Latest News

Pre-Session
16 Aug 2019, 8:10 AM
Market may open higher

Domestic markets are set of open in positive zone as trading resumes after a local holiday on reports of a possible stimulus package by the government to counter the economic slowdown.

As per reports, the government might soon provide a broad stimulus package or a sector-specific booster dose. This comes after Prime Minister Narendra Modis meeting with Finance Minister Nirmala Sitharaman and officials of her ministry last week. There might also be some relief to foreign portfolio investors from the super-rich surcharge.

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 49 points at the opening bell.

On the macro front, Indias merchandise exports increased 2.2% to US$ 26.33 billion in July 2019 over a year ago. Meanwhile, merchandise imports dipped 10.4% to US$ 39.76 billion. The trade deficit narrowed 27.9% to US$ 13.43 billion in July 2019 from US$ 18.01 billion in July 2018. This data was announced by government after market hours on Wednesday, 14 August 2019.

Overseas, most Asian stocks were trading higher Friday as investors watched developments in the US-China trade war. In US, the S&P 500 and the Dow gained ground in a late rally on Thursday as upbeat retail sales data offset recessionary fears amid the simmering US-China trade tensions.

Investors and central banks remain concerned though that President Trumps trade war with China is undermining global economic growth after China on Thursday threatened unspecified retaliation against Trumps recent threat to impose more tariffs on its imports from September.

On the data front, U.S. industrial output fell 0.2% in July, the second drop in the past four months, the Federal Reserve reported Thursday. Industrial output is only up 0.5% on a year-on-year basis.

Back home, domestic shares ended with strong gains on Wednesday, tracking firmness in other Asian markets after the US announced a delay in the implementation of tariffs on some Chinese goods. The Nifty closed a tad above 11,000-mark. The Sensex rose 353.37 points or 0.96% to settle at 37,311.53. The Nifty 50 index rose 103.55 points or 0.95% to settle at 11,029.40. The equity markets were closed on Thursday, 15 August 2019, on account of Independence Day.

The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 1614.63 crore on Wednesday, 14 August 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1619.82 crore on Wednesday, 14 August 2019, as per provisional data.

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Mid-Session
16 Aug 2019, 9:35 AM
Market drops in early trade

Domestic stocks drifted lower in early trade tracking mostly negative Asian stocks as trading resumed after a local holiday. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 265.63 points or 0.71% at 37,045.90. The Nifty 50 index was down 79.95 points or 0.72% at 10,949.45.

The S&P BSE Mid-Cap index was down 0.84%. The S&P BSE Small-Cap index was down 0.53%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 395 shares rose and 807 shares fell. A total of 58 shares were unchanged. The equity markets were closed on Thursday, 15 August 2019, on account of Independence Day.

Meanwhile, the government might soon provide a broad stimulus package or a sector-specific booster dose, reports suggested. This comes after Prime Minister Narendra Modis meeting with Finance Minister Nirmala Sitharaman and officials of her ministry last week. There might also be some relief to foreign portfolio investors from the super-rich surcharge.

On the macro front, Indias merchandise exports increased 2.2% to US$ 26.33 billion in July 2019 over a year ago. Meanwhile, merchandise imports dipped 10.4% to US$ 39.76 billion. The trade deficit narrowed 27.9% to US$ 13.43 billion in July 2019 from US$ 18.01 billion in July 2018. This data was announced by government after market hours on Wednesday, 14 August 2019.

Overseas, most Asian stocks were trading lower Friday as investors watched developments in the US-China trade war. In US, the S&P 500 and the Dow gained ground in a late rally on Thursday as upbeat retail sales data offset recessionary fears amid the simmering US-China trade tensions.

Investors and central banks remain concerned though that President Trumps trade war with China is undermining global economic growth after China on Thursday threatened unspecified retaliation against Trumps recent threat to impose more tariffs on its imports from September.

On the data front, U.S. industrial output fell 0.2% in July, the second drop in the past four months, the Federal Reserve reported Thursday. Industrial output is only up 0.5% on a year-on-year basis.

Back home, Indiabulls Housing Finance lost 8.99% after the company said that the rating committee of the international rating agency Moodys Investors Service has revised the corporate family rating of Indiabulls Housing Finance to Ba2. The announcement was made after market hours on Wednesday, 14 August 2019.

