Key barometers trimmed losses in morning trade. The Nifty hovered around 11,300-mark. At 10:18 IST, the barometer index, the S&P BSE Sensex, was down 231.84 points or 0.61% at 38,073.57. The Nifty 50 index was down 60.25 points or 0.53% at 11,299.65.
The S&P BSE Mid-Cap index was down 0.34%. The S&P BSE Small-Cap index was down 0.25%.
The market breadth was negative. On the BSE, 737 shares rose and 943 shares fell. A total of 89 shares were unchanged. In the Nifty 50 index, 17 stocks advanced, 31 stocks declined and 2 remain unchanged.
On the macro front, the total gross GST revenue collected in September 2019 is Rs 91916 crore. The revenue during September 2019 has declined by 2.67% in comparison to the revenue during September 2018. During April-September 2019 vis-vis 2018, the domestic component has grown by 7.82% while the GST on imports has shown negative growth and the total collection has grown by 4.90%.
Yes Bank surged 22.81% to Rs 39.30. The bank clarified that the material drop in its share prices on 1 October 2019 was primarily on account of the forced sale of 10 crores equity shares (3.92% equity) triggered by an invocation of pledge on the equity shares of a large stakeholder. Further, the bank confirmed that its financial and operating metrics remain intrinsically sound and stable with liquidity position well in excess of regulatory requirements.
Metal stocks declined. NALCO (down 3.94%), Hindalco Industries (down 3.77%), Vedanta (down 2.51%), Tata Steel (down 2.13%), Jindal Steel & Power (down 1.44%), Hindustan Copper (down 1.33%), Hindustan Zinc (down 1.19%) and Steel Authority of India (down 1.09%) tumbled.
MOIL fell 1.04% to Rs 138. The firm announced a 5% reduction in prices of Ferro grade, Silico manganese grade (smgr 30% & smgr 25%) fines and chemical grade. The prices are effective from 1 September 2019. .
Mining major, NMDC announced that the iron ore production for the month of September 2019 declined 30.2% to 1.64 million tonne as against 2.35 million tonnes in September 2018. The offtake for iron ore also declined 18.4% to 1.91 million tonne in September 2019 as compared to 2.34 million in September 2018. NMDC was trading 0.21% lower at Rs 96.2.
Pharmaceutical major, Biocon rose 0.83%. The firm announced that the launch of Semglee, the first insulin glargine, in collaboration with Mylan.N.V. Semglee will be available in Australia under Pharmaceutical Benefits Scheme (PBS). Insulin glargine helps in controlling the blood sugar levels of those patients with diabetes. It is indicated for the treatment of type 1 diabetes mellitus in adults.
Eicher Motors rose 1.56%. The company announced the motorcycles sales for the month of September 2019. The motorcycles sales fell 17% to 59500 units in September 2019 as compared to September 2018.
Prestige Estates Projects was up 1.9% after the company announced an investing agreement with DB Group for developing a hotel, convention centre and office space at Hospitality District of Indira Gandhi International Airport, New Delhi.
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