The key equity barometers reversed early gains and ended with modest losses on Tuesday. Gains in IT and auto stocks were offset by weakness in banks stocks. The Nifty managed to end above the crucial 11,000 mark after flirting with that level in intraday.

The Sensex fell 74.48 points or 0.20% to settle at 37,328.01. It advanced 109.06 points, or 0.29% at the day's high of 37,511.55 in the early trade. It later reversed trend and tumbled 182.59 points, or 0.49% at the day's low of 37,219.90 in the mid-afternoon trade.

The Nifty 50 index fell 36.90 points or 0.33% to settle at 11,017. It rose 22.40 oints, or 0.20% at the day's high of 11,076.30. It fell 68.60 points, or 0.62% at the day's low of 10,985.30.

In the broader market, the S&P BSE Mid-Cap index fell 0.60%. The S&P BSE Small-Cap index fell 0.62%. Both these indices underperformed the Sensex.

The market breadth was tilted in favour of the sellers. On the BSE, 918 shares rose and 1524 shares fell. A total of 141 shares were unchanged.

Among the sectoral indices, the S&P BSE IT index (up 1.34%), the S&P BSE Auto index (up 1.18%) and the S&P BSE Consumer Durables index (up 0.36%) outperformed the Sensex. The S&P BSE Metal index (down 1.71%), the S&P BSE Basic Materials index (down 1.39%) and the S&P BSE Energy index (down 1.18%) underperformed the Sensex.

Media reports suggested that a government panel on Monday recommended an across-the-board 25% tax rate for both local and foreign companies and changes in personal tax slabs to benefit middle and upper middle class Indians. The government will release the report of the panel in the public domain for consultations after examining the recommendations, reports added.

Meanwhile, global consulting firm McKinsey & Co. warned that signs of another Asian debt crisis are ominous and the health of the real and financial sector is deteriorating. Increased indebtedness, stresses in repaying borrowing, lender vulnerabilities and shadow banking practices are some of the concerns cited by McKinsey in an August report.

McKinsey examined the balance sheets of more than 23,000 companies across eleven Asia-Pacific countries, and found firms in most of Asia face significant stress in servicing debt obligations. In countries such as China and India, those pressures have risen since 2007, while falling sharply in the U.S. and U.K. during the same period, according to McKinsey.

The capital buffer in the financial system across Asia could be challenged materially, it said. The analysis looked at the share of long-term debt at corporations with an interest coverage ratio of less than 1.5 times. At these levels, corporations are using a predominant share of their earnings to repay their debt, according to the study. In 2017, Australia, China, Hong Kong, India, and Indonesia had more than 25% of long-term debt held by companies with an interest coverage ratio of less than 1.5, and the share has increased materially since 2007, the report said.

On the equity front, IT shares rose after the rupee slipped against the dollar in the foreign exchange market. Persistent Systems (up 4.37%), Infosys (up 1.94%), HCL Technologies (up 1.87%), TCS (up 1.09%), MindTree (up 0.79%), MphasiS (up 0.68%) and Wipro (up 0.44%) advanced. Tech Mahindra (down 0.42%), Hexaware Technologies (down 0.75%) and Oracle Financial Services Software (down 0.82%) declined.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.6825, compared with its close of 71.435 during the previous trading session.

A weak rupee boosts revenues of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.

Car major Maruti Suzuki India jumped 3.75% to Rs 6198.75. The company announced a new warranty scheme in which the firm will offer a 5-year, 1-lakh km warranty for diesel-powered Dzire, S-Cross, Swift and Vitara Brezza. The warranty scheme will cover a host of parts and their replacements. High-pressure pump, compressor, Electronic Control Module (ECM), turbocharger assembly, critical engine and transmission parts will all be covered as part of the scheme. The steering assembly and suspension struts are also a part of the scheme. The company has also reported that it has received good response from its customers, for the BS-VI range of vehicles. The BS-VI models offered by the company currently constitute about 70% of the total petrol vehicles sold.

Vodafone Idea fell 2.50% to Rs 5.84 after company's chief executive officer, Balesh Sharma, resigned citing personal reasons. The board has approved the appointment of Ravinder Takkar as the Managing Director and Chief Executive Officer of the Company for a period of three years effective from 19 August 2019.

Mahanagar Gas (MGL) jumped 7.76% to Rs 848.45 on reports Netherlands-based Royal Dutch Shell Plc, will sell its 10% stake for over Rs 700 crore held in the city gas distributor. Shell holds its stake in MGL through its wholly owned subsidiary BG Asia Pacific Holdings. As on 30 June 2019, Shell's subsidiary held 98.77 lakh shares or 10% stake in MGL.

Shares of Sterling & Wilson Solar settled at Rs 725.35 on BSE, a discount of 7.01% over the initial public offer (IPO) price of Rs 780. The stock debuted at Rs 700, a discount of 10.26% to the IPO price. So far the stock hit a high of Rs 755.50 and low of Rs 691. On BSE, 3.09 lakh shares were traded on the counter.

CG Power and Industrial Solutions hit a lower circuit of 20% at Rs 14.75 after an internal probe uncovered several irregularities in the financial statements of the company. The announcement was made before market hours today, 20 August 2019.

The total liabilities of the company and the group may have been potentially understated by approximately Rs 1,053.54 crore and Rs 1,608.17 crore, respectively, as at 31 March 2018; and by Rs 601.83 crore and Rs 401.83 crore, respectively as at 1 April 2017. Advances to related and unrelated parties of the company and the group may have been potentially understated by Rs 1,990.36 crore and Rs 2,806.63 crore, respectively, as at 31 March 2018; and by Rs 1,479.34 crore and Rs 1,331.47 crore, respectively as at 1 April 2017.

Following the disclosure by CG Power, shares of Yes Bank slumped 7.11% to Rs 71.25. As on 30 June 2019, Yes Bank held 12.79% stake in CG Power.

Yes Bank recently raised Rs 1,930 crore via qualified institutions placement (QIP) of 23.1 crore equity shares at Rs 83.55 each. The stock has fallen 14.72% below the QIP issue price.

NMDC slumped 11.49% to Rs 90.15 on reports that the Karnataka government has decided to cancel the lease given to the state-run company for the Donimalai iron ore mine and to put it under auction.

In November 2018, NMDC had suspended operations at its Donimalai mine following the Karnataka government's decision to impose 80% premium on sales of iron ore. NMDC later petitioned the high court (HC), which in July 2019, allowed the firm to resume operations at the mine.

Dr. Reddy's Laboratories announced the launch of Vigabatrin Powder for Oral Solution, USP in the US market. The Vigabatrin Powder for Oral Solution, USP is a therapeutic equivalent generic version of Sabril Powder for Oral Solution, USP, approved by the U.S. Food and Drug Administration (USFDA). Vigabatrin Powder for Oral Solution is available in 500 mg per packet in count size of 50 per carton. The stock rose 1.77% to Rs 2554.90.

Overseas, European markets were trading higher. Finnish central bank governor Olli Rehn said on Monday that the European Central Bank (ECB) was determined to act if the medium-term inflation outlook continues to miss its target of below but close to 2%. This follows the German finance minster indicating over the weekend that the government is prepared to deploy fiscal stimulus to boost its ailing economy.

Asian markets closed on a mixed note on Tuesday as the People's Bank of China published its new loan prime rates under a new mechanism that was unveiled over the weekend. The new 1-year LPR was set at 4.25%, as compared to 4.31% previously. The 5-year LPR was at 4.85%.

U.S. stocks rallied Monday, lifted by encouraging comments from President Donald Trump and other officials on trade talks, along with a move by China over the weekend to lower borrowing costs for companies.

The Commerce Department said Monday that it has given Chinese telecom giant Huawei Technologies Co. Ltd. another 90-day reprieve during which it can continue to do business with American companies, without the granting of case-by-case licences that would otherwise be needed, after the Commerce Department added it to its 'entity list' in May. At the same time, the Commerce Department added another 46 Huawei subsidiaries to the list that will be subject to the full sanctions after 19 November.

Key equity benchmarks wiped off majority of the gains in last hour of session and ended marginally higher. Gains in pharma stocks were negated by weakness in auto stocks. The Nifty struggled to hold the 11,100-mark and ended below that level.

The S&P BSE Sensex rose 52.16 points or 0.14% to 37,402.49 and the Nifty 50 index rose 6.10 points or 0.06% to 11,053.90.

On the BSE, 1268 shares rose and 1212 shares fell. A total of 164 shares were unchanged. The S&P BSE Mid-Cap index rose 0.20%. The S&P BSE Small-Cap index rose 0.51%.

The undertone of the market was positive amid supportive global cues. Shares in Europe and Asia advanced on Monday as hopes emerge for stimulus from central banks and fiscal measures from major economies such as China and Germany.

German finance minister Olaf Scholz said on Sunday that Germany has the fiscal strength to mitigate any future economic crisis with full force and suggested that Berlin could free up around 50 billion euros ($55 billion) of extra spending.

Meanwhile, China's central bank unveiled a key interest rate reform on Saturday intended to lower borrowing costs for companies and reinvigorate an economy being negatively impacted by its trade war with the US.

Back home, investors sentiment also got a boost after Fitch Solutions said on Friday, that the Reserve Bank of India (RBI) is expected to cut interest rates by 40 basis points before the end of the current financial year as monetary easing till now appears to be insufficient in boosting economic growth. RBI on 7 Aug, had cut benchmark repurchase and reverse repurchase rates by 35 bps. In all, the central bank has cut interest rates by 110 bps this year.

The Monetary Policy Committee noted that growth is of highest priority at this point, RBI Governor Shaktikanta Das said today, 19 August at the FICCI-IBA banking seminar. He added that financial stability is important to sustain growth in the long run. Weaker-than-expected growth with signs of slowdown is the key risk to global financial stability, though banks are more resilient to shocks, he said.

Further, finance minister Nirmala Sitharaman Friday said that discussions on a possible stimulus package for industry are going on at the highest level and an announcement will come at a right time. Sitharaman held several meetings this month with industry executives, who have called for stimulus measures, including tax rebates, to support consumer demand and private investment.

On the equity front, Axis Bank (up 1.40%), Larsen & Toubro (up 1.30%), Reliance Industries (up 1.15%) and ICICI Bank (up 1.01%) were the major gainers.

Yes Bank (down 3.46%), Power Grid Corporation of India (down 1.96%), ONGC (down 1.48%) and State Bank of India (down 1.46%) were the major losers.

