Local stocks nudged lower in early trade on negative Asian stocks. At 9:19 IST, the barometer index, the S&P BSE Sensex, was down 56.13 points or 0.14% at 39,159.51. The Nifty 50 index was down 15.40 points or 0.13% at 11,672.10.
The S&P BSE Mid-Cap index was down 0.14%. The S&P BSE Small-Cap index was down 0.11%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 436 shares rose and 542 shares fell. A total of 58 shares were unchanged.
Overseas, Asian stocks were trading lower on Thursday, amid a renewed threat to trade. Japan's exports fell 6.7% in June as compared to a year ago, according to data released on Thursday. The Bank of Korea announced that it was cutting the base rate by 25 basis points to 1.5%, following a cut to South Korea's growth target earlier this month, and an ongoing trade spat between Seoul and Tokyo that has seen Japan place import curbs on important materials used by South Korea's technology sector.
U.S. stocks ended lower for a second straight session Wednesday as investors digested mixed earnings results and economic data, while a lack of progress on the Beijing-Washington tariff dispute remained a headache.
At the macroeconomic level, businesses were generally positive through early July about the economic outlook for the coming months despite widespread concerns about the possible negative impact of trade-related uncertainty, according to the Beige Book survey released by the Federal Reserve on Wednesday.
The survey found that the economy expanded at modest pace from mid-May through early July, little changed from the spring. The Fed is widely expected to cut interest rates at the conclusion of its two-day July 30-31 policy meeting and the Beige Book didn't alter that outlook.
Back home, Wipro gained 2.43%. Wipro's consolidated net profit fell 3.86% to Rs 2,387.60 crore on a 1.93% fall in net sales to Rs 14716.10 crore in Q1 June 2019 over Q4 March 2019. The result was announced after market hours yesterday, 17 July 2019.
IT services segment revenue was $2,038.8 million in Q1 June 2019, an adjusted increase of 4.3% year-on-year (YoY). IT services operating margin for the quarter was at 18.4%, an increase of 0.8% YoY. Wipro expects revenue from IT services business to be in the range of $2,039 million to $2,080 million. This translates to a sequential growth of 0% to 2%.
Yes Bank lost 9.46% after net profit dropped 90.97% to Rs 113.76 crore on 9.87% rise in total income to Rs 9088.80 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 17 July 2019.
Oil India rose 0.53%. Oil India has emerged as the biggest winner of oil & gas blocks under Open Acreage Licensing Policy (OALP) rounds II & III by winning 12 blocks out of 32 blocks for which bids were submitted by leading Operators.
Punjab & Sind Bank dropped 2.91%. Punjab & Sind Bank said that on the basis of Forensic Audit Investigation findings and CBI filing FIR, on suo moto basis, against Bhushan Power And Steel (BPSL) and its directors, alleging diversion of funds from banking system, a fraud of Rs 238.30 crore is being reported by bank to RBI. In the accounts of the BPSL, the bank has already made provisions amounting to Rs 189.35 crore, as per prescribed prudential norms. The announcement was made after market hours yesterday, 17 July 2019.
DFM Foods jumped 15.9% after net profit surged 52.3% to Rs 7.63 crore on 29.5% rise in total income to Rs 128.63 crore in Q1 June 2019 over Q4 March 2019. The result was announced after market hours yesterday, 17 July 2019.
Newgen Software advanced 2.28%. Newgen Software announced that it has been granted Patent entitled "Automated Quality and Usability Assessment of Scanned Documents". This will help organizations in reducing errors, ensuring faster processing and delivering effective output. The announcement was made after market hours yesterday, 17 July 2019.
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