Key barometers extended losses and hit fresh intraday low in the afternoon trade. At 13:30 IST, the barometer index, the S&P BSE Sensex, fell 310.59 points or 0.83% at 37,271.32. The Nifty 50 index also declined 86.15 points or 0.78% at 11,023.50. Steep losses were contained by rally in index major Reliance Industries (RIL).
The S&P BSE Mid-Cap index was down 1.42%. The S&P BSE Small-Cap index also fell 0.62%.
The market breadth was weak. On the BSE, shares 890 rose and 1,337 shares fell. A total of 117 shares were unchanged.
Overseas, European stocks opened lower on Tuesday as investors monitor political uncertainty in Italy, Hong Kong and Argentina. DAX (down 0.42%), CAC 40 (down 0.36%) and FTSE 100 (down 0.24%).
Asian stocks were trading lower on Tuesday as fears about a drawn out Sino-US trade war, protests in Hong Kong and a crash in Argentina's peso currency drove investors to safe harbours like bonds, gold, and the yen.
US stock benchmarks finished sharply lower Monday as simmering geopolitical tensions spooked equity investors and drove a bond market rally while the protracted US-China trade war stoked fears of impending recession.
A foreign brokerage reportedly said that fears of the US-China trade war leading to a recession are increasing and it no longer expects a trade deal between the world's two largest economies before the 2020 US presidential election.
Back home, Indiabulls Housing Finance (up 11.41%), Sun Pharmaceutical Industries (up 3.22%), GAIL (up 2.66%), Hindalco Industries (up 1.31%) and Zee Entertainment Enterprises (up 1.25%) advanced.
Yes Bank (down 7.67%), Bharti Airtel (down 4.85%), Mahindra & Mahindra (down 4.82%), Housing Development Finance Corporation (down 4.28%) and Eicher Motors (down 3.30%) declined.
Coal India (down 0.63%), ONGC (down 0.46%) and Sun Pharmaceutical Industries (up 2.89%) will announce their Q1 June 2019 results today.
RIL surged 10.49% after chairman and managing director Mukesh Ambani on Monday addressed the shareholders of the company at its 42nd annual general meeting (AGM). Mukesh Ambani revealed a roadmap to becoming a zero net debt company in the next 18 months. Saudi Aramco signed a non-binding letter of intent to acquire a 20% stake in the oil to chemicals division of Reliance Industries valued at an enterprise value of $75 billion.
Mukesh Ambani said that Jio Fiber Services will be launched on commercial basis on 5 September 2019, the third anniversary of Jio's launch. RIL plans to reach 20 million residences and 15 million business establishments in 1,600 towns. Reliance Jio Infocomm (Jio), a subsidiary of Reliance Industries (RIL), and Microsoft Corp. are embarking on a unique, comprehensive, long-term strategic relationship aimed at accelerating the digital transformation of the Indian economy and society.
Mukesh Ambani said that Jio Fiber Services will be launched on commercial basis on 5 September 2019, the third anniversary of Jio's launch. RIL plans to reach 20 million residences and 15 million business establishments in 1,600 towns. Reliance Jio Infocomm (Jio), a subsidiary of Reliance Industries (RIL), and Microsoft Corp. are embarking on a unique, comprehensive, long-term strategic relationship aimed at accelerating the digital transformation of the Indian economy and society.
Jio Fibre plan starts with 100 Mbps speed and goes all the way up to 1 Gbps or 1000 Mbps. This will disproportionately improve the quality of fixed-line data in India. And prices are at less than 1/10th the global rates, to make it accessible for all. Jio Fiber plans will be priced between Rs 700 to Rs 10,000 per month to suit every budget and every need.
Under a Welcome Offer, Jio Fiber customers who opt for annual plans, will get an HD or 4K LED television and a 4K set-top-box absolutely free. Jio Fiber customers will be able to watch movies in their living rooms the same day these movies are released in theatres. The firm calls this Jio first-day-first-show. It plans to launch this service in the middle of 2020.
