Volatility struck bourses in early trade as the key indices once again sink in negative zone soon after reversing initial losses. At 9:28 IST, the barometer index, the S&P BSE Sensex, was down 25.09 points or 0.07% at 36,951.76. The Nifty 50 index was down 20.95 points or 0.19% at 10,927.30. The Sensex was trading below the psychological 37,000 level after moving above and below that level in early trade.
Investors are awaiting the outcome of the central bank's monetary policy meeting today, 7 August 2019. The Reserve Bank of India (RBI)'s third bi-monthly monetary policy committee (MPC) meeting started on 5 August 2019. The resolution of the MPC will be placed on the RBI website at 11:45 IST today, 7 August 2019.
The S&P BSE Mid-Cap index was up 0.19%. The S&P BSE Small-Cap index was up 0.33%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 706 shares rose and 439 shares fell. A total of 42 shares were unchanged.
Overseas, Asian stocks were trading mixed on Wednesday as investors digested the Chinese central bank's daily midpoint fix for its currency's exchange rate against the dollar. The People's Bank of China (PBOC) set the the official midpoint reference for the yuan at 6.9996 per dollar. China's central bank allows the exchange rate to rise or fall 2% from that number.
US stocks rallied Tuesday after six days of declines as China stepped in to stabilize the yuan, easing concerns that currencies would be the next weapon in the US-China trade war.
Investors took fright Monday as China allowed the yuan to slump to its lowest level in a decade after President Donald Trump's threat last Thursday to impose 10% tariffs against an additional $300 billion of imported Chinese goods, effective Sept. 1.
Back home, Indiabulls Housing Finance lost 7.02% after consolidated net profit dropped 24.01% to Rs 801.53 crore on 4.55% fall in total income to Rs 3886.12 crore in Q1 June 2019 over Q1 June 2018. The announcement was made after market hours yesterday, 6 August 2019.
Reliance Industries (RIL) rose 0.22%. RIL and BP announced that they have agreed to form a new joint venture that will include a retail service station network and aviation fuels business across India. Building on Reliance's existing Indian fuel retailing network and an aviation fuel business, the partners expect the venture to expand rapidly to help meet the country's fast-growing demand for energy and mobility. The announcement was made after market hours yesterday, 6 August 2019.
L&T rose 0.06%. L&T said that L&T Construction has secured a mega contract for design and construction of a major airport. The project involves baggage handling systems, passenger boarding bridges, airport security systems, visual docking guidance systems, vertical horizontal transportation, airfield ground lighting, mechanical, electrical and plumbing works. This will increase the existing capacity to 40 Million Passenger Per Annum (40MPPA). The announcement was made after market hours yesterday, 6 August 2019.
JSW Energy rose 3.03% after consolidated net profit rose 6.64% to Rs 244.38 crore on 2.02% rise in total income to Rs 2,489.55 crore in Q1 June 2019 over Q1 June 2018. The announcement was made after market hours yesterday, 6 August 2019.
IRB Infrastructure Developers jumped 10.44%. The company's consolidated net profit fell 22.1% to Rs 55.33 crore on 5.47% fall in total income to Rs 916.54 crore in Q1 June 2019 over Q1 June 2018. The announcement was made after market hours yesterday, 6 August 2019.
Nilkamal shed 0.14% after consolidated net profit fell 7.5% to Rs 31.07 crore on 8.29% fall in total income to Rs 540.04 crore in Q1 June 2019 over Q1 June 2018. The announcement was made after market hours yesterday, 6 August 2019.
JK Lakshmi Cement rose 1.82% after consolidated net profit surged 723.31% to Rs 49.81 crore on 8.29% rise in total income to Rs 1141.92 crore in Q1 June 2019 over Q1 June 2018. The announcement was made after market hours yesterday, 6 August 2019.
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