Tata Motors fell 1.86% after CRISIL Ratings downgraded long term rating of Tata Motors to AA-/Negative from AA/Negative due to weakening of outlook on the business risk profile of JLR. The announcement was made after market hours on Wednesday, 14 August 2019.

Yes Bank rose 1.11%. Pursuant to the allotment of its equity shares on 15 August 2019, has raised Rs 1930 crore through the Qualified Institution Placement (QIP) route. The QIP opened on 8 August 2019 and closed on 14 August 2019. The bank allotted 23.1 crores equity shares to eligible qualified institutional buyers (QIBs) at Rs 83.55 per equity share. The announcement was made before market hours today, 16 August 2019.

Indraprastha Gas rose 0.76% after consolidated net profit rose 31.05% to Rs 244.78 crore on a 22.84% rise in the total income to Rs 1779.47 crore in Q1 June 2019 over Q1 June 2018. The company announced its Q1 June 2019 results after market hours on Wednesday, 14 August 2019.

Gayatri Projects rose 2.08% after the company reported 8.74% rise in net profit to Rs 54.77 crore on 19.75% rise in total income to Rs 985.71 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Wednesday, 14 August 2019.

Omaxe rose 0.05% after the company reported 83.28% rise in consolidated net profit to Rs 16.22 crore on 96.49% rise in total income to Rs 358.56 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Wednesday, 14 August 2019.

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Mid-Session
16 Aug 2019, 10:32 AM
Sensex, Nifty come off days low

Indices came off days low and continued trading with modest losses in mid-morning trade. The Nifty slipped below the 11,000-mark in early hours of trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 180.98 points or 0.49% at 37,130.55. The Nifty 50 index was down 58.80 points or 0.53% at 10,970.45.

The S&P BSE Mid-Cap index was down 0.74%. The S&P BSE Small-Cap index was down 0.45%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 686 shares rose and 1136 shares fell. A total of 83 shares were unchanged.

The equity markets were closed on Thursday, 15 August 2019, on account of Independence Day.

Some media reports indicated that the government may soon provide a broad stimulus package or a sector-specific booster dose. There may be some relief to foreign portfolio investors from the super-rich surcharge, reports added.

On the macro front, Indias merchandise exports increased 2.2% to $26.33 billion in July 2019 over a year ago. Meanwhile, merchandise imports dipped 10.4% to $39.76 billion. The trade deficit narrowed 27.9% to $13.43 billion in July 2019 from $18.01 billion in July 2018. This data was announced by government after market hours on Wednesday, 14 August 2019.

Indias services trade surplus improved 3.4% to $6.79 billion in June 2019 from $6.57 billion in June 2018. As per the data released by the Reserve Bank of India, Indias services exports increased 10.0% to $18.55 billion in June 2019 over June 2018. Meanwhile, Indias services imports jumped 14.2% to $11.76 billion in June 2019.

On the equity front, Tata Motors slipped 1.53% to Rs 119 after CRISIL downgraded companys rating to CRISIL AA-/ on backdrop of weakening of the business risk profile of JLR.

HEG was down 5.66% to Rs 949.6 after the companys net profit declined 17.3% to Rs 524.42 crore on a 4.2% rise in net sales to Rs 1346.55 crore.

Suzlon Energy gained 3.37% to Rs 4.3 after the company announced its Q1 June 2019 result after market hours on 14 August 2019. The company reported a consolidated net loss of Rs 327.16 crore in Q1 June 2019 over a net loss of Rs 572.86 crore in Q1 June 2018. The companys net sales declined 34.5% to Rs 833.15 crore in Q1 June 2019 over Q1 June 2018.

Dewan Housing Finance Corporation (down 2.45%) stayed in banned period in F&O segment after crossing 95% of market wide position limit.

Overseas, most Asian stocks were trading lower on Friday as investors watched developments in the US-China trade war. In US, the S&P 500 and the Dow gained ground in a late rally on Thursday as upbeat retail sales data offset recessionary fears amid the simmering US-China trade tensions.

Investors and central banks remain concerned though that President Trumps trade war with China is undermining global economic growth after China on Thursday threatened unspecified retaliation against Trumps recent threat to impose more tariffs on its imports from September.