Reliance Jio has invested nearly Rs 3.5 lakh crore towards creating a state-of-the-art digital infrastructure across India, with the largest optical fiber footprint. Jios customer base has crossed 340 million users and it is signing up more than 10 million new customers each month.
NTPC shed 2.84%. The company reported 5.63% rise in consolidated net profit to Rs 2840.28 crore on 6.9% rise in total income to Rs 26929.85 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 10 August 2019.
Tata Motors was up 0.25%. The company announced that based on S&P Global Ratings, the credit rating of the company and that of its wholly owned subsidiary, Jaguar land Ratings Issuer Credit B+/ Neg/-- B+/ Neg/-- Rover Rating Automotive Plc, has been reaffirmed. It added that the rating is removed from credit watch and the outlook is kept as negative. The announcement was made after trading hours on Friday, 9 August 2019.
In a separate announcement on Friday, the company said Jaguar Land Rover retail sales in July 2019 were 37,945 units, up 5% compared to July 2018.
The increase was led by recovery in the China market where retail sales grew 40.3% year on year as the company's local turnaround plan began to take effect. Retail sales growth was also strong in the UK (8.8%) and up in North America (2.1%), broadly flat in Europe (0.3%) and down 20.1% in overseas markets.
Jaguar retail sales in July 2019 were 11,386 vehicles, up 3.6% year-on-year and Land Rover retailed 26,559 vehicles, up 5.6% compared to July 2019.
Grasim Industries fell 3.97%. The viscose staple fibre (VSF) and chemicals manufacturer said its board will meet on 14 August 2019 to consider raising of funds through issue of non-convertible debentures, in one or more tranches, on private placement basis. The announcement was made on Monday, 12 August 2019.
JSW Steel rose 0.14%. The steel maker said crude steel production fell 4% to 13.17 lakh tonnes in July 2019 over July 2018.
Bharat Petroleum Corporation (BPCL) gained 0.13%. The company's consolidated net profit fell 44.08% to Rs 1623.75 crore on 6.09% rise in total income to Rs 77261.95 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 9 August 2019.
Godfrey Phillips India was locked in upper-circuit 20% at Rs 850.95 after consolidated net profit rose 106.49% to Rs 118.63 crore on 40.01% rise in total income to Rs 824.78 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 10 August 2019.
Steel Authority of India plunged 7.09% after the company reported 81.4% drop in consolidated net profit to Rs 102.68 crore on 6.11% fall in total income to Rs 15043.53 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 9 August 2019.
Bharat Heavy Electricals tanked 9.84%. On a consolidated basis, the power plant equipment manufacturer reported net loss of Rs 217.72 crore in Q1 June 2019 compared with net profit of Rs 40.69 crore in Q1 June 2018. Net sales fell 23.9% to Rs 4411.09 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 9 August 2019.
New Delhi Television lost 2.41%. NDTV said that its founders Mrs. Radhika Roy and Dr. Prarmoy Roy were prevented trom leaving the country. They have been stopped from traveling abroad on the basis of wholly unsubstantiated corruption case filed by the CBI about an ICICI loan that was taken by their company, RRPR Holding, which was fully repaid with interest ahead of schedule. The case has been challenged in the Hon'ble Delhi High Court by RRPR, owned by the NDTV founders, which has stake in NDTV. The announcement was made after market hours on Friday, 9 August 2019.
Bharat Forge declined 5.75% after it announced its Q1 June 2019 result during market hours today, 13 August 2019. The company reported a profit after tax or Rs 174.1 crore in Q1 June 2019, a decline of 25.8% as compared to Rs 234.5 crore in Q1 June 2018. Total revenues of the company in Q1 June 2019 stood at Rs 1346.6 crore, registering a decline of 9% as compared to Q1 June 2018. The decline was caused by weak demand environment in domestic market and inventory de-stocking in oil & gas.
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