The benchmark indices were trading in a narrow range with modest gains in mid morning trade. At 11:29 IST, the barometer index, the S&P BSE Sensex, was up 141.86 points or 0.37% at 37,989.51. The Nifty 50 index was up 40.80 points or 0.36% at 11,312.10.
The S&P BSE Mid-Cap index was up 0.40%. The S&P BSE Small-Cap index was up 0.18%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1038 shares rose and 941 shares fell. A total of 114 shares were unchanged.
Most auto shares rose. Bajaj Auto (up 1.49%), TVS Motor Company (up 1.11%). Escorts (up 0.42%) and Hero MotoCorp (up 0.35%) advanced. Mahindra & Mahindra (down 1.01%) and Maruti Suzuki India (down 0.5%) declined.
Tata Motors was down 1.36% ahead of its Q1 June 2019 result today. Fitch Ratings has downgraded the Long-Term Issuer Default Rating (IDR) of Tata Motors (TML) to 'BB-' from 'BB'. The Outlook is Negative. The rating has been removed from Rating Watch Negative where it was placed on 6 February 2019.
Fitch Ratings said that the downgrade reflects the reduction in Fitch's expectations for TML's profitability and free cash generation in the next two to three years. Fitch revised its estimates because business risks have increased in both its India operations and its fully owned UK-based subsidiary, Jaguar Land Rover Automotive plc (JLR, BB-/Negative), while TML is likely to invest to bolster its long-term competitiveness. This will result in sustained deterioration in TML's financial profile, including its leverage.
Eicher Motors was up 0.82% to Rs 16522.80. The stock hit a 52-week low of Rs 16155 in intraday today.
Reliance Power was up 2.79%. The company after market hours yesterday, 24 July 2019, announced that ICRA has revised the long-term rating on rated instruments of Rosa Power Supply Company, a wholly owned subsidiary of Reliance Power to 'B- issuer not co-operating' and short-term rating to 'A4 issuer not cooperating' citing inter-alia significant deterioration in the financial risk profile of Reliance Power Group coupled with the overall deterioration in the liquidity position of the Company, pending approval by UPERC on disallowed capital expenditure as well as other cost and efficiency parameters.
NTPC was up 0.11%. Bharat Heavy Electricals was down 0.16%. Bhel after market hours yesterday, 24 July 2019, announced that it has signed a memorandum of understanding (MoU) with NTPC for forming a joint venture company, to set up a 800 MW Technology Demonstration Plant (TDP) at NTPC's existing power plant in Sipat, Chhattisgarh.
Future Enterprises was down 4.88%. The company after market hours yesterday, 24 July 2019, announced that Care Ratings had reaffirmed the short term rating of "A1+" and the long term rating has been retained at "AA-" with change in outlook from "stable" to "negative".
Tribhovandas Bhimji Zaveri wa up 0.13%. The company after market hours yesterday, 24 July 2019, announced that Acuite assigned long term rating of A-/Stable to company's bank loan facilities worth Rs 40 crores.
Telecom shares were mixed. Reliance Communications (down 3.64%) and MTNL (down 0.15%) declined. Bharti Airtel (up 1.05%) and Vodafone Idea (up 0.5%) advanced.
The Digital Communications Commission (DCC) on Wednesday approved the recommendation of the Telecom Regulatory Authority of India (Trai) to levy a total penalty of Rs 3,050 crore on Bharti Airtel and Vodafone Idea for refusing to provide points of interconnection to Reliance Jio. The apex decision-making body of the telecom sector will now send its verdict to the Department of Telecommunications (DoT) for the final decision. The affected telcos are likely to move court once the DoT formalises the decision.
Meanwhile, India has moved up to the 52nd position in the Global Innovation Index. The country has moved up five notches from last year. Switzerland retained its position at the top of the global ranking. In fact, nine out of the top ten countries are the same as last year, with the surprise new entrant being Israel, which has broken into the top ten.
Global Innovation Index (GII) is presented annually by the UN's World Intellectural Property Organisation (WIPO) in association with GII knowledge partners like Cornell University and Insead. It evaluates 129 of the world's top economies based on intellectual property filing rates to mobile app creation rate, government initiatives on education and health as well as intellectual and technical publications.
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