The market barometers trimmed losses in afternoon trade. The Nifty index was trading above 11,850 level. At 13:27 IST, the barometer index, the S&P BSE Sensex, was down 141.46 points or 0.35% at 40,182.15. The Nifty 50 index was down 40 points or 0.34% at 11,868.15.
In the broader market, the S&P BSE Mid-Cap index was up 0.21%. The S&P BSE Small-Cap index was up 0.11%. Both these indices outperformed the Sensex.
The market breadth was negative. On the BSE, 1089 shares rose and 1220 shares fell. A total of 159 shares were unchanged. In Nifty 50 index, 18 stocks advanced while 32 stocks declined.
Politics
Shiv Sena MP Sanjay Raut on Monday slammed the Bharatiya Janata Party (BJP) and went on an all-out attack against the party. Raut also said that Shiv Sena is ready to form the government in Maharashtra with Congress and Nationalist Congress Party (NCP).
Buzzing Sector:
The Nifty IT index was down 0.72% to 15,272.65, reversing the gains acquired in the previous session.
MindTree (down 1.22%), TCS (down 1.17%), HCL Technologies (down 1.05%), Wipro (down 0.8%), Hexaware Technologies (down 0.32%), Tech Mahindra (down 0.19%), Persistent Systems (down 0.06%) declined.
Meanwhile, MphasiS (up 1.39%) and Oracle Financial Services Software (up 1.03%) advanced.
Stocks in Spotlight:
NTPC rose 1.36% to Rs 118.95 after the company reported 36.37% rise in net profit to Rs 3400.84 crore on 5.66% rise in total income to Rs 26266.05 crore in Q2 September 2019 over Q2 September 2018.
Infosys slipped 0.79% to Rs 709.05. The IT major said that the company (along with certain current and former key managerial personnel) have submitted applications (Applications) with the Registrar of Companies, Karnataka, Bengaluru under Section 441 of the Companies Act, 2013 (Act) for compounding of certain alleged offences that pertain to matters relating to the severance agreement executed with the former Chief Financial Officer of the Company in October 2015 (Agreement).
Through the compounding process, the company seeks to resolve the alleged offences under the Act relating to: (i) the Company not seeking prior and separate approvals required as per the Act from the Nomination and Remuneration Committee, Audit Committee and the Board of Directors of the Company with regard to the Agreement; and (ii) not making the requisite disclosures. The company has applied for compounding to put this legacy matter to rest, Infosys said.
Nestle India fell 2.76% to Rs 14075. The FMCG major's net profit rose 33.5% to Rs 595.41 crore on 9.5% increase in net sales to Rs 3,199.31 crore in Q3 September 2019 over Q3 September 2018.
Ashok Leyland advanced 1.17% to Rs 77.50. The company reported a 92.61% slump in net profit to Rs 39 crore for the second quarter ended 30 September 2019. The commercial vehicles maker had reported a net profit of Rs 528 crore in Q2 September 2018. Revenue stood at Rs 3,929 crore for the second quarter, down 48.45% compared with Rs 7,621 crore in the year-ago period.
Maruti Suzuki India fell 1.34% to Rs 7,104.45. Maruti Suzuki India's total automobile production fell 20.67% to 1.19 lakh units in October 2019 from 1.50 lakh units in October 2018.
Total passenger vehicles produced in October 2019 stood at 1.17 lakh units, down by 20.95% from 1.48 lakh units in October 2018. The production of light commercial vehicles fell 10.33% to 1,954 units in October 2019 as against 2,179 units in October 2018.
JSW Steel advanced 0.96% to Rs 252.40. the steel maker said that India Ratings has reaffirmed long-term issuer rating to "IND AA" for non-convertible debenture programme of the company.
The outlook on the long-term rating has been revised to 創egative' from 壮table'. The outlook revision reflects the rating agency's view of fall in per tonne margins and its impact on the company's credit profile in FY20.
Larsen & Toubro was down 0.78% lower at Rs 1411.95. The construction arm of Larsen & Toubro secured a 'significant' order from the Jharkhand Urban Infrastructure Development Company (JUIDCO), for augmenting and strengthening the Dhanbad Urban Water Supply Scheme Phase II under Dhanbad Municipal Corporation. As per the company's classification, 'significant' contracts stand in the value bracket of Rs 1000 to Rs 2500 crore.
The project aims to provide continuous water supply (24X7) while maintaining requisite pressure involving automation including measurement of input and output water quantity and quality.
Foreign Markets:
Overseas, European markets opened lower on Monday morning amid a dampening of optimism over US-China trade, after U.S. President Donald Trump denied that he had agreed to roll back tariffs on Chinese goods.
Hopes of trade progress rose on Thursday when China's Commerce Ministry said Beijing and Washington had agreed to lift existing tariffs on one another's goods, but Trump on Friday said he had not agreed to any rollbacks.
Back in Europe, a survey released Monday showed British employers' hiring plans have climbed off an 18-month low, indicating a slightly more upbeat picture of the labor market than that which caused two Bank of England policymakers to advocate for a cut to interest rates last week.
Further, U.K.'s sovereign credit rating was placed on negative outlook by Moody's Investors Service, which said the country's ability to set policy has weakened in the Brexit era along with its commitment to fiscal discipline.
Asian stocks continued to trade lower on Monday led by slide in Hong Kong shares after two protesters were shot by police during the morning commute.
In Hong Kong, the Hang Seng index declined 2.25% as political turmoil in the city worsened. At least two protesters were said to be injured when local police opened fire on Monday at mass demonstrations. Over the weekend, three pro-democracy lawmakers were arrested.
In US, the three major stock indexes posted record closing highs on Friday as investors brushed aside worries over the progress of U.S.-China trade talks, and as Walt Disney shares rose.
Meantime, Saudi Aramco will allow investors to start bidding for shares starting on November 17. The firm said it'll provide the number and percentage of shares sold at a later stage, with book-building kicking off this week.
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