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Market Commentary - Mid Session
Market continues sliding lower; financial shares tumble
(19 Jul 2019, 14:34)

The Sensex and the Nifty hit fresh intraday lows in mid-afternoon trade amid broad based selling pressure. At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 527.64 points or 1.36% at 38,369.84. The Nifty 50 index was down 171.4 points or 1.48% at 11,425.5.

The S&P BSE Mid- Cap index was down 2.1%. The S&P BSE Small-Cap index was down 1.88%.

The market breadth was weak. On the BSE, 536 shares rose and 1870 shares fell. A total of 132 shares were unchanged.

Private sector bank stocks witnessed steep selling. IndusInd Bank (down 3.57%), Kotak Mahindra Bank (down 2.55%) AU Small Finance Bank (down 1.67%), Axis Bank (down 1.49%), ICICI Bank (down 1.48%), Yes Bank (down 1.4%) and HDFC Bank (down 1.04%) declined.

RBL Bank was down 8.52% to Rs 530.45. The bank's net profit increased 40.5% to Rs 267.05 crore on a 48.14% rise in net sales to Rs 1690.19 crore in Q1 June 2019 over Q1 June 2018. Gross NPA has increased from Rs 595.94 crore in Q1 June 2018 to Rs 789.21 crore in Q1 June 2019. Provision coverage ratio increased from 60.41% in Q1 June 2018 to 69.13% in Q1 June 2019.

PSU banks declined. Bank of Baroda (down 3.29%), Bank of India (down 2.37%), Allahabad Bank (down 2.27%), Syndicate Bank (down 2.2%), Union Bank of India (down 2.07%), State Bank of India (down 1.9%), Oriental Bank of Commerce (down 1.77%) and Punjab National Bank (down 0.48%) declined.

NBFCs stocks tanked. Magma Fincorp (down 4.51%), Bajaj Finance (down 4.37%), Reliance Capital (down 4.37%), Bajaj Finserv (down 3.73%), L&T Finance Holdings (down 3.24%), M & M Financial Services (down 3.19%), Manappuram Finance (down 3.1%), Edelweiss Financial Services (down 2.43%), Muthoot Finance (down 2.21%), LIC Housing Finance (down 1.5%) and Muthoot Capital Services (down 0.93%) declined. IIFL Finance (up 3.13%) and Shriram Transport Finance (up 0.14%) gained.

In the commodities market, Brent crude for September 2019 settlement was up 82 cents at $62.75 a barrel. The contract fell $1.73 or 2.72% to settle at $61.93 a barrel in the previous trading session.

The International Energy Agency (IEA) does not expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets, IEA executive director was quoted by the media as saying. Electric vehicles are not expected to make a dent on crude demand in India and elsewhere, IEA's Fatih Birol said, adding that he expects India's oil demand to continue rising. The IEA is reducing its 2019 oil demand forecast due to a slowing global economy amid a US-China trade spat, and may cut it again if the global economy and especially China shows further weakness, Birol told the media on 18 July.

Gold prices were trading higher on hopes of US Fed rate cut. MCX Gold futures for 5 August 2019 settlement rose 0.53% at Rs 35,344.

The yield on India's 10-year benchmark federal paper fell to 6.382% at 14:23 IST compared with 6.387% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 68.8800, compared with its close of 68.9700 during the previous trading session.

Overseas, Europe markets were trading higher while Asian markets closed on a positive note on Friday, as comments from US Federal Reserve official cemented expectations of a US interest rate cut later this month.

US stocks closed higher Thursday, after New York Federal Reserve President John Williams said the central bank's wisest strategy is to cut interest rates at the first sign of economic distress when interest rates are already low.

The Fed is widely expected to cut interest rates at the conclusion of its two-day July 30-31 policy meeting.

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