Tech Mahindra rose 1.84%. The IT firm said it divested 73.38% equity investment held in US-based FixStream Networks Inc. for $2 million. The announcement was made on Sunday, 18 August 2019.

Pharma shares witnessed demand. The S&P BSE Healthcare index rose 0.56%.

Drug major Sun Pharmaceutical Industries rose 2.66% after the company announced that one of its wholly owned subsidiaries has been granted an exclusive license to a subsidiary of China Medical System Holdings (CMS) to develop and commercialize seven generic products in Mainland China. The collaboration with CMS now covers eight generic products. The total addressable market size for all these eight products is about $1 billion (as per recent IQVIA data) in Mainland China. The initial term of the agreement shall be 20 years from the first commercial sale of the respective products in Mainland China and may be extended for additional three years' as per mutual agreement of the two parties.

Glenmark Pharmaceuticals rose 1.95% to Rs 368.15 on bargain hunting after a recent steep fall. The scrip plunged 15.29% in the past three trading sessions to settle at Rs 361.10 on Friday, 16 August 2019, from its close of Rs 426.30 on Friday, 9 August 2019.

The drug maker announced during today, 19 August 2019, that it has received regulatory approval to market a combination of its patent protected sodium glucose co‐transporter‐2 (SGLT2) inhibitor, Remogliflozin etabonate (Remogliflozin) and Metformin Hydrochloride (Metformin) film coated tablets in India. The drug is used to cure type‐2 diabetes mellitus in adults. The firm plans to commercialize the product under the brand names 'Remo‐M' and 'Remozen‐M'.

Among pharma stocks, Ipca Laboratories (up 1.15%), Piramal Enterprises (up 0.83%), Cadila Healthcare (up 0.78%), Dr. Reddy's Laboratories (up 0.67%), Divi's Laboratories (up 0.47%) and Lupin (up 0.35%) advanced.

Auto stocks witnessed selling after the Federation of Automobile Dealers Associations (FADA) today released the monthly vehicle registration data for July 2019. The S&P BSE Auto index fell 0.57%.

Eicher Motors (down 1.33%), Hero MotoCorp (down 1.32%), Bajaj Auto (down 0.61%), Escorts (down 0.59%) and Tata Motors (down 0.37%) declined.

For the month of July, overall sales continued to be negative at 6%, a drop of 5% in 2-wheeler sales, personal vehicles (PV) sales tanked by 11% and commercial vehicles (CV) sales dropped 14%.

On a positive note, overall sales up grew 5% in July 2019 as compared to June 2019. June 2019 had the 2nd lowest volume base this year after February. Postponement of demand seen in June due to deficient rainfall concluded in July, after onset and even spread of monsoon and slight liquidity improvement seen towards July end in banking system contributed also, towards this MoM uptick in sales. FADA categorised the near-term outlook as cautiously optimistic''.

Auto major Mahindra & Mahindra (M&M) fell 1.36%. M&M announced that it has inaugurated its 1st automotive assembly plant in Sri Lanka. The assembly plant commenced its production with its first product, KUV 100. The company has extended its global footprint by establishing a plant in Welipenna, near Colombo, Sri Lanka. The plant established is in association with Ideal Motors of Sri Lanka.

TVS Motor Company fell 1.72%. TVS Motor (Singapore), a wholly-owned subsidiary of TVS Motor Company, signed definitive agreements to invest $3.2 million in US-based Predictronics Corporation, specialising in end-to-end predictive maintenance analytics solutions. The announcement was made on Saturday, 17 August 2019.

Shares of Spandana Sphoorty Financial made a tepid debut on exchanges. On BSE, Spandana Sphoorty Financial closed at Rs 848.40, a discount of 0.89% over the initial public offer (IPO) price of Rs 856. The stock debuted at Rs 824, discount of 3.73% to IPO price. The stock hit an intraday high of Rs 865 and an intraday low of Rs 690.

Dewan Housing Finance (DHFL) jumped 6.86% on reports that the company and its lenders have agreed on a 3-level resolution plan that includes conversion of debt to equity and issuance of nonconvertible debentures. These steps will reportedly give creditors majority stake in the embattled financier and help resume stalled credit lines. Meanwhile, announced that it will announce its Q1 earnings by 14 September 2019.

Jammu & Kashmir Bank fell 2.65% on reports that the Anti-Corruption Bureau (ACB) investigation reported irregularities in board approvals. As per reports, the case has been registered in a bank-loan fraud worth Rs 350 crore, and searches have been conducted at the Bengaluru office of the bank. The ACB has reportedly said that the management at the corporate headquarters/zonal office, Bengaluru, and officers/officials of J&K Bank, Infantry Road Branch, Bengaluru, had given loans worth crores of rupees to Rawther Spices by passing all norms and procedures.

Coffee Day Enterprises was locked in a 5% upper circuit at Rs 66.05 after the company announced debt reduction plans. The company's total debt as on 31 July 2019, excluding Sical and Magnasoft, stood at Rs 3,472 crore while the total debt of Coffee Day Group was Rs 4,970 crore. The company has announced the divestment of Global Village Tech Park (Global Village) held by its subsidiary Tanglin Developments for an aggregate consideration in the range of Rs 2,600-3,000 crore. On receipt of the consideration for the sale of Global Village after payment of required statutory payments, the debt position of Coffee Day Group will reduce around by Rs 2,400 crore. The debt position of Coffee Day Group (excluding Sical and Magnasoft) post repayment of debt out of proceeds from sale of Global Village is expected to be around Rs 1,000 crore in the next 45 days. The company further assured that it is expected to have a comfortable position to service the reduced debt obligations.

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 maker's 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 maker's 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 Moody's 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 bank's 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, India's 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.

India's 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, India's services exports increased 10.0% to $18.55 billion in June 2019 over June 2018. Meanwhile, India's 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 nation's 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 country's 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. London's 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.

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. Gains were supported by strength in metals and banks shares while pharma stocks witnessed selling pressure.

The equity market will remain shut on Thursday, 15 August 2019, on account of Independence Day.

The Sensex rose 353.37 points or 0.96% to settle at 37,311.53. The index jumped 515.45 points, or 1.39% at the day's high of 37,473.61. The index rose 42.61 points, or 0.12% at the day's low of 37,000.77.

The Nifty 50 index rose 103.55 points or 0.95% to settle at 11,029.40. The index rose 152.30 points, or 1.39% at the day's high of 11,078.15. The index rose 9.75 points, or 0.09% at the day's low of 10,935.60.

The broader market was upbeat. The S&P BSE Mid-Cap index rose 0.85%. The S&P BSE Small-Cap index rose 0.41%.

The market breadth was positive. On the BSE, 1319 shares rose and 1156 shares fell. A total of 140 shares were unchanged.

Among the sectoral indices on the BSE, the S&P BSE Metal index (up 2.68%), the S&P BSE Telecom index (up 2.40%) and the S&P BSE Basic Materials index (up 2.03%) outperformed the S&P BSE Sensex. Meanwhile, the S&P BSE Healthcare index (down 0.52%), the S&P BSE Realty index (up 0.45%) and the S&P BSE FMCG index (up 0.61%) underperformed the S&P BSE Sensex.

India's wholesale price index (WPI)-based inflation dipped to a 25-month low of 1.1% in July 2019 from 2.0% in June 2019. The all-India general consumer price index (CPI) inflation was steady at 3.15% in July 2019, compared with 3.18% in June 2019.

The drop in retail and wholesale inflation fueled expectations of further rate cuts from the Reserve Bank of India (RBI). So far, RBI has reduced key interest rates by 110 basis points (100 basis points mean one percentage point) in four successive policy reviews. On 7 August, RBI slashed the repo rate by 35 bps, and also lowered its growth forecast for the year by 10 bps to 6.9%.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.305, compared with its close of 71.40 during the previous trading session.

In the commodities market, Brent crude for October 2019 settlement was down 75 cents at $60.55 a barrel. The contract jumped $2.73 or 4.66% to settle at $61.30 a barrel during the previous trading session.

Overseas, the yield on the benchmark 10-year U.S. Treasury note on Wednesday broke below the 2-year rate, a phenomenon heralded as an inverted yield curve. The gap between US 2-year and 10-year bond yields declined to minus 0.45 basis points, the narrowest since June 2007. Yield curve inversion is perceived as a signal of a looming recession.

Trading in US index futures indicated that the Dow Jones Industrial Average could fall 246 points at the opening bell today, 14 August.

European stocks edged lower amid weak German GDP data. Germany's gross domestic product fell by 0.1% between April and June, raising fears of a recession for Europe's largest economy.

Asian shares rose across the board on Wednesday, as the US announced a delay in the implementation of tariffs on some Chinese goods while outright removing some items from the tariff list.

China's industrial output rose 4.8% in July as compared to a year earlier, official data showed. Retail sales growth rose 7.6% in July from a year earlier.

Back home, Yes Bank (up 4.01%), Tech Mahindra (up 2.76%) and Hero MotoCorp (up 2.65%) advanced. Kotak Mahindra Bank (down 1.27%), Tata Motors (down 0.94%) and Asian Paints (down 0.3%) declined.

Drug maker Sun Pharmaceuticals Industries tumbled 4.69% to end at Rs 417.05. On Tuesday, the company announced that its consolidated net profit rose 31.23% to Rs 1,387.48 crore on a 15.70% rise in net sales to Rs 8,259.30 crore in Q1 June 2019 compared with Q1 June 2018.

Dr Reddy's Laboratories fell 1.76% to Rs 2513. With reference to media report captioned Setback for Dr. Reddy's as USFDA hands out complete response letter for NuvaRing, the company clarified that it received a complete response letter (CRL) from USFDA and is preparing its response to the USFDA. NuvaRing is a vaginal ring to prevent pregnancy.

The firm added that receiving a CRL is in the ordinary course of the company's business and hence it does not disclose any CRL from USFDA on any product. However, during its earnings call held on 29 July 2019, the company informed about possible queries from USFDA on NuvaRing.

Metal shares were in demand. Sector bellwether Tata Steel jumped 4.61% to Rs 364.45.

Iron ore miner NMDC gained 3.46%. The company reported its Q1 result on after market hours yesterday. On a consolidated basis, NMDC's net profit rose 21.1% to Rs 1171.56 crore on a 34.8% rise in the net sales to Rs 3263.74 crore in Q1 June 2019 over Q1 June 2018. Consolidated EBITDA rose 28% to Rs 1989 crore in Q1 June 2019 over Q1 June 2018. However, EBITDA margin contracted to 61% from 64%.

