Key benchmarks extended gains and hit fresh intraday high in the afternoon trade. At 13:35 IST, the barometer index, the S&P BSE Sensex, rose 189.77 points or 0.52% at 36,880.27. The Nifty 50 index also advanced 34.50 points or 0.32% at 10,890.
The S&P BSE Mid-Cap index was down 0.39%. The S&P BSE Small-Cap index also fell 0.03%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1,008 shares rose and 1,197 shares fell. A total of 126 shares were unchanged.
Bharti Airtel (up 2.76%), Bharti Infratel (up 2.34%), Tata Motors (up 2.26%), Hindalco Industries (up 1.67%) and Coal India (up 1.63%) advanced.
Cipla (down 3.94%), Indiabulls Housing Finance (down 3.29%), UPL (down 2.61%), Axis Bank (down 1.96%) and IndusInd Bank (down 1.89%) declined.
Tata Steel lost 5.08%. The company reported 63.58% slide in consolidated net profit to Rs 710.50 crore on 1.16% rise in total income to Rs 36320.02 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 7 August 2019.
Tata Steel's consolidated earnings before interest tax depreciation and amortization (EBITDA) declined 21.7% to Rs 5530 crore in Q1 June 2019 over Q1 June 2018. The company's consolidated steel production rose 11% to 7.15 million tonnes.
The company stated that during Q1 June 2019, steel prices across geographies declined with weakening economic activities and uncertainty around the ongoing US-China trade conflict. This coincided with a sharp rise in iron ore prices due to supply disruptions and elevated coking coal costs. As a result, steel spreads dropped by around US$ 80-100 per tonne in key markets.
In India, steel prices declined as subdued economic activity, seasonal slowdown and liquidity issues weighed on domestic consumption. Higher net imports further exacerbated the demand supply balance.
In Europe, the steel industry faced significant headwinds in terms of lower economic growth, uncertainty around Brexit and the trade conflict. This coupled with rising share of imports and elevated raw material prices has led to a sharp declined in steel spreads.
HCL Technologies gained 4.48%. The company reported 12.55% fall in consolidated net profit to Rs 2230 crore on 2.73% rise in net sales to Rs 16427 crore in Q1 June 2019 over Q4 March 2019. The result was announced after market hours yesterday, 7 August 2019.
The firm's consolidated EBITDA also declined 5.4% to Rs 3,225 crore in Q1 June 2019 as against Q4 March 2019. The consolidated EBITDA margin grew to 23.2% in Q1 June 2019 from 22.4% in Q4 March 2019.
Index major Reliance Industries (RIL) rose 0.51%. As per reports, RIL is partnering with US-based luxury jeweller Tiffany & Co to open a line of stores in the country. Tiffany plans to open stores in New Delhi and Mumbai in the second half of fiscal years 2019 and 2020 respectively, the report added.
Maruti Suzuki India declined 0.07%. The car marker announced the production figures for the month of July 2019 after market hours yesterday, 7 August 2019. The company reported a 25.36% decline in the total production to 1.33 lakh units while the total passenger vehicles' production fell 25.60% to 1.30 lakh units.
As per reports, auto industry majors have met the Finance Minister Nirmala Sitharaman to seek stimulus package to spur demand. The auto leader have also requested for GST reduction, more liquidity and relaxation of credit facilities for retailers.
Wipro gained 0.51%. The company announced that ADM Aoports de Montrl has awarded a five-year strategic IT and business transformation contract to Wipro. ADM operates YUL Montreal-Trudeau International Airport, the third largest airport in Canada, and YMX International Aocity of Mirabel.
Aurobindo Pharma surged 6.49%. The company reported 39.54% rise in consolidated net profit to Rs 635.83 crore on 27.26% rise in total income to Rs 5465.09 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 7 August 2019.
