Key equity benchmarks were trading with small losses in the afternoon trade. At 13:35 IST, the barometer index, the S&P BSE Sensex, fell 38.56 points or 0.10% at 37,809.09. The Nifty 50 index fell 19.65 points or 0.17% at 11,251.65.
The S&P BSE Mid-Cap index was up 0.35%. The S&P BSE Small-Cap index rose 0.03%.
The market breadth was negative. On the BSE, 958 shares rose and 1,276 shares fell. A total of 162 shares were unchanged.
Yes Bank was down by 2.64%. ICRA has downgraded long-term ratings of Yes Bank with negative outlook. ICRA downgraded ratings on Yes Bank's Rs 32,911.70 crore bond programme, citing an increase in stressed assets and lack of debt resolutions. The rating on bonds aggregating Rs 22,111.70 crore were downgraded by one notch, while that on Rs 10,800 crore of additional tier I (AT-I) bonds were downgraded by two notches. Ratings for short-term fixed deposit and certificates of deposit programme reaffirmed at A1+. The announcement was made after market hours yesterday, 24 July 2019.
Tata Motors fell 3.80% 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 declined 0.02%. The stock hit a 52-week low of Rs 16155 in intraday today.
NTPC was down 0.19%. Bharat Heavy Electricals was also down by 0.81%. 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.
Bajaj Finance fell 3.53%. The company's consolidated net profit rose 43% to Rs 1,195.25 crore on 47.5% rise in total income to Rs 5,808.29 crore in Q1 June 2019 over Q1 June 2018. The company's asset under management (AUM) grew 41% from Rs 91,287 crore in Q1 June 2018 to Rs 1,28,898 crore in Q1 June 2019. Net Interest income was up by 43% from Rs 2,579 crore in Q1 June 2018 to Rs 3,695 crore in Q1 June 2019. Gross NPA at 1.6% as against 1.54% and Net NPA was at 0.64% versus 0.63% on a Q-o-Q basis.
Cipla (up 3.55%), Zee Entertainment Enterprises (up 3.36%), IndusInd Bank (up 2.44%), Dr. Reddy's Laboratories (up 1.99%) and Bharti Infratel (up 1.76%) advanced.
Coal India (down 2.12%), Bajaj Finserv (down 1.75%), Bharat Petroleum Corporation (down 1.75%), Tata Steel (down 1.36%) and Reliance Industries (down 1.27%) declined.
Overseas, European stocks were trading high. DAX (up 0.25%), CAC 40 (up 0.63%) and FTSE 100 (up 0.25%) advanced. Asian stocks were trading higher on Thursday as semiconductor stocks in Japan and South Korea gained. In Europe, the European Central Bank is set to meet on Thursday and is widely expected to keep interest rates unchanged.
In US, the S&P 500 and Nasdaq stock indexes closed at record on Wednesday despite mixed earnings and economic data and antitrust probes into leading U.S. technology stocks. But the Dow ended lower after disappointing earnings from Boeing and Caterpillar.
In economic data, U.S. new home sales rebounded in June, the first gain in three months, but U.S. manufacturers expanded in July at the slowest pace in almost 10 years. IHS Markit said its manufacturing PMI slid to 50 this month from 50.6 in June, marking the lowest level since September 2009 just as the current expansion was getting under way.
A U.S. delegation headed by U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin is set to travel to China to revive trade talks next week, as per reports, marking the first in-person talks since the Group of 20 summit last month.
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