The market was trading near day's low in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was down 100.75 points or 0.26% at 38,761.48. The Nifty 50 index was down 44.90 points or 0.38% at 11,621.05.
Prime Minister Narendra Modi and Bharatiya Janata Party (BJP) president on Monday unveiled the party's manifesto, described as Sankalp Patra, for the upcoming Lok Sabha elections.
The BJP said that it will provide short term new agriculture loans up to Rs 1 lakh at a 0% interest rate for 1-5 years on the condition of prompt repayment of the principal amount. The BJP said that India is no longer helpless against terror. Any destructive ideology that destroys the atmosphere of peace and unity is and will be given a being reply.
The BJP said that its stand on Ram mandir remains the same. Further, the BJP said that it will achieve the goal of Clean Ganga by 2022. Meanwhile, the BJP government will ensure that every Gram Panchayat is connected through a high speed optical fibre network by 2022. Also, it said that the next BJP government will launch a massive Rural Road Upgradation Programme' to connect centres of education, healthcare centres, and markets with hinterlands to promote rural growth.
The 2019 Indian general election is scheduled to be held in seven phases from 11 April to 19 May 2019 to constitute the 17th Lok Sabha. The counting of votes will be conducted on 23 May, and on the same day the results will be declared.
In the equity market, domestic stocks nudged higher in early trade on positive Asian stocks. A divergent trend was witnessed in morning trade as the barometer index, the S&P BSE Sensex, was trading with small gains while the Nifty 50 index was trading with tiny losses. Key indices dipped in negative zone in mid-morning trade and hit fresh intraday low in early afternoon trade.
The S&P BSE Mid-Cap index was off 0.41%. The S&P BSE Small-Cap index was up 0.01%.
The market breadth, indicating the overall health of the market, turned negative from positive. On the BSE, 1155 shares rose and 1228 shares fell. A total of 150 shares were unchanged.
Bajaj Finance (down 1.83%), Asian Paints (down 1.52%), Reliance Industries (down 1.48%), Vedanta (down 1.36%), State Bank of India (down 0.82%) and ITC (down 0.71%), were the major Sensex losers.
ONGC (up 1.63%), NTPC (up 1.30%), Mahindra & Mahindra (up 1.23%), Hindustan Unilever (up 0.72%) and IndusInd Bank (up 0.71%), were the major Sensex gainers.
HDFC Bank was up 0.11%. HDFC Bank announced after market hours on Friday, 5 April 2019, that its advances aggregated to approximately Rs 8,19,500 crore as of 31 March 2019 as compared to Rs 6,58,300 crore as of 31 March 2018 and Rs 7,81,000 crore as of 31 December 2018.
The bank's deposits aggregated to approximately Rs 9,23,000 crore as of 31 March 2019 as compared to Rs 7,88,800 crore as of 31 March 2018 and Rs 8,52,500 crore as of 31 December 2018. The bank's CASA ratio stood at around 42% as compared to 43.5% as of 31 March 2018 and 40.7% as of 31 December 2018. During the quarter ended 31 March 2019, the bank purchased loans aggregating Rs 1,924 crore through the direct assignment route under the home loan arrangement with Housing Development Finance Corporation.
Infosys was up 0.35%. Infosys announced after market hours on Friday, 5 April 2019, that it has strengthened its capabilities and presence in the turbomachinery and propulsion space with the opening of a new Infosys office in Baden, Switzerland. This office is part of Infosys' overall growth strategy of helping clients navigate their digital transformation journeys and will play an integral role in providing clients in the energy and aviation industries, the latest innovations in the fossil and renewable energy markets and aerospace.
HDFC was down 0.55%. HDFC announced after market hours on Friday, 5 April 2019, that during the quarter ended 31 March 2019, it assigned loans amounting to Rs 2,418 crore compared to nil in the corresponding quarter of the previous year. Income from dividend for the quarter ended 31 March 2019 was Rs 537 crore compared to Rs 332 crore in the corresponding quarter of the previous year. During the quarter ended 31 March 2019, the profit on sale of investments in subsidiary/associate companies was 314 crore compared to Rs 272 crore in corresponding quarter of the previous year.
Tata Motors fell 1.34%. Tata Motors during market hours today, 8 April 2019 said that Jaguar Land Rover total retail sales were 76,895 vehicles in March 2019, down 8.2% compared to sales in March 2018.
Sun Pharmaceutical Industries was down 0.02%. Sun Pharmaceutical Industries and its subsidiaries and/or associate companies during market hours today announced that INFUGEM (gemcitabine in sodium chloride injection), for intravenous use, is now commercially available in the U.S. INFUGEM, the first chemotherapy product that comes in a premixed, ready-to-infuse formulation, was approved by the U.S. Food and Drug Administration (FDA) in July 2018 in combination with other drugs for the treatment of breast, ovarian, non-small cell lung cancers, and as a single agent for the treatment of pancreatic cancer.
Overseas, European shares decline while Asian shares trade on a mixed note on Monday, as investors prepare for US earnings season.
On the Brexit front, U.K. Prime Minister Theresa May is still searching for a new plan to secure a delay to Brexit from EU leaders at a summit on Wednesday. U.K. lawmakers have so far failed to approve a withdrawal agreement, with the world's fifth-largest economy set to leave the bloc on April 12.
U.S. stocks closed higher Friday, as investors cheered a solid jobs report and upbeat comments on prospects for a U.S.-China trade deal.
Chinese President Xi Jinping reportedly said in a letter to US President Donald Trump that substantial progress had been made in U.S.-China talks over the past months and called for negotiations to be wrapped up as soon as possible.
March jobs report showed that the U.S. economy added 196,000 new jobs. The Labor Department's official measure of unemployment held steady at 3.8%. Wage growth remained modest, with average hourly earnings rising 4 cents to $27.70, a year-over-year increase of 3.2%, down from 3.4% in February.
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