Domestic stocks erased intraday gains to settle with modest losses in a volatile session of trade. Broader market outperformed the main stock indices. The Nifty reversed gains after touching 10,700 mark in mid-afternoon trade.
The indices opened higher and extended gains in early trade. After hitting fresh intraday high in morning trade, indices pared gains in mid-morning trade. Benchmarks firmed up once again and hit fresh intraday high in mid-afternoon trade. Steep selling pressure in late trade dragged indices in negative terrain.
The barometer index, the S&P BSE Sensex, fell 145.83 points or 0.41% to settle at 35,352.61. The index hit high of 35,776.04 and low of 35,287.16 in intraday trade.
The Nifty 50 index fell 36.60 points or 0.34% to settle at 10,604.35. The index hit high of 10,722.85 and low of 10,585.65 in intraday trade.
Among secondary barometers, the BSE Mid-Cap index rose 0.51%. The BSE Small-Cap index rose 0.33%.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1363 shares rose and 1186 shares fell. A total of 124 shares were unchanged.
NTPC (down 2.34%), IndusInd Bank (down 2.3%), Infosys (down 2.02%), Hero MotoCorp (down 1.5%) and HDFC (down 1.24%) were the major Sensex losers.
Vedanta (up 3.38%), ICICI Bank (up 1.42%), ONGC (up 1.39%), Mahindra & Mahindra (up 1.37%), and Larsen & Toubro (up 1.25%) were the major Sensex gainers.
Grasim Industries rose 2.97%. Grasim Industries signed a definitive agreement to acquire the Chlor-Alkali Business (CAB) of KPR Industries (India) by way of a slump sale, for a cash consideration of Rs 253 crore. The transaction will be funded through internal accruals. KPR would in turn utilize Rs 253 crore towards a full and final settlement of the lenders' dues under a One-Time Settlement. The transaction is subject to regulatory approvals. The announcement was made after market hours yesterday, 18 February 2019.
The Business consists of an under-construction 200 TPD Chlor-Alkali project at Balabhadrapuram, Andhra Pradesh. Grasim would take over the assets and identified liabilities associated with the Chlor-Alkali Business.
The acquisition is in line with Grasim's strategy to strengthen operations on the East Coast of India. Further, the purchase of a partially-completed project vis-vis a greenfield project will translate into a shorter time-to-market. The acquired Business also has the potential for future expansions. Once operationalised, the project, along with other ongoing expansion projects, will enhance Grasim's caustic soda capacity to 1.22 MMTPA.
IT major TCS fell 3.39%. The company announced during trading hours today, 19 February 2019, a partnership with Nanoheal, a predictive workspace automation platform provider, to offer enterprises cognitive, self-healing end-user device management solutions.
Power Grid Corporation of India shed 0.42%. The company said that its board of directors has accorded 'Investment Approval for 'Northern Region System Strengthening - XL' at an estimated cost of Rs 572.98 crore with commissioning schedule of 22 months from the date of investment approval. The announcement was made after market hours yesterday, 18 February 2019.
Maruti Suzuki India fell 0.56%. The company announced during trading hours today, 19 February 2019, that its Vitara Brezza has set a new sales record in the compact SUV segment. The cumulative sales of India's most preferred compact SUV touched the 4 lakh units mark in less than three years. Vitara Brezza leads the compact SUV segment with a market share of over 44% year-to-date.
Tata Motors rose 0.31%. The company announced during trading hours today, 19 February 2019, that CARE Ratings has downgraded its ratings on the auto major's long term bank facilities and non-convertible debentures to 'CARE AA' from 'CARE AA+'. Outlook remains stable.
Ambuja Cements rose 1.14% after consolidated net profit surged 188.02% to Rs 1377.88 crore on 9.32% rise in total income to Rs 6855.22 crore in Q4 December 2018 over Q4 December 2017. The announcement was made after market hours yesterday, 18 February 2019.
Ambuja Cements' cement sales volumes increased to 13.63 million tonnes in Q4 December 2018 from 12.78 million tonnes in Q4 December 2017.
In its outlook, Ambuja Cements said that the higher allocation announced in the interim Budget 2019 to roads and the housing sector will help boost economic development in rural India which is expected to have a positive impact on cement demand.
Future Consumer rose 2.63% after the company said it is entering into an arrangement with the Middle East's leading chain of retail supermarkets, T Choithrams & Sons. The announcement was made after market hours yesterday, 18 February 2019.
Future Consumer (FCL) and Choithrams have identified an opportunity to strategically partner across the UAE, Bahrain and Qatar to bring FCL's portfolio of leading brands to consumers across the Middle East. With a network of more than 60 supermarkets across UAE, Bahrain and Qatar, Choithrams will, under this arrangement, market, distribute and retail FCL brand products for sale through its own stores, as well as distribute FCL brands to other retail stores.
On the economic front, the central board of the Reserve Bank of India on Monday, 18 February 2019, decided to transfer an interim surplus of Rs 28,000 crore to the central government for the half-year ended 31 December 2018. This is the second successive year that RBI will be transferring an interim surplus.
In a separate notification, RBI said that based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, it has decided to conduct purchase of the following Government securities under open market operations for an aggregate amount of Rs 12,500 crore on Thursday, 21 February 2019, through multi-security auction using the multiple price method.
Overseas, European shares declined while Asian shares settled mixed as market participants anxiously waited for details from the latest round of US-China trade talks.
The White House reportedly said on Monday that trade talks between the two economic powerhouses will continue in Washington on Tuesday, with higher level negotiations starting later in the week.
US stock market was shut on Monday for a public holiday.
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