On the data front, U.S. industrial output fell 0.2% in July, the second drop in the past four months, the Federal Reserve reported Thursday. Industrial output is only up 0.5% on a year-on-year basis.

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Mid-Session
16 Aug 2019, 11:32 AM
Nifty regains 11,000 level

Benchmark indices sharply pared losses in mid-morning trade. The Nifty regained the 11,000-mark. Metal stocks continued to put pressure on bourses.

At 11:29 IST, the barometer index, the S&P BSE Sensex, was down 44.65 points or 0.12% at 37,266.88. The Nifty 50 index was down 14.45 points or 0.13% at 11,014.45.

Broader markets also witnessed recovery. The S&P BSE Mid-Cap index was down 0.35%. The S&P BSE Small-Cap index was down 0.19%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 889 shares rose and 1154 shares fell. A total of 107 shares were unchanged.

Metal stocks failed to shine as S&P BSE Metal slumped 1.5% at 8845.03. Hindustan Copper (down 2.87%), Vedanta (down 2.7%), Hindalco Industries (down 2.32%), NMDC (down 2.05%), Steel Authority of India (down 1.62%), National Aluminium Company (down 1.55%), Tata Steel (down 1.39%), Jindal Steel & Power (down 1.16%) and Hindustan Zinc (down 1.15%) declined.

Indiabulls Group shares came under selling pressure after credit ratings firm Moodys revised the corporate family rating of Indiabulls Housing Finance to Ba2 from Ba1. Indiabulls Housing Finance (IBH) (down 7.64%), Indiabulls Integrated Services (down 5%) and Indiabulls Ventures (down 3.1%) declined. Moodys has also downgraded the companys foreign-currency senior secured rating to Ba2 from Ba1, foreign- and local- currency senior secured MTN program ratings to (P)Ba2 from (P)Ba1. The international rating agency has changed the outlook to negative from stable.

Moodys said that the downgrade reflects renewed pressure on the cost and availability of funds for IBH and certain other finance companies in India. This presents a more challenging external environment than Moodys had anticipated. The companys incremental cost of funding increased 45bps quarter-on-quarter ending June 2019, while the companys balance sheet declined by 7% over the same period. This rise in funding costs was a key driver for the 28bps decline in spreads in the same period, although profitability remains comparatively strong relative to its peer group.

Hero MotoCorp was up 0.96% to Rs 2660.20. The company announced the closure of manufacturing facilities from 15 August 2019 to 18 August 2019. The company clarified that this has been a part of the annual holiday calendar on account of Independence Day, Raksha Bandhan and the weekend but this also reflects the prevailing market demand scenario.

IDBI Bank tanked 8.1% to Rs 24.95 after the banks the bank reported a net loss of Rs 3800.84 crore in Q1 June 2019 over a net loss of Rs 2409.89 crore in Q1 June 2018. Total Income fell 7.5% to Rs 5923.93 crore in Q1 June 2019 over Q1 June 2018. On a positive side, the bank reported that gross NPA ratio improved to 29.12% as on 30 June 2019 as against 30.78% as on 30 June 2018.

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Mid-Session
16 Aug 2019, 12:33 PM
Benchmarks trade near flat line; auto stocks advance

Key equity benchmarks slipped into negative terrain after briefly entering positive zone in early afternoon trade. The Nifty was trading above the 11,000-mark. Recovery on bourses was supported by firmness in auto stocks.

At 12:29 IST, the barometer index, the S&P BSE Sensex, was down 9.75 points or 0.03% at 37,301.88. The Nifty 50 index was up 3.15 points or 0.03% at 11,032.45.

Broader market turned positive. The S&P BSE Mid-Cap index was up 0.02%. The S&P BSE Small-Cap index was up 0.02%.

The market breadth was still negative. On the BSE, 993 shares rose and 1161 shares fell. A total of 118 shares were unchanged.

Reliance Capital soared 7.89% to Rs 50.6 after the company reported a robust Q1 2019 result. On consolidated basis, the companys net profit rose 313% to Rs 1218 crore on 31.07% surge in total income to Rs 6083 crore in Q1 June 2019 over Q1 June 2018.

Auto stocks edged higher. Maruti Suzuki India (up 1.63%), Ashok Leyland (up 1.28%), Mahindra and Mahindra (up 0.97%), TVS Motor Company (up 0.95%), Hero MotoCorp (up 0.93%), Escorts (up 0.83%), Bajaj Auto (up 0.81%) and Eicher Motors (up 0.48%) advanced.

