Stocks further extended losses in mid-afternoon trade. At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 191.86 points or 0.48% at 39,557.87. The Nifty 50 index was down 51.55 points or 0.43% at 11,877.20.
Shares came under pressure in afternoon trade after outgoing Finance Minister Arun Jaitley said that he has decided not to take up any active responsibility in the new government due to his poor health. In a letter to the Prime Minister, Jaitley said he had orally informed Modi about his desire to not be a part of the new BJP government so that it enabled him to concentrate on his treatment and health.
Modi will be inaugurated for a second term as Prime Minister of India on Thursday, 30 May 2019.
Among secondary barometers, the BSE Mid-Cap index was down 0.69%. The BSE Small-Cap index was down 0.43%.
The market breadth, indicating the overall health of the market, was negative. On BSE, 987 shares rose and 1468 shares fell. A total of 162 shares were unchanged.
Adani Enterprises was down 1.75%. On a consolidated basis, the company's net profit rose 50.53% to Rs 283.44 crore on 33.31% increase in total income to Rs 13,472.97 crore in Q4 March 2019 over Q4 March 2018. The result was announced during trading hours today, 29 May 2019.
Auto major Mahindra & Mahindra (M&M) was up 0.08%. On a consolidated basis, the group's profit from ordinary activities after tax (after El) fell 16% to Rs 969 crore on 5% increase in revenue and other income to Rs 14,055 crore in Q4 March 2019 over Q4 March 2018.
Operating margin (OPM) was reported at 13.5% in Q4 March 2019, lower than 15.1% in Q4 March 2018. The financials include numbers of its commercial vehicle unitMahindra Vehicle Manufacturers. The result was announced during trading hours today, 29 May 2019.
Most FMCG shares declined. Bajaj Corp (down 1.72%), Jyothy Laboratories (down 1.7%), Dabur India (down 1.28%), Tata Global Beverages (down 1.2%), Godrej Consumer Products (down 0.96%), Marico (down 0.85%), Colgate Palmolive (India) (down 0.37%) and Procter & Gamble Hygiene & Health Care (down 0.33%), edged lower.
Hindustan Unilever (up 0.08%), Nestle India (up 0.78%) and Britannia Industries (up 0.89%), edged higher.
Weak global cues also spoiled investors sentiment. European shares were trading lower amid worries over the US-China trade war and a potential budget standoff between Italy and the EU. Fears of a coming political battle between Rome and Brussels returned this week as reports emerged stating the EU is considering disciplinary action over the Italian government's failure to rein in debt.
Asian stocks fell on worries over the outlook for global growth with trade tensions between US and China showing no signs of waning.
In US, shares fell on Tuesday as investors watched for developments on the US-China trade front. President Donald Trump, speaking at a joint news conference Monday in Tokyo with Japanese Prime Minister Shinzo Abe, reportedly said the US was not ready to make a trade deal with China.
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