The benchmark indices were trading in a narrow range near flat line in morning trade. Investors were cautious ahead of the RBI's policy outcome today. Weakness in the metal and auto shares capped gains. At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 8.60 points or 0.02% at 36,968.25. The Nifty 50 index was down 12.15 points or 0.11% at 10,936.10.
The S&P BSE Mid-Cap index was up 0.61%. The S&P BSE Small-Cap index rose 0.88%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1155 shares rose and 612 shares fell. A total of 90 shares were unchanged.
The Reserve Bank of India (RBI)'s third bi-monthly monetary policy committee (MPC) meeting started on 5th August. The resolution of the MPC will be placed on the RBI website at 11:45 IST today, 7 August 2019.
Reliance Industries lost 0.34%. The company and BP have agreed to form a new joint venture that will include a retail service station network and aviation fuels business across India. Building on Reliance's existing Indian fuel retailing network and an aviation fuel business, the partners expect the venture to expand rapidly to help meet the country's fast-growing demand for energy and mobility. The announcement was made after market hours yesterday, 6 August 2019.
Auto stocks were mixed ahead of RBI policy outcome. Mahindra & Mahindra (down 1.6%), Maruti Suzuki India (down 0.73%), Eicher Motors (down 0.28%) and Tata Motors (down 0.04%) declined. Hero MotoCorp (up 1.29%), Escorts (up 1.07%), Ashok Leyland (up 0.94%) and TVS Motor Company (up 0.53%) advanced.
Also Read
Most metal stocks declined. Tata Steel (down 2.93%), JSW Steel (down 1.88%), NMDC (down 1.58%), Jindal Steel & Power (down 1.4%), Steel Authority of India (down 1.11%), Vedanta (down 0.85%) and Hindalco Industries (down 0.64%) declined. Hindustan Copper (up 1.12%), Hindustan Zinc (up 0.32%) and National Aluminium Company (up 0.11%) advanced.
NLC India rose 0.18%. On a consolidated basis, the power generation company's net profit fell 18.6% to Rs 288.94 crore on a 14.6% fall in the net sales to Rs 2082.21 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 6 August 2019.
In a separate announcement, NLC India said that its board has decided not to pursue the setting up of pilot plant for coldry matmor integrated project on R&D collaborative mode as agreed to between NLCIL, NMDC & ECT Australia vide MoU signed on 30 May 2018, in view of ECT's withdrawal of Mou and subsequent NMDC's decision not to go ahead with the proposal. The announcement was made after market hours yesterday, 6 August 2019.
Nilkamal rose 1.68%. On a consolidated basis, the plastic products manufacturer's net profit fell 7.5% to Rs 31.07 crore on a 8.3% fall in the net sales to Rs 536.48 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 6 August 2019.
Sheela Foam gained 1.85%. On a consolidated basis, the polyurethane foam manufacturer's net profit rose 18.8% to Rs 38.72 crore on a 2.4% rise in the net sales to Rs 514.24 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 6 August 2019.
Mayur Uniquoters fell 3.85%. On a consolidated basis, the artificial leather manufacturer's net profit fell 57.4% to Rs 9.74 crore on a 9.2% fall in the net sales to Rs 127.35 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 6 August 2019.
Excel Crop Care rose 2.22%. On a consolidated basis, the agrochemicals manufacturer's net profit fell 40.4% to Rs 23.22 crore on a 5.9% fall in the net sales to Rs 378.86 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 6 August 2019.
JSW Energy rose 2.44%. On a consolidated basis, the power producing company's net profit rose 6.6% to Rs 244.38 crore on a 2.2% rise in the net sales income to Rs 2412.17 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 6 August 2019.
Deccan Cements jumped 6.55%. The cement manufacturer's net profit rose 105.6% to Rs 23.33 crore on a 12.6% rise in the net sales to Rs 182.05 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 6 August 2019.
JK Lakshmi Cement gained 1.25%. On a consolidated basis, the cement company's net profit rose 841.7% to Rs 71.57 crore on a 9.3% rise in the net sales to Rs 1136.32 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 6 August 2019.
Star Cement rose 0.57%. The company said that ICRA has re-affirmed the long term rating to [ICRA]AA- and short term rating to [ICRA]A1+. The outlook on the longterm rating is 'Stable'. The announcement was made after market hours yesterday, 6 August 2019.
Meanwhile, former External Affairs Minister Sushma Swaraj passed away on Tuesday, 6 August 2019, after suffering a cardiac arrest. Swaraj served as the Union Foreign Minister between 26 May 2014 to 30 May 2019.
Overseas, Asian stocks were trading mixed on Wednesday as investors digested the Chinese central bank's daily midpoint fix for its currency's exchange rate against the dollar. The People's Bank of China (PBOC) set the the official midpoint reference for the yuan at 6.9996 per dollar. China's central bank allows the exchange rate to rise or fall 2% from that number.
US stocks rallied Tuesday after six days of declines as China stepped in to stabilize the yuan, easing concerns that currencies would be the next weapon in the US-China trade war.
Investors took fright Monday as China allowed the yuan to slump to its lowest level in a decade after President Donald Trump's threat last Thursday to impose 10% tariffs against an additional $300 billion of imported Chinese goods, effective 1 September.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content