Nalco declined 2.45%. The firm's consolidated net profit dropped 84.4% to Rs 97.87 crore on a 29.9% decline in net sales to Rs 2084.08 crore in the recently concluded quarter ended 30 June 2019 over its previous corresponding period. The result was announced by the company after close of trading hours yesterday, 13 August 2019.

ONGC declined 1.21%. The state-run oil major's consolidated net profit fell 19.39% to Rs 6,693.61 crore on 0.77% decline in net sales to Rs 109,514.82 crore in Q1 June 2019 over Q1 June 2018. On a standalone basis, ONGC's net profit fell 3.9% to Rs 5,904.25 crore on 2.4% decline in net sales to Rs 26,554.74 crore in Q1 June 2019 over Q1 June 2018. The crude oil price realization fell 7.3% to $66.30 per barrel in Q1 June 2019 over Q1 June 2018. The crude oil price realization (joint venture) fell 1.8% to $66.78 per barrel in Q1 June 2019 over Q1 June 2018. The stock

State-run coal miner Coal India fell 1.62%. The company reported its quarterly earnings after market hours yesterday. The company's consolidated net profit rose 22.27% to Rs 4629.67 crore on 3.64% rise in net sales to Rs 23223 crore in Q1 June 2019 over Q1 June 2018.

The domestic equity market slumped on Tuesday, dragged by auto, telecom and financial stocks. Concerns around protests in Hong Kong and an Argentine currency crash amid fears of global economic slowdown, sapped investors risk appetite.

Weak domestic macroeconomic data and absence of measures by the government to support economic growth also disappointed investors. The Sensex slipped below the 37,000 level while the Nifty breached the 11,000 mark. The Nifty ended way below its 200-day moving average (DMA) placed at 11,170.31.

The Sensex crashed 623.75 points or 1.66% to settle at 36,958.16. The index rose 173.25 points, or 0.46% at the day's high of 37,755.16. The index fell 693.42 points, or 1.85% at the day's low of 36,888.49.

The Nifty 50 index slumped 183.80 points or 1.65% to settle at 10,925.85. The index rose 36.25 points, or 0.33% at the day's high of 11,145.90. The index fell 208.05 points, or 1.87% at the day's low of 10,901.60.

Broader markets tumbled. In the broader market, the S&P BSE Mid-Cap index fell 2.25%. The S&P BSE Small-Cap index lost 1.42%.

The market breadth was weak. On the BSE, 861 shares rose and 1652 shares fell. A total of 148 shares were unchanged.

Among the sectoral indices on the BSE, the S&P BSE Energy index (up 5.98%), the S&P BSE Oil & Gas index (up 1.05%) and the S&P BSE Consumer Durables index (down 0.70%) outperformed the S&P BSE Sensex. Meanwhile, the S&P BSE Telecom index (down 4.34%), the S&P BSE Auto index (down 3.88%) and the S&P BSE Capital Goods index (down 3.20%) underperformed the S&P BSE Sensex.

On the macro front, the quick estimates of Index of Industrial Production (IIP) with base 2011-12 showed that India's industrial output grew 2% in June. The data was released by the government after market hours on 9 August 2019.

India's inflation based on consumer price index (CPI) for July 2019 will be unveiled today, 13 August 2019. India's retail price inflation rate rose to 3.18% year-on-year in June 2019, the highest since last October, from 3.05% in the previous month.

Finance Minister Nirmala Sitharaman met foreign portfolio investors (FPIs) on Friday, 9 August 2019. FPIs pressed for complete rollback of the higher super-rich surcharge proposed in the Budget. They also sought relief in matters related to long-term capital gains (LTCG) and dividend distribution tax (DDT), beside easier KYC norms. According to media reports, the FM heard all the views, but gave no indication about when the proposals will be implemented.

Last week media reports suggested that the government may withdraw the FPIs surcharge through a notification or ordinance. Reports added that the government could announce a confidence-booster package for investors that included a re-thinking on the long-term capital gains tax.

Foreign investors have been selling extensively in the Indian equity market after the government announced levy of surcharge on super rich in the Union Budget. Finance minister Nirmala Sitharaman in her maiden Budget speech on 5 July 2019, proposed to enhance surcharge on individuals having taxable income from Rs 2 crore to Rs 5 crore and Rs 5 crore and above so that effective tax rates for these two categories will increase by around 3% and 7% respectively. The effective tax rate on the highest tax bracket goes up to 42.7% after the hike.

There are concerns that the increased surcharge on super-rich could also affect foreign funds investing in India since a same tax structures apply for individuals, Hindu Undivided Family (HUF) and Associations of Persons (AOPs). FPIs, including pension and retirement funds, educational endowment fund, etc, come in through trusts or AOPs route because it has been the most tax-efficient structure.

In the foreign exchange market, the rupee declined against the dollar. The partially convertible rupee was hovering at 71.225, compared with its close of 70.78 during the previous trading session.

In the commodities market, Brent crude for October 2019 settlement was up 3 cents at $58.60 a barrel.

Overseas, shares in Europe and Asia fell across the board on Tuesday as fears about a drawn out Sino-US trade war, protests in Hong Kong and a crash in Argentina's peso currency drove investors to safe harbours like bonds, gold, and the yen.

Argentina's currency collapsed on Monday and stocks and bonds crashed after voters snubbed the incumbent government by giving the opposition a surprisingly bigger-than-expected victory in Sunday's primary election.

In Asia, Hong Kong protests escalated and shut down the city's airport, resulting in threats from Chinese outlets, which released a video showing military vehicles amassing near its border.

Meanwhile, Singapore cut its forecast for economic growth this year on Tuesday, amid escalations in global trade tensions and a struggling manufacturing sector. The Ministry of Trade and Industry (MTI) now pegs Singapore's full-year growth at between 0% and 1%.

US stock benchmarks finished sharply lower Monday as simmering geopolitical tensions spooked equity investors and drove a bond market rally while the protracted US-China trade war stoked fears of impending recession.

A foreign brokerage reportedly said that fears of the US-China trade war leading to a recession are increasing and it no longer expects a trade deal between the world's two largest economies before the 2020 US presidential election.

On the equity front back home, Yes Bank was the prominent loser from the Sensex pack. The stock slumped 10.35% to Rs 73.60.

HDFC twins were under pressure. HDFC (down 5.07%) and HDFC Bank (down 2.7%), declined.

Bajaj twins also witnessed selling. Bajaj Finance (down 5.72%), Bajaj Finserv (down 5.51%) slumped.

NTPC shed 3.30%. The company reported 5.63% rise in consolidated net profit to Rs 2840.28 crore on 6.9% rise in total income to Rs 26929.85 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 10 August 2019.

Auto shares fell across the board after Society of Indian Automobile Manufacturers (SIAM), an apex national body representing auto makers in India, said sales of commercial vehicles fell 25.71% in July 2019 over July 2018. Two-wheelers sales fell by 16.82% in July 2019 over July 2018. A decline of 35.95% was registered in the sales of passenger cars in July 2019 as compared to July 2018.

Tata Motors ended with minor losses at Rs 122. The Tata Motors Group global wholesales in July 2019, including Jaguar Land Rover, were at 78,600 units, lower by 14% compared to July 2018. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in July 2019 were at 26,168 units, lower by 35% over July 2018. Global wholesales of all passenger vehicles in July 2019 were at 52,432 units, up by 4%, compared to July 2018. Global wholesales for Jaguar Land Rover were 41,783 vehicles. Jaguar wholesales for the month were 12,308 vehicles, while Land Rover wholesales for the month were 29,475 vehicles. The announcement was made during market hours today, 13 August 2019.

Shares of telecom companies crashed after Reliance Industries made slew of announcements regarding its telecom unit Jio. Telecom major Bharti Airtel slumped 5.28%.

Reliance Industries (RIL) surged 9.72% RIL's chairman and managing director Mukesh Ambani on Monday addressed the shareholders of the company at its 42nd annual general meeting (AGM).

Ambani stated that Reliance JioFiber broadband services are set to launch from 5th September. Reliance Jio's digital set-top box will come bundled with ultra high definition entertainment, virtual reality content multi-party video conferencing, voice-enabled virtual assistants, interactive gaming, home security and many other smart-home solutions. Voice calls from home to any Indian operator - mobile or fixed - will be absolutely free forever.

Jio Fibre prices are at less than 1/10th the global rates, to make it accessible for all. Jio Fiber plans will be priced between Rs 700 to Rs 10,000 per month to suit every budget and every need.

RIL has received strong interest from strategic and financial investors in its consumer businesses, Jio and Reliance Retail. The firm will induct leading global partners in these businesses in the next few quarters, and move towards listing both these companies within the next five years.

Future Enterprises rose 5.37%. The company reported a consolidated net loss of Rs 10.51 crore in Q1 June 2019 compared with net loss of Rs 21.05 crore in Q1 June 2018. Consolidated net sales increased 5.2% to Rs 1,414.73 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 10 August 2019.

Future Retail rose 0.80%. Amazon.com Inc. is reportedly in talks to acquire as much as 10% of Future Retail. The deal with the Mumbai-based company, which operates its flagship “Big Bazaar grocery store chain, will give Amazon more exposure to the business after it bought Whole Foods Market Inc. for $13.7 billion in 2017 and secured a foothold in the U.S. food retailing segment. The proposed investment in Future Retail offers some parallels, enabling Amazon to tap into India's rising demand for household products and home-delivered fresh produce and vegetables.

Drug maker Sun Pharmaceuticals Industries rose 3.71% after consolidated net profit rose 31.22% to Rs 1387.48 crore on a 15.69% rise in net sales to Rs 8,259 crore in Q1 June 2019 compared with Q1 June 2018. The result was announced during the market hours today, 13 August 2019.

Domestic barometers advanced for a second consecutive trading session on Friday, amid media reports that the government may exempt the tax surcharge on foreign portfolio investors (FPIs). HDFC twins and ICICI Bank were the biggest contributors to the rise. Auto shares were in demand.

Domestic stock markets will remain shut on Monday, 12 August 2019 on account of Bakri Id and on Thursday, 15 August 2019 on account of Independence Day.