The S&P BSE Auto index was up 0.84% at 15,699.9, outperforming the benchmark BSE Sensex.

MTNL was up 1.63% to Rs 6.24. The company reported a consolidated net loss of Rs 1054.6 crore in Q1 June 2019 over a net loss of Rs 943.88 crore in Q1 June 2018. The companys net sales declined 15.3% to Rs 433.85 crore in Q1 June 2019 over Q1 June 2018.

Johnson Controls-Hitachi Air Conditioning India jumped 6.4% to Rs 1578 after the company reported a strong Q1 numbers for June quarter. On standalone basis, the companys net profit jumped 25.4% to Rs 63.6 crore on a 19.9% rise in net sales to Rs 951.91 crore in Q1 June 2019 as compared to Q1 June 2018.

On derivatives front, the NSEs India VIX, a gauge of markets expectation of volatility over the near term, rose 0.93% at 16.51. The Nifty futures for the month of August was at 11,058.75 as compared to the spot at 11,038.50.

On the options front, Nifty option chain for 29 August 2019 expiry showed a maximum call open interest (OI) of 26.51 lakh contracts at the 11000 strike price. Maximum put OI of 40.41 lakh contracts was seen at 11000 strike price. Options data suggested 11000-mark as a crucial level for Nifty for the month of August 2019.

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Mid-Session
16 Aug 2019, 1:36 PM
Barometers hit fresh intraday high; breadth negative

Key indicators hit fresh intraday high in afternoon trade. At 13:30 IST, the barometer index, the S&P BSE Sensex, rose 42.88 points or 0.11% at 37,354.41. The Nifty 50 index advanced 11.35 points or 0.10% at 11,040.75.

The S&P BSE Mid-Cap index was up 0.10%. The S&P BSE Small-Cap index was flat.

The market breadth, indicating the overall health of the market, was negative. On the BSE, shares 1,082 rose and 1,179 shares fell. A total of 138 shares were unchanged.

UPL (up 4.36%), GAIL (up 3.23%), Grasim Industries (up 2.44%), Maruti Suzuki India (up 2.02%) and Power Grid Corporation of India (up 1.54%) advanced.

TCS (down 1.98%), Vedanta (down 1.36%), Tech Mahindra (down 1.23%), Dr Reddys Laboratories (down 1.02%) and Britannia Industries (down 0.71%) declined.

Hero MotoCorp was up 0.33%. The company announced the closure of manufacturing facilities from 15 August 2019 to 18 August 2019. The company clarified that this has been a part of the annual holiday calendar on account of Independence Day, Raksha Bandhan and the weekend but this also reflects the prevailing market demand scenario.

Tata Motors fell 0.17% after CRISIL Ratings downgraded long term rating of Tata Motors to AA-/Negative from AA/Negative due to weakening of outlook on the business risk profile of JLR. The announcement was made after market hours on Wednesday, 14 August 2019.

Yes Bank jumped 5.03%. The bank raised Rs 1,930 crore via qualified institution placement route. The QIP opened on 8 August 2019 and closed on 14 August 2019. The bank allotted Rs 23.1 crore equity shares to eligible qualified institutional buyers at Rs 83.55 per equity share. The announcement was made before market hours today, 16 August 2019.

Indiabulls Housing Finance lost 4.25% after the company said that the rating committee of the international rating agency Moodys Investors Service has revised the corporate family rating of Indiabulls Housing Finance to Ba2. The announcement was made after market hours on Wednesday, 14 August 2019.

Indiabulls Group shares came under selling pressure after credit ratings firm Moodys revised the corporate family rating of Indiabulls Housing Finance to Ba2 from Ba1. Indiabulls Housing Finance (IBH) (down 7.64%), Indiabulls Integrated Services (down 5%) and Indiabulls Ventures (down 3.1%) declined. Moodys has also downgraded the companys foreign-currency senior secured rating to Ba2 from Ba1, foreign- and local- currency senior secured MTN program ratings to (P)Ba2 from (P)Ba1. The international rating agency has changed the outlook to negative from stable.

