Key indices are trading higher in early trade on positive Asian stocks. At 9:27 IST, the barometer index, the S&P BSE Sensex, was up 52.97 points or 0.14% at 38,035.68. The Nifty 50 index was up 19.60 points or 0.17% at 11,350.65. The Sensex regained the psychological 38,000 level in early trade.
The S&P BSE Mid-Cap index was down 0.36%. The S&P BSE Small-Cap index was up 0.08%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 602 shares rose and 500 shares fell. A total of 53 shares were unchanged.
Overseas, most Asian stocks were traded higher on Wednesday following developments on the U.S.-China trade front. US stocks closed higher Tuesday on upbeat quarterly reports from Coca-Cola and United Technologies and on optimism the United States would resolve its trade conflict with China.
Talks between China and the U.S. would start Monday as U.S. negotiators headed to China, as per reports. The U.S. delegation will be led by Trade Representative Robert Lighthizer and will be in China through Wednesday. The world's two largest economies have been locked in a trade war that has seen 25% tariffs imposed by President Donald Trump on $200 billion of Chinese products. China has retaliated with their own tariffs prompting fears of a global economic slowdown.
In Europe, Boris Johnson was named the new British prime minister and his tenure, set to begin on Wednesday will have a huge impact across global markets and the geopolitical landscape. All eyes will be on his Brexit strategy and the composition of his cabinet.
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The International Monetary Fund (IMF) said in its World Economic Outlook report that the global economy is expected to expand by 3.2% in 2019, down 0.1 percentage points from its April forecast and 0.3 percentage points below the estimate at the start of the year. The IMF cited concerns about the ongoing U.S.-China trade war and noted that global technology supply chains were threatened by the prospect of U.S. sanctions, Brexit-related uncertainty continued, and rising geopolitical tensions roiled energy prices.
Meanwhile, the IMF also projected a slower growth rate for India in 2019 and 2020, a downward revision of 0.3% for both the years, saying its GDP will now grow respectively at the rate of 7 and 7.2% reflecting a weaker-than expected outlook for domestic demand.
Back home, Hindustan Unilever (HUL) rose 0.97%. HUL said that the company's company's consolidated net profit rose 14.5% to Rs 1792 crore on 6.13% increase in total income to Rs 10516 crore in Q1 June 2019 over Q1 June 2018. The result was announced after trading hours yesterday, 23 July 2019.
Larsen & Toubro (L&T) fell 0.49%. L&T said that consolidated profit after tax (PAT) from continuing operations rose 20.5% to Rs 1361 crore on 10% growth in consolidated gross revenue to Rs 29636 crore in Q1 June 2019 over Q1 June 2018. The result was announced after trading hours yesterday, 23 July 2019.
L&T won new orders worth Rs 38700 crore at the group level in Q1 June 2019, registering a growth of 11%. Consolidated order book of the group stood at Rs 294014 crore as at 30 June 2019, with international order book constituting 21% of the total order book.
Zee Entertainment Enterprises gained 1.77%. The company's consolidated net profit rose 62.56% to Rs 530.57 crore on 15.96% increase in total income to Rs 2114.33 crore in Q1 June 2019 over Q1 June 2018. The result was announced after trading hours yesterday, 23 July 2019.
Mahindra & Mahindra Financial Services lost 9.01% after the company's consolidated net profit dropped 66.34% to Rs 108.46 crore on 23.16% increase in total income to Rs 2851.70 crore in Q1 June 2019 over Q1 June 2018. The result was announced after trading hours yesterday, 23 July 2019.
Torrent Pharmaceuticals gained 2.89% after the company's consolidated net profit rose 32.52% to Rs 216 crore on 7.53% increase in total income to Rs 2042 crore in Q1 June 2019 over Q1 June 2018. The result was announced after trading hours yesterday, 23 July 2019.
Multi Commodity Exchange of India (MCX) rose 0.12% after the company said Sebi has granted renewal of recognition to MCXCCL to act as a Clearing Corporation for a period of three years commencing on 31 July 2019 and ending on 30 July 2022. Multi Commodity Exchange Clearing Corporation (MCXCCL) is a wholly owned subsidiary of MCX. The announcement was made after trading hours yesterday, 23 July 2019.
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