The Sensex rose 254.55 points or 0.68% to settle at 37,581.91. The index rose 480.19 points, or 1.29% at the day's high of 37,807.55. The index rose 78.90 points, or 0.21% at the day's low of 37,406.26.

The Nifty 50 index rose 77.20 points or 0.70% to settle at 11,109.65. The index rose 149 points, or 1.35% at the day's high of 11,181.45. The index rose 30.35 points, or 0.28% at the day's low of 11,062.80.

Broader markets strengthened. In the broader market, the S&P BSE Mid-Cap index rose 0.77%. The S&P BSE Small-Cap index gained 1%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1545 shares rose and 950 shares fell. A total of 161 shares were unchanged.

Among the sectoral indices on the BSE, the S&P BSE Auto index (up 1.99%), the S&P BSE Finance index (up 1.41%) and the S&P BSE Consumer Durables index (up 1.39%) outperformed the S&P BSE Sensex. Meanwhile, the S&P BSE Metal index (down 0.83%), the S&P BSE Teck index (down 0.36%) and the S&P BSE Telecom index (down 0.34%) underperformed the S&P BSE Sensex.

Media reports on Thursday suggested that the government may withdraw the foreign portfolio investors (FPIs) surcharge through a notification or ordinance. The government is working on a confidence-booster package for investors that included a re-thinking on the long-term capital gains tax, reports added.

Foreign investors have been selling extensively in the Indian equity market after the government announced levy of surcharge on super rich in the Union Budget. Finance minister Nirmala Sitharaman in her maiden Budget speech on 5 July 2019, proposed to enhance surcharge on individuals having taxable income from Rs 2 crore to Rs 5 crore and Rs 5 crore and above so that effective tax rates for these two categories will increase by around 3% and 7% respectively. The effective tax rate on the highest tax bracket goes up to 42.7% after the hike.

There are concerns that the increased surcharge on super-rich could also affect foreign funds investing in India since a same tax structures apply for individuals, Hindu Undivided Family (HUF) and Associations of Persons (AOPs). FPIs, including pension and retirement funds, educational endowment fund, etc, come in through trusts or AOPs route because it has been the most tax-efficient structure.

HDFC rose 1.41% to Rs 2211.90. HDFC Bank rose 2.07% to Rs 2281.75. ICICI Bank rose 1.40% to Rs 420.40.

Index pivotal ITC fell 1.36% to Rs 254.25.

BPCL rose 0.98% ahead of its Q1 June 2019 result today.

Yes Bank slumped 7.91% to Rs 82.10. The bank announced opening of the qualified institutional placement issue at a floor price of Rs 87.90 per equity share. The announcement was made after market hours yesterday, 8 August 2019.

The capital raising committee of the bank's board of directors on Thursday authorised the opening of the issue on 8 August, Yes Bank said. The committee approved the floor price for the issue being Rs 87.90 per equity share and the committee may, at its discretion, offer a discount of not more than 5% on the floor price, it further added.

Yes Bank said in a notice to exchanges that a committee will meet on 14 August to consider and approve the issue price and final discount.

Among other private sector banks, RBL Bank (up 4.59%), Kotak Mahindra Bank (up 1.91%), City Union Bank (up 1.21%), Federal Bank (up 0.63%) and Axis Bank (up 0.29%) advanced. IndusInd Bank fell 0.08%.

Public sector banks were mixed. IDBI Bank (down 1.26%), UCO Bank (down 1.23%), Bank of India (down 1.16%), Andhra Bank (down 1%), State Bank of India (down 1%), United Bank of India (down 0.84%), Central Bank of India (down 0.5%), Allahabad Bank (down 0.27%) and Bank of Baroda (down 0.2%) edged lower. Canara Bank (up 0.18%), Indian Bank (up 0.18 %), Syndicate Bank (up 0.31%), Corporation Bank (up 0.49%), Union Bank of India (up 0.62%) and Bank of Maharashtra (up 0.74%), edged higher.

Most auto stocks rose. Eicher Motors (up 4.63%), Maruti Suzuki India (up 3.36%), TVS Motor Company (up 2.55%), Hero MotoCorp (up 1.34%), Ashok Leyland (up 1.26%), Escorts (up 1.13%) and Bajaj Auto (up 0.05%) advanced. Tata Motors fell 1.53%.

Mahindra & Mahindra rose 1.14%. The company said it will observe ''no production days'' for 8 - 14 days in various plants of the company and MVML during the second quarter of the financial year 2019-2020 to align its production with sales requirements. The management does not envisage any adverse impact on availability of vehicles in the market due to adequacy of vehicle stocks to serve the market requirements.

Bharat Heavy Electricals fell 2.15%. On a consolidated basis, the state-run company reported net loss of Rs 217.72 crore in Q1 June 2019 compared with net profit of Rs 40.69 crore in Q1 June 2018. Total income from operations fell 23.72% to Rs 4532.48 crore in Q1 June 2019 over Q1 June 2018. The result was announced after trading hours today.

Hindalco Industries fell 2.73%. The company's consolidated net profit fell 27.93% to Rs 1,063 crore on 3.56% decline in revenue from operations to Rs 29,972 crore in Q1 June 2019 over Q1 June 2018. The result was announced during trading hours today.

Mahanagar Gas fell 4.42%. The company's net profit rose 32.66% to Rs 170.24 crore on 22.31% rise in net sales to Rs 757.49 crore in Q1 June 2019 over Q1 June 2018. The announcement was made after market hours yesterday, 8 August 2019.

NBCC (India) slumped 12.61%. The company's consolidated net profit fell 37.9% to Rs 51.46 crore on 15.85% fall in total income to Rs 1942.28 crore in Q1 June 2019 over Q1 June 2018. The announcement was made after market hours yesterday, 8 August 2019.

Page Industries dropped 4.33%. The company's net profit fell 11.07% to Rs 110.67 crore on 2.19% rise in total income to Rs 840.46 crore in Q1 June 2019 over Q1 June 2018. The announcement was made after market hours yesterday, 8 August 2019.

Hexaware Technologies lost 1.48%. On a consolidated basis, the company's net profit rose 19.07% to Rs 164.89 crore on a 3.51% rise in the net sales to Rs 1308.34 crore in Q2 June 2019 over Q1 March 2019. The result was announced after market hours yesterday, 8 August 2019.

Adani Transmission gained 2.13%. On a consolidated basis, the private transmission company's net profit rose 26% to Rs 213.42 crore on a 360.5% rise in the net sales to Rs 2858.08 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 8 August 2019.

Earnings before interest tax depreciation and amortization (EBITDA) grew 20.57% to Rs 592 crore in Q1 June 2019 as compared to Rs 491 crore in Q1 June 2018. The company's net debt dropped 4.49% to Rs 1871 crore in Q1 June 2019 as compared to Rs 1959 crore in Q4 March 2018.

Rashtriya Chemicals & Fertilizers lost 1.73%. On a consolidated basis, the fertilizer producer's net profit fell 65.3% to Rs 7.98 crore on a 24% rise in the net sales to Rs 2409.48 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 8 August 2019.

Clariant Chemicals (India) jumped 15.26%. The specialty chemicals manufacturing company's net profit rose 16.9% to Rs 11.27 crore on a 11.9% rise in the net sales to Rs 295.81 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 8 August 2019.

Engineers India rose 3.07%. On a consolidated basis, the engineering consultancy company's net profit rose 40.5% to Rs 125.73 crore on a 27.4% rise in the net sales to Rs 742.66 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 8 August 2019.

Endurance Technologies jumped 14.20%. The company has reconsidered the proposal for expansion into tyre manufacturing and decided not to pursue the aforementioned project. The announcement was made after market hours yesterday, 8 August 2019.

Vodafone Idea lost 4.80% to Rs 5.36. The telecom major informed that Care Ratings, has downgraded its rating on long term bank facilities and non-convertible debentures from CARE A+ (Negative) to CARE A (Negative). The announcement was made after market hours yesterday, 8 August 2019.

Marico rose 2.32%. The company announced further infusion in the equity capital in Revofit such that it eventually holds upto 37% stake in the company. The announcement was made after market hours yesterday, 8 August 2019.

Britannia Industries rose 0.32%. On a consolidated basis, the company's net profit fell 2.78% to Rs 251.03 crore on a 5.93% rise in the net sales to Rs 2677.32 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 9 August 2019.

Indiabulls Housing Finance jumped 13.77% while Lakshmi Vilas Bank hit 5% upper circuit at Rs 40.85. Media reports suggested that Indiabulls founder Sameer Gehlaut has promised the Reserve Bank of India (RBI) that he will relinquish all control and rights, have no say in the management, and bring the promoter group shareholding below 10% in the proposed bank to be formed after the merger of Indiabulls Housing Finance with Lakshmi Vilas Bank (LVB).

Spicejet gained 1.47%. On a consolidated basis, the aviation company reported a net profit of Rs 262.89 crore in Q1 June 2019 against a net loss of Rs 35.58 crore in Q1 June 2018. The total revenue from operations rose 35% to Rs 3002.85 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 9 August 2019.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 70.7175, compared with its close of 70.69 during the previous trading session.

In the commodities market, Brent crude for October 2019 settlement was up 80 cents at $58.18 a barrel. The contract rose $1.15 or 2.05% to settle at $57.38 a barrel during the previous trading session.

Overseas, European stocks were trading lower Friday as investors monitor a possible collapse of the Italian government. Italy's coalition government imploded on Thursday, as deputy prime minister and leader of Italy's ruling Lega party, Matteo Salvini, declared the arrangement unworkable and called for fresh general elections.

Official data showed that the British economy has shrunk for the first time since late 2012 after U.K. second quarter GDP (gross domestic product) contracted by 0.2%.

Brexit is again front and center as British Prime Minister Boris Johnson affirmed that the U.K. must leave the European Union on October 31 regardless of whether the government faced losing a vote of no-confidence.

Asian stocks ended mixed Friday after Chinese data revealed that food inflation soared in July, while Japan's economy was shown to have grown more than expected in the second quarter.

US stocks advanced on Thursday with technology shares providing the biggest boost as equities continued to rebound along with bond yields.

Key equity benchmarks surged amid broad based buying support on Thursday. Shares rallied after media reports suggested that the government is likely to roll back recently-imposed higher tax on foreign portfolio investors (FPIs). Prime Minister Narendra Modi will address the nation at 8:00 pm tonight.

