Key equity benchmarks sharply pared losses in afternoon trade. At 13:25 IST, the barometer index, the S&P BSE Sensex was down 43.17 points or 0.11% at 38,946.57. The Nifty 50 index was down 26.90 points or 0.23% at 11,544.30.
The S&P BSE Mid-Cap index was down 0.14%. The S&P BSE Small-Cap index fell 0.48%.
The market breadth was negative. On the BSE, shares 919 rose and 1,263 shares fell. A total of 142 shares were unchanged.
Bajaj Finance (up 1.57%), IOCL (up 1.31%), Cipla (up 1.25%), Reliance Industries (up 1.17%) and Bajaj Finserv (up 0.88%) advanced.
Vedanta (down 5.42%), ONGC (down 4.45%), Tata Steel (down 3.49%), Coal India (down 2.98%) and Hindalco (down 2.78%) declined.
Yes Bank lost 2.06%. Yes Capital (India) (YCPL), part of the promoter group of Yes Bank sold 1.8% shareholding in the bank. The proceeds will be utilized to prepay entire balance outstanding Non-Convertible Debentures (NCDs) of YCPL subscribed by various schemes of Franklin Templeton Asset Management (India). The announcement was made after trading hours yesterday, 26 September 2019. On September 2017, YCPL placed rated, zero coupon NCDs worth Rs 630 crore with FT. These funds were utilized by YCPL towards growth capital for new-age start-up ventures. On 26 September 2019, Yes Capital (India) sold 4.56 crore equity shares for Rs 51.94 per share.
FMCG major Nestle India (down 1.75%) replaced Indiabulls Housing Finance (down 0.31%) in the Nifty 50 index today. The indices are reconstructed twice every year.
Auto major Tata Motors fell 2.93% to Rs 120.85 after Jaguar Land Rover's CEO Ralf Speth told the media that JLR plans to close its U.K. factories for a week in November to guard against disruption to supply chains from a possible no-deal Brexit. Anticipation of Brexit has compounded the problems facing UK carmakers. Sudden delays at the border would damage the vital supply chains across the English Channel.
ITC gained 1.66% to Rs 254.50 after a global brokerage reportedly maintained an overweight call on the stock and raise target price to Rs 370 from Rs 360 per share. According to reports, the brokerage cited that ITC is one of the biggest beneficiaries of corporate tax cut, adding that increased pricing flexibility would strengthen long-term growth. However, it does not expect ITC to raise prices in the cigarette portfolio in FY2020.
Maruti Suzuki India was down by 0.99%. The company announced a price reduction of select models by Rs 5,000 on 25 September 2019. The company has reduced the ex-showroom price of Baleno RS by Rs 100,000/-.
TCS declined 0.92% after it announced that its Connected Clinical Trials (CCT) platform has won the 2019 European lnnovations Award at the Summit for Clinical Operations Executives (SCOPE)-Europe.
Overseas, European stocks edged higher while Asian stocks declined on Friday as investors watch for developments on the U.S.-China trade front. Trade negotiations between the U.S. and China are reportedly set to resume on 10 Oct in Washington, D.C.
China's industrial profits for August dropped 2% from a year earlier, according to the country's National Bureau of Statistics. That followed a 2.6% gain in July and a 3.1% in June.
US stocks slipped on Thursday as the release of a whistleblower report tied to the Democrats' impeachment move against President Donald Trump kept uncertainty high, while trade comments from China's top diplomat helped to limit losses.
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