Moodys said that the downgrade reflects renewed pressure on the cost and availability of funds for IBH and certain other finance companies in India. This presents a more challenging external environment than Moodys had anticipated. The companys incremental cost of funding increased 45bps quarter-on-quarter ending June 2019, while the companys balance sheet declined by 7% over the same period. This rise in funding costs was a key driver for the 28 bps decline in spreads in the same period, although profitability remains comparatively strong relative to its peer group.

Indraprastha Gas advanced 2.45% after consolidated net profit rose 31.05% to Rs 244.78 crore on a 22.84% rise in the total income to Rs 1,779.47 crore in Q1 June 2019 over Q1 June 2018. The company announced its Q1 June 2019 results after market hours on Wednesday, 14 August 2019.

HEG was down 5.32% after the companys net profit declined 17.3% to Rs 524.42 crore on a 4.2% rise in net sales to Rs 1,346.55 crore.

Suzlon Energy gained 5.53% after the company announced its Q1 June 2019 result after market hours on 14 August 2019. The company reported a consolidated net loss of Rs 327.16 crore in Q1 June 2019 compared with a net loss of Rs 572.86 crore in Q1 June 2018. Net sales declined 34.5% to Rs 833.15 crore in Q1 June 2019 over Q1 June 2018.

IDBI Bank tanked 8.29% after the banks the bank reported a net loss of Rs 3,800.84 crore in Q1 June 2019 over a net loss of Rs 2,409.89 crore in Q1 June 2018. Total Income fell 7.5% to Rs 5,923.93 crore in Q1 June 2019 over Q1 June 2018. On a positive side, the bank reported that gross NPA ratio improved to 29.12% as on 30 June 2019 as against 30.78% as on 30 June 2018.

MTNL rose 1.79%. The company reported a consolidated net loss of Rs 1,054.6 crore in Q1 June 2019 over a net loss of Rs 943.88 crore in Q1 June 2018. The companys net sales declined 15.3% to Rs 433.85 crore in Q1 June 2019 over Q1 June 2018.

Overseas, European stocks were trading higher. Londons FTSE 100 index failed to open at the start of the European trading on Friday. The London Stock Exchange has said it is currently investigating a potential trading services issue.

Most Asian stocks were trading lower on Friday as investors watched developments in the US-China trade war. In US, the S&P 500 and the Dow gained ground in a late rally on Thursday as upbeat retail sales data offset recessionary fears amid the simmering US-China trade tensions.

Investors and central banks remain concerned though that President Trumps trade war with China is undermining global economic growth after China on Thursday threatened unspecified retaliation against Trumps recent threat to impose more tariffs on its imports from September.

On the data front, U.S. industrial output fell 0.2% in July, the second drop in the past four months, the Federal Reserve reported Thursday. Industrial output is only up 0.5% on a year-on-year basis.

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Mid-Session
16 Aug 2019, 2:32 PM
Nifty holds firm above 11,000 mark

Key benchmark indices extended gains and hit a fresh intraday high in mid-afternoon trade. The Nifty moved towards 11,100 level.

At 14:29 IST, the barometer index, the S&P BSE Sensex, was up 55.15 points or 0.15% at 37,367.98. The Nifty 50 index was up 15.35 points or 0.14% at 11,044.75.

The S&P BSE Mid-Cap index was flat at 13,477.64. The S&P BSE Small-Cap index was down by 0.01%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1097 shares rose and 1257 shares fell. A total of 154 shares were unchanged.

GMR Infrastructure rose 0.93% to Rs 15.15. On consolidated basis, the company reported a net loss of Rs 514.76 crore in Q1 June 2019 as against a net loss of Rs 276.96 crore in Q1 June 2018. The companys net sales rose 10.3% to Rs 1786.25 crore in Q1 June 2019 over Q1 June 2018. The company announced its Q1 earnings after market hours on 14 August 2019.

Iron ore production major, NMDC announced its production and sales numbers for the month of July 2019. The companys iron ore production rose 37.3% to 1.95 MT in July 2019 as compared to 1.42 MT in July 2018. The companys iron sales also increased 24.22% to 2.41 MT in July 2019 as compared to 1.94 MT in July 2018. The stock is trading 2.15% lower at Rs 102.4.