The Sensex ended above the 37,000 level while the Nifty crossed the 11,000 mark. Trading was volatile on account of expiry of weekly options contracts on the NSE.

The Sensex rose 636.86 points or 1.74% to settle at 37,327.36. The index surged 714.98 points, or 1.95% at the day's high of 37,405.48. The index fell 35.09 points, or 0.10% at the day's low of 36,655.41.

The Nifty 50 index rose 176.95 points or 1.63% to settle at 11,032.45. The index rose 202.55 points, or 1.87% at the day's high of 11,058.05. The index fell 12.55 points, or 0.12% at the day's low of 10,842.95.

In the broader market, the S&P BSE Mid-Cap index rose 0.42%. The S&P BSE Small-Cap index gained 0.74%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1375 shares rose and 1033 shares fell. A total of 152 shares were unchanged.

Among the sectoral indices on the BSE, the S&P BSE Energy index (up 3.15%), the S&P BSE Auto index (up 2.77%) and the S&P BSE IT index (up 1.98%) outperformed the S&P BSE Sensex. Meanwhile, the S&P BSE Basic Materials index (up 0.27%), the S&P BSE Capital Goods index (up 0.53%) and the S&P BSE Consumer Durables index (up 0.66%) underperformed the S&P BSE Sensex.

According to media reports, the government may withdraw the foreign portfolio investors (FPIs) surcharge through a notification or ordinance. The government is working on a confidence-booster package for investors that included a re-thinking on the long-term capital gains tax, reports added.

Foreign investors have been selling extensively in the Indian equity market after the government announced levy of surcharge on super rich in the Union Budget. Finance minister Nirmala Sitharaman in her maiden Budget speech on 5 July 2019, proposed to enhance surcharge on individuals having taxable income from Rs 2 crore to Rs 5 crore and Rs 5 crore and above so that effective tax rates for these two categories will increase by around 3% and 7% respectively. The effective tax rate on the highest tax bracket goes up to 42.7% after the hike.

There are concerns that the increased surcharge on super-rich could also affect foreign funds investing in India since a same tax structures apply for individuals, Hindu Undivided Family (HUF) and Associations of Persons (AOPs). FPIs, including pension and retirement funds, educational endowment fund, etc, come in through trusts or AOPs route because it has been the most tax-efficient structure.

On the equity front, HCL Technologies rose 6.43%. The company's consolidated net profit fell 12.54% to Rs 2,230 crore on a 2.73% increase in net sales to Rs 16,427 crore in Q1 June 2019 compared with Q4 March 2019. The result was announced after trading hours yesterday, 7 August 2019.

The firm's consolidated EBITDA also declined 5.4% to Rs 3,225 crore in Q1 June 2019 as against Q4 March 2019. The consolidated EBITDA margin grew to 23.2% in Q1 June 2019 from 22.4% in Q4 March 2019.

HCL Technologies expects revenues for the FY 2019-20 to grow between 14% to 16% in constant currency. The operating margin (EBIT) for the FY 2019-20 is expected to range from 18.5% to 19.5%.

Index major Reliance Industries (RIL) rose 3.87%. As per reports, RIL is partnering with US-based luxury jeweller Tiffany & Co to open a line of stores in the country. Tiffany plans to open stores in New Delhi and Mumbai in the second half of fiscal years 2019 and 2020 respectively, the report added.

HPCL rose 2.56%. The company's consolidated net profit declined 55.9% to Rs 877.48 crore on 5% increase in net sales to Rs 70776.43 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 7 August 2019.

On standalone basis, the company's consolidated net profit declined 52.8% to Rs 810.95 crore on 5% increase in net sales to Rs 70710.53 crore in Q1 June 2019 over Q1 June 2018.

The average gross refining margin was at $0.75 per barrel in Q1 June 2019 as against $7.15 per barrel in Q1 June 2018.

Adani Enterprises rose 3.98% after the company after consolidated net profit jumped 611.4% to Rs 570.14 crore on 39.74% rise in net sales to Rs 10561.37 crore in Q1 June 2019 over Q1 June 2018. The result was announced during the market hours today, 8 August 2019.

Ultratech Cement slipped 2.57%. On a consolidated basis, the cement maker's net profit rose 91.10% to Rs 1,207.81crore on a 14.35% rise in the revenue from operations to Rs 10,177.63 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 8 August 2019.

Shares of Affle (India) settled at Rs 875.10, a premium of 17.46% over the initial public offer (IPO) price of Rs 745. The stock debuted today at Rs 929.90, a premium of 24.81% to the IPO price. The stock hit a high of Rs 958.30 and low of Rs 751.05 in the intraday. On BSE, 8.62 lakh shares were traded on the counter.

Auto stocks were in demand. Tata Motors (up 5.58%), Escorts (up 4.75%), TVS Motor Company (up 4.08%), Mahindra & Mahindra (up 4.06%), Bajaj Auto (up 3.99%), Ashok Leyland (up 3.92%), Hero MotoCorp (up 3.19%) and Eicher Motors (up 2.23%) declined.

Maruti Suzuki India gained 2.62%. The car marker announced the production figures for the month of July 2019 after market hours yesterday, 7 August 2019. The company reported a 25.36% decline in the total production to 1.33 lakh units while the total passenger vehicles' production fell 25.60% to 1.30 lakh units.

Auto industry majors reportedly met Finance Minister Nirmala Sitharaman to seek stimulus package to spur demand. The auto leader have also requested for GST reduction, more liquidity and relaxation of credit facilities for retailers.

Abbott India jumped 3.77%. The MNC associate reported 41.92% rise in the net profit to Rs 116.94 crore on a 18.22% increase in the revenue from operations to Rs 998.89 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 8 August 2019.

Siemens rose 4.42% after consolidated net profit rose 21.3% to Rs 250.10 crore on a 4.7% increase in net sales to Rs 3,128.10 crore in Q3 June 2019 compared with Q3 June 2018. The result was announced after trading hours yesterday, 7 August 2019.

Tata Steel lost 3.77%. The steel maker's consolidated net profit dropped 63.58% to Rs 710.50 crore on 1.16% rise in total income to Rs 36320.02 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 7 August 2019.

Tata Steel's consolidated earnings before interest tax depreciation and amortization (EBITDA) declined 21.7% to Rs 5530 crore in Q1 June 2019 over Q1 June 2018. The company's consolidated steel production rose 11% to 7.15 million tonnes.

The company stated that during Q1 June 2019, steel prices across geographies declined with weakening economic activities and uncertainty around the ongoing US-China trade conflict. This coincided with a sharp rise in iron ore prices due to supply disruptions and elevated coking coal costs. As a result, steel spreads dropped by around US$ 80-100 per tonne in key markets.

In India, steel prices declined as subdued economic activity, seasonal slowdown and liquidity issues weighed on domestic consumption. Higher net imports further exacerbated the demand supply balance.

In Europe, the steel industry faced significant headwinds in terms of lower economic growth, uncertainty around Brexit and the trade conflict. This coupled with rising share of imports and elevated raw material prices has led to a sharp declined in steel spreads.

NBCC (India) rose 4.34%. The civil engineering enterprise secured the total business of Rs 201.77 crore in June and July 2019. The announcement was made after market hours yesterday, 7 August 2019.

Dilip Buildcon gained 2.34%. The promoters of the company, Dilip Suryavanshi, Devendra Jain and Ms. Seema Suryavanshi, have proposed to divest part of their shareholding in the company. The promoters will divest 0.63% of the total equity capital of the company aggregating upto 8.64 lakh shares. The stake sale in undertake in connection with manner of achieving minimum public shareholding. The announcement was made after market hours yesterday, 7 August 2019.

Aurobindo Pharma jumped 7.75%. The company's consolidated net profit jumped 41.6% to Rs 645.18 crore on 28.1% increase in net sales to Rs 5356.84 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 7 August 2019.

The company's earnings before interest tax depreciation and amortization (EBITDA) increased 47.1% to Rs 1146.4 crore in Q1 June 2019 compared with Rs 779.2 crore in Q1 June 2018. The EBITDA margin was at 21.1% in Q1 June 2019 as compared to 18.3% in Q1 June 2018.

Emami rose 1.38%. On a consolidated basis, the personal care & healthcare products company's profit after tax rose 47% to Rs 39 crore on a 6% rise in the revenue from operations to Rs 649 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 8 August 2019.

Jindal Steel & Power fell 2.20%. The company clarified that all speculations/rumors with respect to payment default are baseless and false in nature. The company strongly reiterates that it is on track to deliver its highest ever volumes this year and should be able to generate better returns for its stakeholders. The result was announced after market hours yesterday, 7 August 2019.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 70.63, compared with its close of 70.89 during the previous trading session.

In the commodities market, Brent crude for October 2019 settlement was up 73 cents at $56.95 a barrel. The contract fell $2.71 or 4.59% to settle at $56.23 a barrel during the previous trading session.

Overseas, European stocks were trading higher while most Asian stocks ended higher as Chinese customs data showed a surprise jump in the country's July exports despite a protracted trade war with the United States.

China on Thursday said its U.S. dollar-denominated exports in July rose 3.3% from a year ago while imports fell 5.6% during the same period. The country's overall trade surplus last month was $45.06 billion, according to customs data.

China's trade surplus with the U.S. was $27.97 billion in July, lower than the previous month's $29.92 billion, the data showed. From January to July, China's trade surplus with the U.S. has totaled $168.5 billion.

US stocks recovered from steep early losses on Wednesday as investors snapped up oversold shares and bond yields rebounded from significant lows that raised fears about a recession.

Key equity benchmarks ended the volatile session with steep losses on Wednesday, after the Reserve Bank of India (RBI) revised its growth forecast for the year to 6.9% from 7% estimated earlier. The Nifty slipped below the 10,900 level. Weakness in the metal, auto and banking stocks dragged the indices lower.

The Sensex fell 286.35 points or 0.77% to settle at 36,690.50, its lowest closing level since 8 March 2019. The index rose 127.94 points, or 0.35% at the day's high of 37,104.79. The index fell 366.28 points, or 0.99% at the day's low of 36,610.57.

The Nifty 50 index fell 92.75 points or 0.85% to settle at 10,855.50, its lowest closing level since 28 February 2019. The index rose 27.40 points, or 0.25% at the day's high of 10,975.65. The index fell 112.35 points, or 1.03% at the day's low of 10,835.90.

In the broader market, the S&P BSE Mid-Cap index fell 0.44%. The S&P BSE Small-Cap index lost 0.11%.

