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Market Commentary - Mid Session
Shares continue trading lower
(18 Jul 2019, 13:32)

Key benchmarks were trading near the day's low in the afternoon trade. At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 112.69 points or 0.29% at 39,102.95. The Nifty 50 index fell 38.10 points or 0.33% at 11,649.40.

The S&P BSE Mid-Cap index was down 0.94%. The S&P BSE Small-Cap index was down 0.88%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 666 shares rose and 1593 shares fell. A total of 149 shares were unchanged.

Housing Development Finance Corporation (up 2.53%), Britannia Industries (up 1.33%), Bajaj Finance (up 1.06%), HDFC Bank (up 1.04%), and Indian Oil Corporation (up 0.85%), advanced.

Tata Motors (down 3.37%), Oil & Natural Gas Corporation (down 2.94%), Vedanta (down 2.91%), Coal India (down 2.83%) and Maruti Suzuki India (down 2.38%), declined.

IT major Wipro gained 3.06%. The company's consolidated net profit fell 3.86% to Rs 2,387.60 crore on a 1.93% fall in net sales to Rs 14,716.10 crore in Q1 June 2019 over Q4 March 2019. The result was announced after market hours yesterday, 17 July 2019. IT services segment revenue was $2,038.8 million in Q1 June 2019, an adjusted increase of 4.3% year-on-year (YoY). IT services operating margin for the quarter was at 18.4%, an increase of 0.8% YoY. Wipro expects revenue from IT services business to be in the range of $2,039 million to $2,080 million. This translates to a sequential growth of 0% to 2%.

Mindtree was down 8.64% after the company announced its Q1 June 2019 result after market hours yesterday, 17 July 2019. Mindtree reported that the consolidated net profit fell 53.27% to Rs 92.7 crore on 0.28% decrease in net sales to Rs 1834.20 crore in Q1 June 2019 over Q4 March 2019.

Yes Bank plunged 11.99% to Rs 86.65 after net profit dropped 90.97% to Rs 113.76 crore on 9.87% rise in total income to Rs 9088.80 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 17 July 2019. Yes Bank's gross non-performing assets (NPAs) stood at Rs 12092.10 crore as on 30 June 2019 as against Rs 7882.56 crore as on 31 March 2019 and Rs 2824.46 crore as on 30 June 2018. The ratio of net NPAs to net advances stood at 2.91% as on 30 June 2019 as against 1.86% as on 31 March 2019 and 0.59% as on 30 June 2018. Yes Bank's net provisions at Rs 1784 crore in Q1 June 2019 includes one off impact of Rs 1109 crore of investment MTM provision led by rating downgrades of investments in companies of two financial services groups.

Axis Bank was down 2.15%. The bank after market hours yesterday, 17 July 2019, announced that Dr. Sanjiv Misra has ceased to be the non-executive chairman of the bank, pursuant to the completion of his tenure with effect from the close of business hours on Wednesday. It further added that Rakesh Makhija will assume charge as the non-executive chairman of the bank, with effect from Thursday, 18th July 2019.

Reliance Industries was down 1.09%. The company announced during market hours today, 18 July 2019, that Reliance Brands, subsidiary of Reliance Industries, has completed acquisition of 100% stake of Hamleys Global Holdings through a special purpose vehicle company set up in United Kingdom for cash consideration of GBP 67.96 million. According to IQVIA (IMS Health), Tranexamic Acid had US sales data of approximately $30 million for the 12 month period ending March 2019.

Larsen & Toubro was down 1.12%. The company announced during market hours today, 18 July 2019, that L&T Hydrocarbon Engineering has been awarded another project in the Marjan Field by Saudi Aramco. The order falls in mega category with valuation more than Rs 7000 crore.

CARE Ratings was down 4.81%. The company after market hours yesterday, 17 July 2019, announced that Rajesh Mokashi, managing director & CEO of CARE is on leave, with immediate effect, until further notice pending completion of the examination of an anonymous complaint received by the Securities and Exchange Board of India (SEBI).

Overseas, shares in Europe and Asia fell across the board on Thursday, as investors digest fresh corporate results and keep an eye on global trade developments. European markets have begun trade on a negative note. DAX (down 1.13%), CAC 40 (down 0.59%) and FTSE 100 (down 0.37%) were all trading in losses. Meanwhile, media reported Wednesday that trade negotiations between US and China are at an impasse over restrictions on Chinese tech giant Huawei.

Japan's exports fell 6.7% in June as compared to a year ago, according to data released on Thursday. The Bank of Korea announced that it was cutting the base rate by 25 basis points to 1.5%, following a cut to South Korea's growth target earlier this month, and an ongoing trade spat between Seoul and Tokyo that has seen Japan place import curbs on important materials used by South Korea's technology sector.

US stocks ended lower for a second straight session Wednesday as investors digested mixed earnings results and economic data, while a lack of progress on the Beijing-Washington tariff dispute remained a headache.

At the macroeconomic level, businesses were generally positive through early July about the economic outlook for the coming months despite widespread concerns about the possible negative impact of trade-related uncertainty, according to the Beige Book survey released by the Federal Reserve on Wednesday.

The survey found that the economy expanded at modest pace from mid-May through early July, little changed from the spring. The Fed is widely expected to cut interest rates at the conclusion of its two-day July 30-31 policy meeting and the Beige Book didn't alter that outlook.

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