Key equity benchmarks further extended losses and hit an intraday low in afternoon trade. At 13:35 IST, the barometer index, the S&P BSE Sensex fell 192.09 points or 0.49% at 38,828.30. The Nifty 50 index also declined 67.05 points or 0.58% at 11,515.55.
The S&P BSE Mid-Cap index was down 0.28%. The S&P BSE Small-Cap index fell 0.50%.
The market breadth was negative. On the BSE, shares 906 rose and 1,235 shares fell. A total of 141 shares were unchanged.
Tata Motors (down 4.20%), State Bank of India (up 2.89%), Marico (down 1.03%), HDFC Asset Management Company (down 2.14%) and Tata Coffee (down 1.16%) are set to announce their Q2 earnings today, 25 October 2019.
State Bank of India (up 2.86%), BPCL (up 1.58%) and ICICI Bank (up 1.48%) advanced.
Bharti Infratel (down 8.23%), Tata Motors (down 4.08%) and Yes Bank (down 3.52%) declined.
ITC lost 0.12%. The company reported 37.12% rise in consolidated net profit to Rs 4,119.16 crore on 6.62% rise in total income to Rs 13,497.27 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 24 October 2019.
Larsen & Toubro (L&T) was down 0.01%. L&T won an order from Chalet Hotels for construction of civil and steel structure works at proposed commercial building in Powai. The order is worth Rs 319.50 crore.
Tata Steel rose 1.29% to Rs 364.50. The steel maker offered clarification w.r.t. news article titled "Tata Steel subsidiary bags Misrilall Chrome mine in e-auction in Odisha" dated 23 October 2019. Tata Steel clarified that the company and its subsidiary had participated in the e-auction in response to the notice inviting tender (NIT) by Government of Odisha for the Misrilall Chrome Mine. The company and the subsidiary are awaiting the outcome of the e-auction in the form of a formal communication from the Government of Odisha.
Infosys gained 1.17%. The company informed that 2,298,020 stock incentives in the form of restricted stock units were granted to 6,949 mid-level eligible employees of the company /subsidiary companies under the 2015 stock incentive compensation plan. The date of grant for these stock incentives is 1 November 2019, in line with the company's compensation calendar timelines. The exercise price will be the par value of shares. These RSUs will generally vest in 4 equal installments.
Maruti Suzuki India's stock was trading 0.36% higher. Media houses have informed that three brokerage houses have put recommendations on the stock. The first global research and brokerage firm had put a target market price of Rs 7,000 per share. The second brokerage house has increased the target price by 13.20% to Rs 9,000 per share from Rs 7,950 per share. It has put a buy call on the stock. The third brokerage and research firm has also raised the target market price by 10.68% to Rs 7,675 per share from Rs 6,934 per share. This firm has also put a buy recommendation on the stock.
On the political front, the BJP will make a comeback in Maharashtra with the help of its ally Shiv Sena. The BJP-Sena combine had won or was leading on 161 seats in the 288-member Maharashtra.
In Haryana, however, the BJP failed to cross the majority mark of 45 seats. The BJP won 40 seats while the Congress managed to bag 31. With no party getting the majority, Dushyant Chautala's Jannayak Janata Party, which won 10 seats, is likely to play a key role in determining who forms the government in Haryana.
Overseas, shares in Europe and Asia were mixed on Friday as positive earnings offset economic growth concerns.
The European Central Bank (ECB) kept rates unchanged on Thursday. The central bank also kept its forward guidance unchanged, suggesting that its main interest rates will remain at their current or lower levels until there's strong evidence of a pick up in prices.
The US stock market finished session slight higher on Thursday, 24 October 2019, as better than expected quarterly results from technology companies offset weak results from 3M Co and Twitter Inc. Traders have braced for weaker results this earnings season amid concerns about the costly trade war between the U.S. and China, and increased signs of slowing economic growth worldwide.
In economic news, US durable goods orders tumbled by 1.1% in September after rising by a revised 0.3% in August, a report released by the Commerce Department on Thursday showed.
US initial jobless claims dipped to 212,000 in the week ended October 19th, a decrease of 6,000 from the previous week's revised level of 218,000, the Labor Department reported on Thursday.
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