The market breadth turned negative from positive in late trade. On the BSE, 1109 shares rose and 1372 shares fell. A total of 160 shares were unchanged.

Among the sectoral indices on the BSE, the S&P BSE Healthcare index (up 0.51%), the S&P BSE IT index (up 0.22%) and the S&P BSE Teck index (up 0.21%) outperformed the S&P BSE Sensex. Meanwhile, the S&P BSE Metal index (down 2.67%), the S&P BSE Auto index (down 2.10%) and the S&P BSE Energy index (down 1.52%) underperformed the S&P BSE Sensex.

RBI after its monetary policy meeting today, 7 August 2019, cut the policy repo rate by 35 basis points to 5.75% with immediate effect.

On the basis of an assessment of the current and evolving macroeconomic situation, RBI's monetary policy committee (MPC) decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 35 basis points (bps) from 5.75% to 5.40% with immediate effect.

Consequently, the reverse repo rate under the LAF stands revised to 5.15%, and the marginal standing facility (MSF) rate and the bank rate to 5.65%. The MPC also decided to maintain the accommodative stance of monetary policy. These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.

The real GDP growth for 2019-20 is revised downwards from 7% in the June policy to 6.9% - in the range of 5.8-6.6% for H1:2019-20 and 7.3-5 to 7.5% for H2 - with risks somewhat tilted to the downside; GDP growth for Q1:2020-21 is projected at 7.4%.

The RBI reduced risk weight for consumer credit from 125% to 100%, except for credit card receivables. The exposure limit for single non-banking finance companies is raised to 20% from 15%. Bank lending to NBFCs for agriculture & SME loans eligible for priority sector classification.

HCL Technologies was down 0.2% to Rs 1022.3. On consolidated basis, net profit declined 12.55% to Rs 2230 crore on 2.73% increase in net sales to Rs 16,427 crore in Q1 June 2019 over Q4 March 2018. The announcement was made after market hours today, 7 August 2019.

Reliance Industries lost 1.68%. The company and BP have agreed to form a new joint venture that will include a retail service station network and aviation fuels business across India. Building on Reliance's existing Indian fuel retailing network and an aviation fuel business, the partners expect the venture to expand rapidly to help meet the country's fast-growing demand for energy and mobility. The announcement was made after market hours yesterday, 6 August 2019.

Adani Ports and Special Economic Zone lost 0.84%. The company's consolidated net profit rose 46% to Rs 1011 crore on 16% increase in net sales to Rs 2794 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 7 August 2019.

Consolidated EBITDA increased 16% to Rs 1843 crore in Q1 June 2019 from Rs 1588 crore in Q1 June 2018 on the back of continued strong cargo volume growth. The EBITDA margin stood unchanged at 66% in Q1 June 2019.

The company reported cargo volume growth of 18% to 57 million metric tonnes (MMT) in Q1 June 2019 compared with 48 MMT in Q1 June 2018. Adani Ports and Special Economic Zone (APSEZ) handled record container volume of over 1.5 Million TEU's in Q1 June 2019.

Cipla rose 3.76%. The company's consolidated net profit rose 6% to Rs 478.19 crore on 1.26% increase in net sales to Rs 3,894.46 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 7 August 2019.

The company's earnings before interest tax depreciation and amortization (EBITDA) increased 25% to Rs 905 crore in Q1 June 2019 from Rs 726 crore in Q1 June 2018.

Avenue Supermarts fell 3.78%. The company announced that its promoter, Radhakishan Damani, intends to sell 62.30 lakh equity shares, or 1% stake, to comply with the requirements of minimum public shareholding. Damani will sell his shares between 8 to 14 September 2019. The announcement was made after market hours yesterday, 6 August 2019.

Lupin gained 4.11%. the drug maker's consolidated net profit rose 49.46% to Rs 303.05 crore on 15.4% increase in net sales to Rs 4355.83 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 7 August 2019.

Most metal stocks declined. Jindal Steel & Power (down 10.52%), Steel Authority of India (down 3.58%), NMDC (down 3.2%), Vedanta (down 3.02%), JSW Steel (down 2.57%), National Aluminium Company (down 2.49%) and Hindalco Industries (down 2.38%), edged lower. Hindustan Copper (up 0.32%) and Hindustan Zinc (up 1.1%), advanced.

Tata Steel fell 4.75%. The steel major announced termination of equity stake in Tata Steel (Thailand) Public Company and NatSteel Holdings as HBIS Group have not been able to procure the requisite approvals from the Hebei Government, one of the key conditions precedent for the proposed stake sales. The company has begun engagement with other investors in continuation of its strategy to find a partner for the South-East Asian business. The announcement was made after market hours yesterday, 6 August 2019.

Most public sector bank shares declined. Bank of Baroda (down 6.33%), Punjab National Bank (down 5.81%), Bank of India (down 4.51%), State Bank of India (down 3.75%), Canara Bank (down 3.25%), Andhra Bank (down 3.21%), IDBI Bank (down 3.19%), Union Bank of India (down 2.9%), Allahabad Bank (down 2.29%), UCO Bank (down 1.23%), Indian Bank (down 0.57%), Bank of Maharashtra (down 0.16%) and United Bank of India (down 0.1%) tumbled.

Central Bank of India jumped 15.23%. The bank reported a net profit of Rs 118.33 crore in Q1 June 2019 as compared to a loss of Rs 1522.24 crore in Q1 June 2018. The result was announced after market hours yesterday, 6 August 2019.

The bank's total income rose 10% to Rs 6493.55 crore in Q1 June 2019 over Q1 June 2018. The bank's gross non-performing assets (NPAs) stood at Rs 32900.44 crore as on 30 June 2019 as against Rs 32356.04 crore as on 31 March 2019 and Rs 38777.66 crore as on 30 June 2018.

The ratio of gross NPAs to gross advances stood at 19.93% as on 30 June 2019 as against 19.29% as on 31 March 2019 and 22.17% as on 30 June 2018. The ratio of net NPAs to net advances stood at 7.98% as on 30 June 2019 as against 7.73% as on 31 March 2019 and 10.58% as on 30 June 2018.

The bank's provisions and contingencies declined 62.61% to Rs 1034.78 crore in Q1 June 2019 over Q1 June 2018. The provision coverage ratio of the bank increased to 76.85% in Q1 June 2019 from 66.42% in Q1 June 2018.

Most private bank shares fell. RBL Bank (down 8.16%), Axis Bank (down 2.77%), Federal Bank (down 1.53%), Kotak Mahindra Bank (down 0.58%), ICICI Bank (down 0.49%) and HDFC Bank (down 0.19%), declined. IndusInd Bank (up 0.72%) and City Union Bank (up 6.08%), advanced.

Yes Bank rose 1.70% after the media reported that the bank may launch a qualified institutional placement later this week. According to media reports, Yes Bank may raise up to $500 million from the qualified institutional placement (QIP) issue. Private equity players and key institutional investors, including HDFC AMC, will be lining up for the issue, reports added.

Vodafone Idea lost 5.66% to Rs 5.33. The telecom major said that CRISIL had downgraded its rating from CRISIL A+ (Negative) to CRISIL A (Negative) on the company's non-convertible debentures worth Rs. 3500 crore. The announcement was made after market hours yesterday, 6 August 2019.

Indiabulls Housing Finance slumped 13.31%. The company's consolidated net profit dropped 24.01% to Rs 801.53 crore on 4.55% fall in total income to Rs 3886.12 crore in Q1 June 2019 over Q1 June 2018.The result was announced after market hours yesterday, 6 August 2019.

The company's board has also authorised to issue secured non-convertible debentures and unsecured, redeemable, non-convertible subordinate debt in the nature of debentures (NCDs) upto Rs 25000 crore and Rs 1000 crore respectively, on private placement basis, in one or more tranches, from time to time.

Most auto stocks declined. Tata Motors (down 4.2%), Ashok Leyland (down 3.7%), Eicher Motors (down 3.49%), Escorts (down 3.26%), TVS Motor Company (down 3.22%), Maruti Suzuki India (down 0.91%) and Bajaj Auto (down 0.66%) tumbled. Hero MotoCorp was up 1.54%.

Mahindra & Mahindra fell 5.62%. The company's combined profit from ordinary activities after tax rose 80% to Rs 2260 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 7 August 2019.

The company said combined revenues and other income fell 4% to Rs 12997 crore. Combined operating profit margin (OPM) was reported at 14% in Q1 June 2019, lower than 15.8% in Q1 June 2018.

The results for M&M include the combined results of Mahindra and Mahindra (M&M) and Mahindra Vehicle Manufacturers (MVML), which is a manufacturing unit of M&M.

Tractor demand in Q1 June 2019 remained sluggish and was adversely impacted due to a weak sentiment in the agro-economy resulting from the delay in seasonal monsoon, poor spatial distribution in June and weak agricultural incomes impacted by poor price realization. In Q1 June 2019, the domestic tractor industry declined by 14.6% with sales of 1,91,305 tractors, against 2,23,937 tractors sold during

IRB Infrastructure Developers fell 0.21% to Rs 95.15, reversing from the day's high of Rs 106. On a consolidated basis, the construction company's net profit fell 17.4% to Rs 206.62 crore on a 15.3% rise in the net sales to Rs 1773.04 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 6 August 2019.

In a separate announcement, IRB Infrastructure Developers said that investment by affiliates of GIC, Singapore's sovereign wealth fund, in its road platform. As part of the transaction, IRB will transfer 9 of its BOT assets into a private Infrastructure Investment Trust in which IRB will hold controlling stake of 51%. The Portfolio spans across c.1,200 kms in Haryana, Uttar Pradesh, Rajasthan & Gujarat, Maharashtra and Karnataka. The board of the company has approved the deal, following which IRB signed binding definitive agreements with GIC for a total investment of up to Rs 4,400 crore, including funding of future construction costs. The announcement was made after market hours yesterday, 6 August 2019.

The yield on 10-year benchmark federal paper rose to 6.37% at 17:04 IST compared with 6.338% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 70.84, compared with its close of 70.8150 during the previous trading session.

In the commodities market, Brent crude for October 2019 settlement was down 27 cents at $58.67 a barrel. The contract fell 87 cents or 1.45% to settle at $58.94 a barrel in the previous trading session.