Titagarh Wagons traded 0.73% lower at Rs 40.8. The companys wholly owned subsidiary Titagarh Firema SpA won a Rs 1125-crore order from Maharashtra Metro Rail Corporation to design, manufacture and supply of 102 coaches for the Pune Metro Rail. The first three car prototypes are required to be supplied in 78 weeks and the balance 33 train sets in several phases over 160 weeks.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.155, compared with its close of 71.27 during the previous trading session.

The yield on 10-year benchmark federal paper fell to 6.53% at 14:12 IST compared with 6.62% at close in the previous trading session.

In the commodities market, Brent crude for October 2019 settlement was up 89 cents at $59.12 a barrel. The contract fell $1.25 or 2.1% to settle at $58.23 a barrel in the previous trading session.

MCX Gold futures for 5 August 2019 settlement declined 0.89% at Rs 37,822.

Overseas, European stocks were trading higher. Londons FTSE 100 opened higher after delay in opening due to a technical glitch. The index was up nearly 0.7% in early trade.

Most Asian stocks closed lower on Friday as investors watched developments in the US-China trade war. In US, the S&P 500 and the Dow gained ground in a late rally on Thursday as upbeat retail sales data offset recessionary fears amid the simmering US-China trade tensions.

Investors and central banks remain concerned though that President Trumps trade war with China is undermining global economic growth after China on Thursday threatened unspecified retaliation against Trumps recent threat to impose more tariffs on its imports from September.

On the data front, U.S. industrial output fell 0.2% in July, the second drop in the past four months, the Federal Reserve reported Thursday. Industrial output is only up 0.5% on a year-on-year basis

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Post-Session
16 Aug 2019, 4:00 PM
Quick Wrap: Nifty PSU Bank Index records a surge of 1.49%
Nifty PSU Bank index ended up 1.49% at 2603.6 today. The index has lost 18.00% over last one month. Among the constituents, Canara Bank jumped 4.75%, Jammu and Kashmir Bank Ltd dropped 4.43% and Punjab National Bank rose 3.89%. The Nifty PSU Bank index has decreased 17.00% over last one year compared to the 2.96% fall in benchmark Nifty 50 index. In other indices, Nifty Auto index increased 1.15% and Nifty Private Bank index gained 0.95% on the day. In broad markets, the Nifty 50 increased 0.17% to close at 11047.8 while the SENSEX witnessed a rise of 0.10% to close at 37350.33 today.

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Post-Session
16 Aug 2019, 4:55 PM
Market crawls higher in lackluster trade

Key equity benchmarks ended marginally higher, rising for the second straight day. Steep gains were capped amid worries about slowing economic growth and ongoing Sino-US trade tensions. Firmness in auto and banks shares was nullified by weakness in IT and pharma stocks.

The barometer index, the S&P BSE Sensex, rose 38.80 points or 0.1% to 37,350.33. The index hit a high of 37,444.45 and a low of 36,974.41 in the intraday.

The Nifty 50 index rose 18.4 points or 0.17% to 11,047.80. The index hit a high of 11,068.65 and a low of 10,924.30 in the intraday.

In the broader market, the S&P BSE Mid-Cap index rose 0.1%. The S&P BSE Small-Cap index rose 0.11%.

The market breadth was almost even. On the BSE, 1194 shares rose and 1301 shares fell. A total of 146 shares were unchanged.

IT shares declined. TCS (down 1.87%), HCL Technologies (down 1.31%), Mindtree (down 1.19%), Wipro (down 0.74%) and Infosys (down 0.05%) edged lower.

Glenmark Pharmaceuticals slumped 5.94% as global brokerages reportedly cut price target citing weak June quarter earnings. The drug makers consolidated net profit fell 53.08% to Rs 109.31 crore on 7.24% rise in net sales to Rs 2283.60 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on 13 August 2019.

Yes Bank rose 3.79% to Rs 79.45 after the bank said it raised Rs 1,930 crore through qualified institutions placements. The QIP opened on 8 August 2019 and closed on 14 August 2019. The bank allotted 23.1 crore equity shares of face value of Rs 2 each to eligible qualified institutional buyers (QIBs) at Rs 83.55 per equity share. The announcement was made during market hours today, 16 August 2019.

The BSE Auto index rose 1.14% to 15,745.23, outperforming the Sensex.

