The government also moved a bill proposing division of the state of Jammu and Kashmir into two union territories- Jammu and Kashmir division and Ladakh. Amit Shah in Rajya Sabha said the union territory in Ladakh will have no legislature while the union territory of Jammu and Kashmir will have a legislature like Delhi and Puducherry.
At least 8,000 paramilitary troops have been airlifted to J&K from different parts of the country today. The Army and the Air Force have been put on high alert, the media reported.
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Most IT shares bucked weak market trend due to weak rupee. MphasiS (up 1.83%), TCS (up 1.68%), Tech Mahindra (up 1.28%), MindTree (up 0.55%), Infosys (up 0.05%) and HCL Technologies (up 0.03%) advanced.
Persistent Systems (down 2.51%), Wipro (down 0.91%), Hexaware Technologies (down 0.74%) and Oracle Financial Services Software (down 0.38%) declined.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 70.485, compared with its close of 69.690 during the previous trading session.
A weak rupee boosts revenues of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
Jammu & Kashmir Bank slumped 3.13%. The bank's net profit declined 58.4% to Rs 21.87 crore on 18.9% rise in total income to Rs 2256.25 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 3 August 2019.
The bank's gross non-performing assets (NPAs) stood at Rs 6030.84 crore as on 30 June 2019 as against Rs 6221.35 crore as on 31 March 2019 and Rs 6241.67 crore as on 30 June 2018. The ratio of gross NPAs to gross advances stood at 8.48% as on 30 June 2019 as against 8.97% as on 31 March 2019 and 9.83% as on 30 June 2018.
The bank's provisions and contingencies rose 15% to Rs 293.21 crore in Q1 June 2019 from Rs 255.01 crore in Q1 June 2018. The bank reported a provision coverage ratio of 66.61% as on 30 June 2019. The bank's capital adequacy ratio (Basel III) declined to 11.76% in Q1 June 2019 from 12.42% in Q1 June 2018.
Tata Power lost 2.03% while Tata Motors slipped 4.44%. Tata Power announced that it has partnered with Tata Motors to install 300 fast charging stations by the end of the FY2020, across key five cities namely Mumbai, Delhi, Pune, Bangalore and Hyderabad. Today, both companies inaugurated their first 7 charging stations in Pune, to enable the e-mobility drive in the city. Over the next two months, 45 more chargers will be installed across the other four cities. These chargers will be installed at Tata Motors dealerships, certain Tata Group retail outlets and other public locations. The announcement was made on Saturday, 3 August 2019.
Punjab & Sind Bank lost 3.86%. The bank announced, after market hours on Friday, 2 August 2019, that on determination and disclosures of material events, an NPA Account, viz. Fairdeal Supplies with outstanding dues of Rs 40.49 crore has been declared as fraud and reported to RBl as per regulatory requirement. Bank is in the process of filing of Complaint / FIR with Central Bureau of Investigation.
In a separate announcement on Saturday, 3 August 2019, the bank said that the Reserve Bank of India has imposed a penalty of Rs 1 crore on it for delay in reporting fraud in Kingfisher Airlines.
In a separate announcement on Saturday, 3 August 2019, the bank announced that Director, FIU -IND in exercise of powers conferred under the Prevention of Money Laundering Act, 2002 has imposed a penalty of Rs 2.87 crore on the bank for non compliance of the Money Laundering (Maintenance of Records) Rules, 2005.
Most pharma stocks declined. Wockhardt (down 3.45%), IPCA Laboratories (down 2.91%), Glenmark Pharmaceuticals (down 2.81%), Divi's Laboratories (down 1.93%), Cadila Healthcare (down 1.07%), Sun Pharmaceutical Industries (down 0.94%), Alkem Laboratories (down 0.57%), Piramal Enterprises (down 0.48%), GlaxoSmithKline Pharmaceuticals (down 0.38%), Aurobindo Pharma (down 0.36%) and Dr Reddy's Laboratories (down 0.13%) declined.
Strides Shasun (up 0.83%) and Cipla (up 0.45%) advanced.
Lupin shed 1.15%. The pharma major announced the receipt of the Establishment Inspection Report (EIR) from the U.S. FDA for its Aurangabad facility. The facility was inspected by the U.S. FDA between May 6, 2019 and May 15, 2019. Lupin's Aurangabad facility is involved in the manufacture of Oral Solid Dosage, Oral Liquid and Powder for Oral Suspension products for the US Market, WHO/Global Institution markets and the India market. The announcement was amde during market hours today, 5 August 2019.
Natco Pharma gained 0.27%. The pharmaceutical company announced successful closure of inspection with the receipt of Establishment Inspection Report (EIR) from the U.S. Food and Drug Administration (FDA) for the inspection conducted at its drug formulations facility in Kothur Village, Telangana, India, during the period 30 May 2019 to 5 June 2019. The announcement was made during market hours today, 5 August 2019.
Jubilant Life Sciences fell 2.32%. The company announced that it has issued commercial papers of Rs. 40 crore on 2 August 2019. The announcement was made after market hours on Friday, 2 August 2019.
Anuh Pharma lost 1.14%. The drug company announced that it has received approval from WHO Geneva Prequalification that the Prequalification Inspection Group has recommended that the API's Pyrimethamine, Pyrazinamide and Sulfadoxine can be considered to be compliant with the standards of Good Manufacturing Practices (GMP) for Active Pharmaceutical Ingredients (APis) published by the World Health Organisation (WHO) for manufacturing and packaging of APis by chemical synthesis. The announcement was made on Saturday, 3 August 2019.
Laurus Labs slumped 5.38%. On a consolidated basis, the pharma company reported a 3.6% rise in the net profit to Rs 15.731 crore on a 2.14% increase in the revenue from operations to Rs 550.56 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 2 August 2019.
The yield on India's 10-year benchmark federal paper rose to 6.372% at 14:23 IST compared with 6.352% at close in the previous trading session.
MCX Gold futures for 4 October 2019 settlement rose 1.71% at Rs 36,891.
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