Overseas, European stocks were trading higher while Asian stocks ended mixed on Wednesday as investors digested the Chinese central bank's daily midpoint fix for its currency's exchange rate against the dollar. The People's Bank of China (PBOC) set the the official midpoint reference for the yuan at 6.9996 per dollar. China's central bank allows the exchange rate to rise or fall 2% from that number.

US stocks rallied Tuesday after six days of declines as China stepped in to stabilize the yuan, easing concerns that currencies would be the next weapon in the US-China trade war.

Investors took fright Monday as China allowed the yuan to slump to its lowest level in a decade after President Donald Trump's threat last Thursday to impose 10% tariffs against an additional $300 billion of imported Chinese goods, effective 1 September.

The market edged higher on Tuesday, as investors awaited the central bank's monetary policy decision scheduled on Wednesday. The Nifty trimmed gains after briefly crossing 11,000 mark as profit booking emerged at higher levels.

The Reserve Bank of India (RBI)'s third bi-monthly monetary policy committee (MPC) meeting started on 5th August. The resolution of the MPC will be placed on the RBI website at 11:45 IST on 7 August.

The barometer index, the S&P BSE Sensex, rose 277.01 points or 0.75% to 36,976.85. The Nifty 50 index rose 85.65 points or 0.79% to 10,948.25.

Domestic shares bounced back from a steep selloff in the previous trading session, which was triggered by the government's move to scrap special status of the disputed Kashmir region.

In the broader market, the S&P BSE Mid-Cap index rose 1.44%. The S&P BSE Small-Cap index rose 1.72%.

The market breadth was strong. On the BSE, 1637 shares rose and 809 shares fell. A total of 120 shares were unchanged.

Among the sectoral indices on the BSE, the S&P BSE Capital Goods index (up 2.12%), the S&P BSE Telecom index (up 1.94%) and the S&P BSE Realty index (up 1.78%) outperformed the S&P BSE Sensex. Meanwhile, the S&P BSE Energy index (down 0.68%), the S&P BSE IT index (down 0.20%) and the S&P BSE Teck index (down 0.15%) underperformed the S&P BSE Sensex.

Tech Mahindra (up 3.97%), Bajaj Finance (up 3.41%), Bharti Airtel (up 3.18%), Maruti Suzuki India (up 2.88%) and Asian Paints (up 2.74%) advanced.

Power Grid Corporation of India (down 1.52%), TCS (down 1.47%), Reliance Industries (down 1.31%), Tata Motors (down 0.97%) and Bajaj Auto (down 0.77%) declined.

Yes Bank gained 5.30%. The bank announced after market hours yesterday, 5 August 2019, ratings update by Moody's and Brickwork.

Moody's Investor Service has extended its review for downgrade of the bank's Ba1 long‐term foreign‐currency issuer rating. The review for downgrade was initiated on 11 June 2019, reflecting Moody's expectation that the ongoing liquidity pressures on Indian finance companies will negatively impact Yes Bank's credit profile, given the bank's sizeable exposure to weaker companies in the sector.

Brickwork Ratings has downgraded the rating of the bank's Lower Tier II Bonds from 'BWR AA' to 'BWR AA-', Upper Tier II Bonds, Hybrid Tier I Bonds, Innovative Perpetual Debt Instruments from 'BWR AA-' to 'BWR A+'. The outlook continues to remain Negative.

The rating revision factors, higher than expected deterioration in asset quality with gross NPAs increased to 5.01% in Q1 FY20 as compared to 3.22% at the end of FY19 and the stressed assets in the portfolio remaining at elevated levels that could continue to put pressure on the asset quality. The rating is also constrained by the delay in raising capital resulting in the restricted growth in the lending portfolio.

Jammu & Kashmir Bank hit 10% upper circuit at 37.50. India Ratings and Research has downgraded Jammu & Kashmir Bank's (JK Bank) Long-Term Issuer Rating to 'IND AA-' from 'IND AA' while placing it on Rating Watch Negative (RWN). The Outlook on the earlier rating was Negative.

J&K Bank was majority owned by the state government of J&K (59.2%) and plays a significant role in the economy of J&K state. Ind-Ra will resolve the RWN once it attains further clarity on the impact of the said announcement on the profile of JK Bank.

Dewan Housing Finance Corporation (DHFL) soared 32.06% to Rs 55.40. The company said that the special committee for resolution plan at its meeting held on Tuesday, 6 August, 2019, took on record the draft 'Resolution Plan' formulated by the company in consultation with the committee and its financial advisors and also approved the submission of the said resolution plan to the lenders of the company.

Some of the features of the draft 'resolution plan' are no principal haircuts to any creditors, measures towards addressing aligning asset-liability mismatch, moratorium on repayments and funding plans for starting the retail funding activity. The announcement was made during market hours today, 6 August 2019.

Titan Company gained 0.12% to Rs 1038.05. The company's consolidated net profit rose 10.84% to Rs 3637.4 crore on 15.62% rise in net sales to Rs 50951 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 6 August 2019.

The jewellery division recorded an income growth of 13.3% in the first quarter. The income from this division in Q1 was Rs 4047 crore as against Rs 3572 crore last year. Growth in the jewellery segment was adversely impacted by high gold prices, especially during the month of June 2019.

Pidilite Industries rose 2.78%. The company's consolidated net profit rose 21.17% to Rs 294.27 crore on 9.96% rise in net sales to Rs 2016.81 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 6 August 2019.

Berger Paints India rose 3.94%. The company's consolidated net profit rose 31.8% to Rs 176.41 crore on 15.7% rise in net sales to Rs 1716.53 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 5 August 2019.

SRF surged 15.89% to Rs 2988.05. The company's consolidated profit after tax (PAT) rose 41% to Rs 189 crore on 9% rise in revenue to Rs 1828 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market yesterday, 5 August 2019.

Kolte-Patil Developers jumped 12.59% after the company announced its Q1 June 2019 result during market hours today, 6 August 2019. On a consolidated basis, Kolte-Patil Developers's net profit rose 205.51% to Rs 115.88 crore on a 49.96% rise in the revenue from operations to Rs 585.68 crore in Q1 June 2019 over Q1 June 2018.

Dilip Buildcon fell 1.31%. On a consolidated basis, the construction company's net profit fell 54.9% to Rs 100.42 crore on a 3.4% fall in the net sales to Rs 2436.44 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 5 August 2019.

Indian Hotels Co. rose 4.52%. On a consolidated basis, the hospitality company's net profit fell 24.3% to Rs 4.90 crore on a 4.1% rise in the net sales to Rs 1020 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 5 August 2019.

KEI Industries rose 8.16%. On a consolidated basis, the electrical cable and wire manufacturer's net profit rose 41.9% to Rs 45.72 crore on a 22% rise in the net sales to Rs 1081.36 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 5 August 2019.

Torrent Power rose 4.03%. On a consolidated basis, the company's net profit rose 21.9% to Rs 275.27 crore on a 5.9% rise in the net sales to Rs 3736.13 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 5 August 2019.

Mangalam Cement surged 19.87% to Rs 263. The cement maker reported net profit of Rs 33.22 crore in Q1 June 2019 over a net loss of Rs 15.32 crore in Q1 June 2018. The net sales rose 30.8% to Rs 333.16 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 5 August 2019.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 70.8425, compared with its close of 70.73 during the previous trading session.

In the commodities market, Brent crude for October 2019 settlement was rose 13 cents at $59.94 a barrel. The contract fell $2.08 or 3.36% to settle at $59.81 a barrel in the previous trading session.

Overseas, most European stocks were trading higher. Asian stocks fell across the board Tuesday as the US-China trade war intensified, after Beijing confirmed it is suspending agricultural product purchases in response to new American tariffs. The Chinese Ministry of Commerce said Chinese companies have stopped purchasing American agricultural products in response to Trump's latest salvo and added it would not rule out tariffs on newly purchased agricultural goods after August 3. For its part, China is one of the largest buyers of U.S. agriculture.

China's yuan fell to a record low to the dollar on Monday. China's central bank said that the depreciation was due to the effects of unilateralist and trade-protectionist measures and the expectations for tariffs against China. People's Bank of China Governor Yi Gang said that China won't engage in competitive devaluation and that the decline was due to market forces.

US stocks suffered their biggest one-day decline of 2019 on Monday as China allowed its currency to fall to a more-than-10-year low versus the dollar after President Donald Trump rattled markets by announcing additional tariffs on Chinese goods late last week. President Donald Trump said last week the US is putting 10% tariffs on another $300 billion worth of Chinese goods starting September 1.

US Treasury Secretary Steven Mnuchin said on Monday the government had determined that China is manipulating its currency, and that Washington would engage with the International Monetary Fund to eliminate unfair competition from Beijing.

The People's Bank of China (PBOC) denied Washington's allegations of currency manipulation, and set its yuan fixing at 6.9683 per dollar, below the important line of 7 per dollar that it had breached on Monday.

The PBOC said in a statement on Tuesday that the label “seriously undermines international rules and will have a major impact on global finance and economy.”

In US, the Institute for Supply Management said its nonmanufacturing, or services, index fell to 53.7% in July from 55.1% in June. The reading was the lowest since August 2016. A reading of more than 50 indicates expansion in activity.

Key equity benchmarks tumbled on Monday, after a recovery in the previous trading session. The government's move to scrap special status of the disputed Kashmir region spooked investors. Weak global cues triggered by U.S. President Donald Trump's decision to impose tariffs on more Chinese imports also put pressure on domestic shares. Weakness in the banks, metals and auto stocks dragged the indices lower.

The Sensex fell 418.38 points or 1.13% to settle at 36,699.84, its lowest closing level since 8 March 2019. The index fell 274.17 points, or 0.74% at the day's high of 36,844.05. The index fell 701.43 points, or 1.89% at the day's low of 36,416.79.

The Nifty 50 index fell 134.75 points or 1.23% to settle at 10,862.60, its lowest closing level since 28 February 2019. The index fell 101.55 points, or 0.92% at the day's high of 10,895.80. The index fell 214.75 points, or 1.95% at the day's low of 10,782.60.

In the broader market, the S&P BSE Mid-Cap index fell 1.26%. The S&P BSE Small-Cap index fell 1.69%.

The market breadth was weak. On the BSE, 734 shares rose and 1690 shares fell. A total of 139 shares were unchanged.

