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Market Commentary - Mid Session
Market drops in early trade
(22 Jul 2019, 09:22)

Trading for the week began on negative note as key indices dropped in early trade on selling pressure in index pivotals. At 9:21 IST, the barometer index, the S&P BSE Sensex, was down 267.11 points or 0.7% at 38,069.90. The Nifty 50 index was down 63.75 points or 0.56% at 11,355.50. Most Asian stocks fell.

The S&P BSE Mid-Cap index was down 0.97%. The S&P BSE Small-Cap index was down 1.13%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 263 shares rose and 873 shares fell. A total of 54 shares were unchanged.

Overseas, most Asian stocks are trading lower on Monday as investors reduced expectations of an aggressive interest rate cut by the Federal Reserve and heightened Middle East tensions. Iran said it seized a British-flagged oil tanker in the Strait of Hormuz last Friday, claiming that the vessel was violating international regulations.

Japanese Prime Minister Shinzo Abe's ruling coalition won a majority in the country's upper house of Parliament in elections on Sunday. That came as Japan remains embroiled in a trade dispute with South Korea.

U.S. stocks closed lower Friday, 19 July 2019 following a report that said Federal Reserve officials would cut interest rates by a quarter percentage point at the end of the month.

Fed officials, based on recent public statements and interviews, signaled they were ready to cut rates by a quarter-percentage point at their July 30-31 meeting, but weren't prepared to make a half-point reduction. Expectations for a half-point lowering had been on the rise but fell back after the report.

Back home, Reliance Industries (RIL) rose 0.8%. RIL reported 6.82% rise in consolidated net profit to Rs 10104 crore on 22.68% rise in total income to Rs 160147 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 19 July 2019.

Meanwhile, Reliance Industrial Investments and Holdings (RIIHL), a wholly-owned subsidiary of Reliance Industries (RIL), has entered into an agreement with BIF IV Jarvis India Pte, an affiliate of Brookfield Asset Management Inc. (Brookfield) for an investment by Brookfield (along with coinvestors) of Rs 25215 crore in the units proposed to be issued by the Tower Infrastructure Trust (Trust). The announcement was made after market hours on Friday, 19 July 2019.

HDFC Bank lost 1.76%. HDFC Bank reported 21.01% rise in net profit to Rs 5568.16 crore on 22.74% rise in total income to Rs 32361.84 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 20 July 2019.

HDFC Bank said that in commemoration of 25 years of the bank's operations, the board of directors of the bank has declared a special interim dividend of Rs 5 per share for the financial year 2019-2020. The announcement was made after market hours on Friday, 19 July 2019.

Kotak Mahindra Bank shed 0.66%. Kotak Mahindra Bank will declare its Q1 result today, 22 July 2019.

InterGlobe Aviation, parent of air carrier IndiGo, fell 1.07%. InterGlobe Aviation reported 4,229.40% surge in consolidated net profit to Rs 1203.14 crore on 43.54% rise in total income to Rs 9786.94 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 19 July 2019.

Cipla lost 1.65%. Cipla informed that the United States Food and Drug Administration (USFDA) conducted a routine cGMP inspection at API manufacturing facility in Virgonangar, Bengaluru from 15 June 2019 to 19 June 2019. The inspection ended with 7 observations, none of which were repeat or related to data integrity. The company will respond to the agency within the stipulated timeline. The announcement was made on Saturday, 20 July 2019.

Future Lifestyle Fashions lost 3.8%. Future Lifestyle Fashions reported 6.83% fall in consolidated net profit to Rs 24.54 crore on 16.78% rise in total income to Rs 1551.11 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 20 July 2019.

Automobile Corporation of Goa surged 5.2%. The board of directors of Automobile Corporation of Goa will consider a proposal for buy back of equity shares of the company on 24 July 2019. The announcement was made after market hours on Friday, 19 July 2019.

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