The company's earnings before interest tax depreciation and amortization (EBITDA) increased 47.1% to Rs 1146.4 crore in Q1 June 2019 compared with Rs 779.2 crore in Q1 June 2018. The EBITDA margin was at 21.1% in Q1 June 2019 as compared to 18.3% in Q1 June 2018.
Hindustan Petroleum Corporation shed 0.31%. The company reported 55.87% slide in consolidated net profit to Rs 877.48 crore on 5.1% rise in total income to Rs 71752.83 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 7 August 2019.
On standalone basis, the company's consolidated net profit declined 52.8% to Rs 810.95 crore on 5% increase in net sales to Rs 70710.53 crore in Q1 June 2019 over Q1 June 2018. Average gross refining margin was at $0.75 per barrel in Q1 June 2019 as against $7.15 per barrel in Q1 June 2018.
Siemens advanced 4.36%. The company reported 21.35% rise in consolidated net profit to Rs 250.10 crore on 4.31% rise in total income to Rs 3300 crore in Q3 June 2019 over Q3 June 2018. The result was announced after market hours yesterday, 7 August 2019.
NBCC (India) rose 1.97%. The company secured the total business of Rs 201.77 crore in June and July 2019. The announcement was made after market hours yesterday, 7 August 2019.
Adani Green Energy fell 1.99%. On a consolidated basis, the solar power generation & manufacturing company reported net profit of Rs 0.52 crore in Q1 June 2019 compared with net loss of Rs 74.27 crore in Q1 June 2018. Net sales rose 39.9% to Rs 660.81crore in Q1 June 2019 over Q1 June 2018. The result was announced after trading hours yesterday, 7 August 2019.
Oracle Financial Services Software declined 1.25%. On a consolidated basis, the IT services company's net profit rose 15.76% to Rs 377.39 crore on a 4.95% rise in the net sales to Rs 1275.1 crore in Q1 June 2019 over Q4 March 2019. The result was announced after trading hours yesterday, 7 August 2019.
Punjab & Sind Bank lost 2.32%. The government-owned bank reported net loss of Rs 30.28 crore in Q1 June 2019 compared with net loss of Rs 398.02 crore in Q1 June 2018. Total income fell 4.2% to Rs 2237.91 crore in Q1 June 2019 over Q1 June 2018. The result was announced after trading hours yesterday, 7 August 2019.
Dilip Buildcon gained 1.21%. The promoters of the company, Dilip Suryavanshi, Devendra Jain and Ms. Seema Suryavanshi, have proposed to divest part of their shareholding in the company. The promoters will divest 0.63% of the total equity capital of the company aggregating upto 8.64 lakh shares. The stake sale in undertake in connection with manner of achieving minimum public shareholding. The announcement was made after market hours yesterday, 7 August 2019.
Emami rose 2.57%. On a consolidated basis, the personal care & healthcare products company's profit after tax rose 47% to Rs 39 crore on a 6% rise in the revenue from operations to Rs 649 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 8 August 2019.
Ramco Industries rose 0.58%. The cement manufacturing company's consolidated net profit rose 10.8% to Rs 61.04 crore on a 2.4% decline in net sales to Rs 321.44 crore in Q1 June 2019 compared with Q1 June 2018. The result was announced after market hours yesterday, 7 August 2019.
Page Industries (down 0.64%), Proctor & Gamble Health (down 0.28%), Godrej Properties (down 0.28%), Abbott India (down 0.06%), Great Eastern Shipping Company (down 1.86%) and UCO Bank (up 1.24%) will announce their Q1 June 2019 results today.
Overseas, most European stocks were trading high. DAX (up 0.72%), CAC 40 (up 0.97%) and FTSE 100 (up 0.14%). Asian stocks were also trading higher ahead of Chinese trade data, which could shed further light on the impact of Washington's protracted trade war between Washington and Beijing.
US stocks recovered from steep early losses on Wednesday as investors snapped up oversold shares and bond yields rebounded from significant lows that raised fears about a recession.
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