Key barometers reversed trend in mid-morning trade, with the Nifty slipping into negative terrain. At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 7.06 points or 0.02% at 37,693.43. The Nifty 50 index was down 1.30 points or 0.01% at 11,187.90.
The S&P BSE Mid-Cap index was down 0.51%. The S&P BSE Small-Cap index was fell 0.70%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 697 shares rose and 1269 shares fell. A total of 109 shares were unchanged.
IT stocks were mixed. MindTree,(up 1.76%), TCS (up 0.77%), HCL Technologies (up 0.45%), Wipro (up 0.44%) and MphasiS (up 0.21%) advanced. Persistent Systems (down 7.39%), Hexaware Technologies (down 1.57%), Oracle Financial Services Software (down 0.32%) and Tech Mahindra (down 0.26%) declined.
Infosys rose 0.68%. The IT major announced that Al Ahli Bank of Kuwait has partnered with EdgeVerve Systems, a subsidiary of Infosys to steer its automation journey using AssistEdge Robotic Process Automation (RPA). The announcement was made after market hours yesterday, 29 July 2019.
In a separate announcement yesterday, Infosys announced the launch of its Cyber Defence Center in Bucharest, Romania. The Defence Center is an expansion of services delivered through the Infosys Digital Innovation Center which opened in Bucharest earlier this year.
MMTC rose 1.96%. The international trading company said that it has been assigned the Credit Rating of BWR A1+ by Brickwork Ratings India for the proposed issue of commercial paper by the company. The announcement was made after market hours yesterday, 29 July 2019.
Bharti Airtel was up 3.31%. The telecom major announced after market hours yesterday, 29 July 2019, that it has designed and implemented a future ready state wide area network (SWAN) for the Government of Uttar Pradesh as part of Government of India's e-Governance initiative.
A foreign brokerage has upgraded the Bharti Airtel stock to buy and also raised the target to Rs 400 from Rs 360 per share. The brokerage cited favourable risk-reward with tariff hike adding the upside optionality, as reasons for upgrade. However, it feels that post the rights issue/Africa IPO, the company's balance sheet has strengthened.
Coffee Day Enterprises was locked in a lower circuit of 20% to Rs 154.05. The company's owner V.G.Siddhartha was reported missing from close to Mangaluru on Tuesday. According to media reports, Siddhartha has been missing since Monday night. He left in his car towards Mangaluru last night, stopped midway at Ullal bridge, and went missing thereafter. There have been reports of Siddhartha having thrown himself off a bridge into Nethravati River.
Trigyn Technologies rose 3.95%. The company announced that the Canadian Branch of the wholly owned subsidiary of the Company, Trigyn Technologies, Inc., has been awarded a contract to provide IT Temporary Staffing Services to the City of Mississauga, Canada. The award is for a period of three years, with options to extend for an additional two years, bringing the potential term to five years. The announcement was made after market hours yesterday, 29 July 2019.
Coal India was up 0.02%. The company said that the President of lndia acting through Ministry of Coal has sold 10.49 crore equity shares of Coal lndia at a value of Rs 2247.49 crore which is 1.7% of total equity share capital of the company. Post buyback, holding of President of lndia is 69.26 % of equity share capital of the company. The announcement was made after market hours yesterday, 29 July 2019.
Realty shares declined. D B Realty (down 4.87%), Parsvnath Developers (down 4.75%), Unitech (down 3.85%), Sunteck Realty (down 3.24%), Indiabulls Real Estate (down 3.22%), Sobha (down 2.83%), Housing Development and Infrastructure (HDIL) (down 2.75%), Anant Raj (down 1.09%), Mahindra Lifespace Developers (down 0.7%), Prestige Estates Projects (down 0.34%), Oberoi Realty (down 0.15%) and Phoenix Mills (down 0.04%) declined.
Godrej Properties (up 1.42%) and Omaxe (up 0.13%) advanced.
DLF was up 0.03%. The company's consolidated net profit rose 140.04% to Rs 414.72 crore on 10.85% rise in total income to Rs 1837.46 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 29 July 2019.
Overseas, most Asian stocks were trading higher as investors await developments from U.S.-China trade talks this week in Shanghai as well as monetary policy decisions from major central banks.
The Bank of Japan policy board, on Tuesday, voted 7-2 to maintain interest rate at -0.1% on current accounts that financial institutions maintain at the bank. The Bank of Japan maintained its ultra-loose monetary policy, as widely expected, and lowered its inflation forecast.
The bank said it will purchase government bonds so that the yield of 10-year JGBs will remain at around zero percent. Further, the bank will purchase JGBs in a flexible manner so that their outstanding amount will increase at an annual pace of about JPY 80 trillion.
US stocks finished mixed Monday, with declines in financials and communication-discretionary sectors preventing the S&P 500 and Nasdaq from scoring fresh record closes.
Investors are watching for signs of progress toward a trade deal, but expectations for a breakthrough are low. Face-to-face trade talks between China and U.S. officials are reportedly set to resume Tuesday in Shanghai, marking the first such meeting on tariffs since President Donald Trump and China's President Xi Jinping met on the sidelines of the Group of 20 gathering in Osaka, Japan, in June.
The US Fed will gather on July 30-31 for policy meeting and the U.S. central bank is widely anticipated to cut benchmark rates by at least 25 basis points to combat headwinds from the China-U.S. trade dispute and signs of slowing economic growth outside of the U.S.
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