Key benchmark indices extended gains and hit fresh intraday highs in mid-afternoon trade. The Nifty was trading above 11,650 level. At 14:29 IST, the barometer index, the S&P BSE Sensex, was up 224.15 points or 0.58% at 39,120.86. The Nifty 50 index was up 67 points or 0.58% at 11,655.35.
The S&P BSE Mid-Cap index was up 0.36%. The S&P BSE Small-Cap index was up 0.05%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1076 shares rose and 1269 shares fell. A total of 166 shares were unchanged.
Media stocks were buzzing. TV Today Network (up 3.51%), Sun TV Network (up 2.33%), New Delhi Televison (up 1.17%), Dish TV India (up 0.46%), Zee Entertainment Enterprises (up 0.32%) and Prime Focus (up 0.3%) advanced. Eros International Media (down 4.55%), Zee Media (down 4.07%), Balaji Telefilms (down 0.28%) and Siti Networks (down 0.02%) declined.
TV18 Broadcast was down 0.64%. The company announced its Q1 June 2019 result during market hours today. TV18 Broadcast reported net profit of Rs 23.17 crore in Q1 June 2019 compared with net loss of Rs 6.82 crore in Q1 June 2018. Total income rose 12.30% to Rs 1,230.51 crore in Q1 June 2019 over Q1 June 2018.
Network18 Media & Investments was up 3.17%. The company announced its Q1 June 2019 results during market hours today, 16 July 2019. On a consolidated basis, Network 18 Media and Investments reported net loss of Rs 91.04 crore in Q4 March 2019 compared with net loss of Rs 43.68 crore in Q4 March 2018. Net sales surged 49.2% to Rs 1,230.93 crore in Q4 March 2019 over Q4 March 2018.
Federal Bank was down 4.41% after net profit rose 46.25% to Rs 384.21 crore on 23.23% increase in total income to Rs 3,620.82 crore in Q1 June 2019 over Q1 June 2018. The result was announced during trading hours today, 16 June 2019.
The bank's gross non-performing assets (NPAs) stood at Rs 3394.69 crore as on 30 June 2019 as against Rs 3260.68 crore as on 31 March 2019 and Rs 2868.82 crore as on 30 June 2018. The ratio of gross NPAs to gross advances stood at 2.99% as on 30 June 2019 as against 2.92% as on 31 March 2019 and 3% as on 30 June 2018. The ratio of net NPAs to net advances stood at 1.49% as on 30 June 2019 as against 1.48% as on 31 March 2019 and 1.72% as on 30 June 2018. The bank's provisions and contingencies fell 3.57% to Rs 192.04 crore in Q1 June 2019 over Q1 June 2018.
HDFC Bank was down 0.28%. The bank announced during market hours today, 16 July 2019 that subsequent to July 15, 2019, the listing and admission to trading of the global depository receipts (GDRs) on the Luxembourg Stock Exchange will be cancelled.
HDFC Bank said that the board of directors of the bank, at its meeting scheduled on Saturday, 20 July 2019, will consider declaration of a special interim dividend, for the financial year 2019-2020, to commemorate 25 years of operations. The announcement was made after market hours yesterday, 15 July 2019.
Trident was down 0.49%. The company announced during market hours today, 15 July 2019 that CRISIL has assigned its 'CRISIL AA-/Stable/CRISIL A1+' ratings to the bank facilities and commercial paper programme of Trident. Crisil said that the rating reflects Trident's diversified revenue profile with leading market position in the home textiles segment, strong operating efficiency in the paper and home textiles segments driven by high integration, and adequate and improving financial risk profile.
Most auto shares rose. Escorts (up 2.76%), Maruti Suzuki India (up 1.24%), Bajaj Auto (up 0.95%), Eicher Motors (up 0.60%) and Hero MotoCorp (up 0.15%) rose. TVS Motor Company (down 1.57%) declined.
Tata Motors was up 4.44%. According to media reports, Jaguar Land Rover Automotive Plc won a 500 million-pound ($626 million) loan guarantee from the U.K. government. The guarantee to JLR by the U.K. Export Finance agency was granted to support the design, manufacture and export of electric cars.
JLR, a unit of Tata Motors, will invest hundreds of millions of pounds transforming its Castle Bromwich site near Birmingham after previously committing to electrified options of all new models from 2020. The first electric vehicle off the production line will be the ninth generation of Jaguar's flagship XJ saloon.
Mahindra & Mahindra was down 1.16% after a global brokerage reportedly downgraded its rating on the stock to 'sell' from 'underperform', citing weak earnings growth. The firm has slashed its target price to Rs 590 from Rs 690 per share.
Ashok Leyland was up 0.64%. The company's plant situated at Pantnagar will remain closed from 16 July 2019 to 24 July 2019 (both days inclusive), owning to weak demand and outlook for the industry. The announcement was made after market hours yesterday, 15 July 2019.
The Federation of Automobile Dealers Associations (FADA) today, 16 June 2019, released the monthly vehicle registration data for June 2019. Total vehicle registrations declined 5.4% to 16.46 lakh units in June 2019 over June 2018. Commercial vehicles (CV) registrations tumbled 19.3% to 48,752 units in June 2019 over June 2018. Two-wheelers registrations fell 5% to 13.24 lakh units, while passenger vehicles registrations declined 4.6% to 2.24 lakh units during the period under review.
Total vehicle registrations declined 6% to 51.16 lakh units in Q1 June 2019 over Q1 June 2018. Commercial vehicles (CV) registrations tumbled 14% to 1.75 lakh units in Q1 June 2019 over Q1 June 2018. Two-wheelers registrations fell 6.4% to 40.64 lakh units, while passenger vehicles registrations declined 1% to 7.28 lakh units during Q1 June 2019 over Q1 June 2018.
FADA president, Ashish Harsharaj Kale said that despite starting the month with a positive outlook, the monthly sales ended in a de-growth due to continued liquidity tightness and a much-delayed monsoon. Despite inquiry levels being reasonably strong, retail sales got affected as consumer sentiment continued to be weak and purchase postponement was seen across all segments.
Liquidity still continues to be a worry, both at the retail front as well as the for dealer working capital. With NBFC's and banks still in a cautious mode, the normalcy in lending, which is required to get the sector back to growth, still cannot be seen, Kale commented.
The yield on India's 10-year benchmark federal paper fell to 6.333% at 14:11 IST compared with 6.433% at close in the previous trading session. India's sovereign bonds have rallied recently after the government trimmed the budget deficit target for this fiscal year from its estimate in February, and shifted a part of its market borrowing overseas. The RBI has cut rates three times this year amid a subdued inflation outlook and sluggish growth.
A foreign investment firm is predicting a big decline in India's sovereign bond yields to levels last seen in 2009. The yield curve is pricing in a deeper trough on policy, with expectations of more rate cuts from the Reserve Bank of India and a change in the way the authority manages liquidity to help transmit lower borrowing costs through to the economy.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 68.6800, compared with its close of 68.5475 during the previous trading session.
MCX Gold futures for 5 August 2019 settlement rose 0.11% at Rs 34,922.
In the commodities market, Brent crude for September 2019 settlement was up 3 cents at $66.45 a barrel. The contract fell 24 cents or 0.36% to settle at $66.48 a barrel in the previous trading session.
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