Tata Motors rose 0.29%. CRISIL Ratings downgraded the credit rating of the company. CRISIL Ratings downgraded the auto makers long term rating from CRISIL AA/ Negative to CRISIL AA-/ Negative while it kept the short term rating unchanged at CRISIL A1+. The rating agency justified the weakening of outlook on the business risk profile of Jaguar Land Rover (JLR). The announcement was made during market hours today, 16 August 2019.

Hero MotoCorp rose 1.33%. The company announced the closure of manufacturing facilities from 15 August 2019 to 18 August 2019. The company clarified that this has been a part of the annual holiday calendar on account of Independence Day, Raksha Bandhan and the weekend but this also reflects the prevailing market demand scenario.

Indiabulls Group shares declined after credit ratings firm Moodys revised the corporate family rating of Indiabulls Housing Finance to Ba2 from Ba1. The outlook was changed to negative from stable. Indiabulls Housing Finance (IBH) (down 0.04%), while Indiabulls Integrated Services and Indiabulls Ventures fell by 0.95% each.

Suzlon Energy jumped 5.53% after the company reported a consolidated net loss of Rs 327.16 crore in Q1 June 2019, lower than net loss of Rs 572.86 crore in Q1 June 2018. Net sales declined 34.5% to Rs 833.15 crore in Q1 June 2019 over Q1 June 2018. The result came after market hours on 14 August 2019.

IDBI Bank tanked 8.47% after the banks the bank reported a net loss of Rs 3,800.84 crore in Q1 June 2019, higher than net loss of Rs 2,409.89 crore in Q1 June 2018. Total Income fell 7.5% to Rs 5,923.93 crore in Q1 June 2019 over Q1 June 2018. On a positive side, the bank reported that gross NPA ratio improved to 29.12% as on 30 June 2019 as against 30.78% as on 30 June 2018.

The Indian Meteorological Department (IMD), stated in a latest update that the weekly rainfall averaged over the country as a whole was 45% above the Long Period Average(LPA) in 8th-14th August, mainly owing to the large quantum of rainfall received over central India and south peninsular India.

On the domestic macro front, Indias merchandise exports increased 2.2% to $26.33 billion in July 2019 over a year ago. Meanwhile, merchandise imports dipped 10.4% to US$ 39.76 billion. The trade deficit narrowed 27.9% to $13.43 billion in July 2019 from US$ 18.01 billion in July 2018. This data was announced by government after market hours on Wednesday, 14 August 2019.

Indias services trade surplus improved 3.4% to $6.79 billion in June 2019 from $6.57 billion in June 2018. As per the data released by the Reserve Bank of India, Indias services exports increased 10.0% to $18.55 billion in June 2019 over June 2018. Meanwhile, Indias services imports jumped 14.2% to $11.76 billion in June 2019.

Prime Minister Narendra Modi on Thursday called for treating wealth creators with respect. Those who create wealth for the nation, those who contribute to the nations wealth creation are serving the nation. We should not suspect them and we should not treat them with disdain. It is important that those who create wealth in the country should be given respect and encouraged. They should be given pride of place. If wealth is not created, it will not be distributed. If wealth is not distributed, then the poor cannot benefit. Therefore, wealth creation is critical for a country like us and we want to encourage that. To me, those who are engaged in creating wealth are the countrys wealth, the PM said in his Independence Day speech.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.09, compared with its close of 71.27 during the previous trading session.

In the commodities market, Brent crude for October 2019 settlement was up 98 cents at $59.21 a barrel. The contract fell $1.25 or 2.1% to settle at $58.23 a barrel in the previous trading session.

Overseas, European stocks were trading higher. Londons FTSE 100 now trades 0.58% up after delay in opening due to a technical glitch.

Asian stocks closed on a mixed note on Friday as investors watched developments in the US-China trade war.

US President Donald Trump said on Thursday he believed China wanted to make a trade deal and that the dispute would be fairly short. Beijing on Thursday vowed to counter the latest tariffs on $300 billion of Chinese goods but called on the United States to meet it halfway on a potential trade deal.

In US, the S&P 500 and the Dow gained ground in a late rally on Thursday as upbeat retail sales data offset recessionary fears amid the simmering US-China trade tensions.

On the data front, U.S. industrial output fell 0.2% in July, the second drop in the past four months, the Federal Reserve reported Thursday. Industrial output is only up 0.5% on a year-on-year basis.

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