Among the sectoral indices on the BSE, the S&P BSE Telecom index (up 1.56%), the S&P BSE Teck index (up 0.72%) and the S&P BSE IT index (up 0.69%) outperformed the S&P BSE Sensex. Meanwhile, the S&P BSE Utilities index (down 2.73%), the S&P BSE Energy index (down 2.65%) and the S&P BSE Power index (down 2.56%) underperformed the S&P BSE Sensex.

The Union Government on Monday moved a resolution in Rajya Sabha to scrap Article 370 of the Constitution that gives special status to Jammu and Kashmir. President Ram Nath Kovind issued a notification- The Constitution (Application to Jammu and Kashmir) Order, 2019 that will come into force immediately. The order is set to supersede the Constitution (Application to Jammu and Kashmir) Order, 1954 as amended from time to time.

The government also moved a bill proposing division of the state of Jammu and Kashmir into two union territories- Jammu and Kashmir division and Ladakh. Amit Shah in Rajya Sabha said the union territory in Ladakh will have no legislature while the union territory of Jammu and Kashmir will have a legislature like Delhi and Puducherry.

At least 8,000 paramilitary troops have been airlifted to J&K from different parts of the country today. The Army and the Air Force have been put on high alert, the media reported.

On the economic front, the IHS Markit India Services Business Activity Index rose to 53.8 in July from 49.6 in June, pointing to the quickest increase in output in one year. Four of the five monitored subsectors posted expansion, the sole exception being Real Estate & Business Services.

Meanwhile, Finance Minister Nirmala Sitharaman will hold a series of meetings this week to take stock of the economy which has witnessed a downturn in recent quarters, Finance Secretary Rajiv Kumar told the media on Monday.

On Tuesday, Sitharaman will meet representatives of micro, small and medium enterprises (MSME) sector. On 7 August, Sitharaman will meet business leaders from the automobile sector. Transport Minister Nitin Gadkari will also participate in the meeting.

On 8 August, the Finance Minister is scheduled to meet industry bodies. A day later, she will meet financial market chiefs from the BSE India, the National Stock Exchange of India (NSE) and mutual fund houses. On 11 August, Sitharaman will meet with representatives from the real estate industry and home buyers. All the meetings will be attended by union ministers of the concerned sectors.

Index major ITC fell 1.91%. The company's net profit rose 12.6% to Rs 3173.94 crore on 6% rise in net sales to Rs 11,361.35 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 2 August 2019.

On consolidated basis, ITC's consolidated net profit rose 12.8% to Rs 3355.01 crore on 6.7% rise in net sales to Rs 12532.31 in Q1 June 2019 over Q1 June 2018.

The company reported that it has posted a steady performance during the quarter amid sluggish demand conditions. ITC's flagship cigarette business grew 6% to Rs 5433.4 crore in Q1 June 2019 over Q1 June 2018.

Index heavyweight Reliance Industries slipped 3.48%. The company said that its wholly-owned subsidiary, Reliance Industrial Investments and Holdings (RIIHL), has entered into an agreement for acquisition of equity shares of Shopsense Retail Technologies for a cash consideration not exceeding Rs 295.25 crore. RIIHL has an option to further invest an amount of up to Rs 100 crore which is likely to be completed by December 2021. The total investment will translate into approximately 87.6% of equity share capital in Fynd on a fully diluted and converted basis. The announcement was made on Saturday, 3 August 2019.

A foreign brokerage has reportedly downgraded the stock to 'Underperform' from 'Neutral' and cut price target to Rs 995 from Rs 1,350.

FMCG major Nestle India gained 3.25%. The company's net profit rose 10.8% to Rs 437.84 crore on 11.4% rise in net sales to Rs 2982.83 crore in Q2 June 2019 over Q2 June 2018. The result was announced after market hours on Friday, 2 August 2019.

Domestic sales increased by 13.1% in Q2 June 2019 largely driven by volume & mix while company's export dropped by 13.9% in Q2 June 2019 primarily due to lower coffee exports to Turkey. The company also announced that it will start construction of its ninth factory in India. The factory for 'Maggi Noodles' will involve an initial investment of nearly Rs 700 crore over the next two years is located in Gujarat.

Metal shares fell. Jindal Steel & Power (down 6.03%), Hindustan Copper (down 4.09%), Hindustan Zinc (down 3.46%), JSW Steel (down 3.27%), Hindalco Industries (down 2.47%), NMDC (down 2.47%), Steel Authority of India (down 2.44%), Tata Steel (down 2.43%), National Aluminium Company (down 2.05%) and Vedanta (down 1.71%), edged lower.

Private sector bank shares fell. Yes Bank (down 8.15%), RBL Bank (down 4.52%), Kotak Mahindra Bank (down 3.13%), City Union Bank (down 2.41%), ICICI Bank (down 1.98%), HDFC Bank (down 1.61%) and Axis Bank (down 1.57%) declined. Federal Bank (up 0.06%) and IndusInd Bank (up 0.63%) advanced.

Public sector bank shares fell. Bank of Maharashtra (down 4.21%), Corporation Bank (down 3.44%), Allahabad Bank (down 3.05%), State Bank of India (down 2.66%), Central Bank of India (down 2.56%), Syndicate Bank (down 1.87%), Bank of Baroda (down 1.57%), Canara Bank (down 1.57%), Punjab National Bank (down 1.55%), UCO Bank (down 1.54%), Bank of India (down 1.08%), United Bank of India (down 0.94%) declined. Union Bank of India (up 0.31%), Andhra Bank (up 2.3%) and Indian Bank (up 3.49%) advanced.

The Reserve Bank of India (RBI) has imposed monetary penalty on seven banks for non-compliance with certain provisions of directions issued by RBI on Code of Conduct for Opening and Operating Current Accounts, Opening of Current Accounts by Banks - Need for Discipline, Discounting/ Rediscounting of Bills by Banks, Reserve Bank of India (Frauds classification and reporting by commercial banks and select FIs) directions 2016, End Use of Funds - Monitoring and Deposits on Balance Sheet Date.

These include Allahabad Bank (Rs 2 crore), Bank of Baroda (Rs 1.5 crore), Bank of India (Rs 1.5 crore), Bank of Maharashtra (Rs 2 crore), Indian Overseas Bank (Rs 1.5 crore), Oriental Bank of Commerce (Rs 1 crore) and Union Bank of India (Rs 1.5 crore). The penalties have been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949, taking into account the failure of the banks to adhere to the aforesaid directions issued by RBI. This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.

Jammu & Kashmir Bank lost 3.13% amid ongoing political issues in Kashmir. Meanwhile, the bank's net profit declined 58.4% to Rs 21.87 crore on 18.9% rise in total income to Rs 2256.25 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 3 August 2019.

The bank's gross non-performing assets (NPAs) stood at Rs 6030.84 crore as on 30 June 2019 as against Rs 6221.35 crore as on 31 March 2019 and Rs 6241.67 crore as on 30 June 2018. The ratio of gross NPAs to gross advances stood at 8.48% as on 30 June 2019 as against 8.97% as on 31 March 2019 and 9.83% as on 30 June 2018.

The bank's provisions and contingencies rose 15% to Rs 293.21 crore in Q1 June 2019 from Rs 255.01 crore in Q1 June 2018. The bank reported a provision coverage ratio of 66.61% as on 30 June 2019. The bank's capital adequacy ratio (Basel III) declined to 11.76% in Q1 June 2019 from 12.42% in Q1 June 2018.

Punjab & Sind Bank lost 3.86%. The bank announced, after market hours on Friday, 2 August 2019, that on determination and disclosures of material events, an NPA Account, viz. Fairdeal Supplies with outstanding dues of Rs 40.49 crore has been declared as fraud and reported to RBl as per regulatory requirement. Bank is in the process of filing of Complaint / FIR with Central Bureau of Investigation.

In a separate announcement on Saturday, 3 August 2019, the bank said that the Reserve Bank of India has imposed a penalty of Rs 1 crore on it for delay in reporting fraud in Kingfisher Airlines.

In a separate announcement on Saturday, 3 August 2019, the bank announced that Director, FIU -IND in exercise of powers conferred under the Prevention of Money Laundering Act, 2002 has imposed a penalty of Rs 2.87 crore on the bank for non compliance of the Money Laundering (Maintenance of Records) Rules, 2005.

Most auto stocks declined. Tata Motors (down 5.25%), Eicher Motors (down 2.45%), Mahindra & Mahindra (down 1.85%), Ashok Leyland (down 0.54%), Escorts (down 0.52%), Maruti Suzuki India (down 0.42%) and Hero MotoCorp (down 0.05%) edged lower. Bajaj Auto (up 1.50%) and TVS Motor Company (up 2.63%) edged higher.

As per reports, according to industry body FADA, approximately two lakh jobs have been cut across automobile dealerships in India in the last three months as vehicle retailers take the last resort of cutting manpower to tide over the impact of the unprecedented sales slump.

Drug major Lupin shed 1.21%. The pharma major announced the receipt of the Establishment Inspection Report (EIR) from the U.S. FDA for its Aurangabad facility. The facility was inspected by the U.S. FDA between May 6, 2019 and May 15, 2019. Lupin's Aurangabad facility is involved in the manufacture of Oral Solid Dosage, Oral Liquid and Powder for Oral Suspension products for the US Market, WHO/Global Institution markets and the India market. The announcement was made during market hours today, 5 August 2019.

Relaxo Footwears rose 0.70%. The company's net profit rose 8.3% to Rs 49.75 crore on 15.4% rise in net sales to Rs 648.30 crore in Q1 June 2019 over Q1 June 2018. The result was announced on Saturday, 3 August 2019.

Revenues growth was mainly driven by favourable product mix and an increase in volumes. The company's earnings before interest tax depreciation and amortization (EBITDA) increased 28% to Rs 106 crore in Q1 June 2019 from 83 crore in Q1 June 2018. The EBITDA margin grew to 16.4% in Q1 June 2019 from 14.7% Q1 June 2018.

Bata India rose 4.42%. The company's consolidated net profit rose 22.52% to Rs 100.97 crore on 11.08% rise in total income to Rs 899.62 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 2 August 2019.

Deepak Nitrite lost 2.53% after consolidated net profit rose 601.55% to Rs 131.61 crore on 128.64% rise in total income to Rs 1062.57 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours on Friday, 2 August 2019.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 70.505, compared with its close of 69.60 during the previous trading session.

In the commodities market, Brent crude for October 2019 settlement was down 57 cents at $61.32 a barrel. The contract rose $1.39 or 2.30% to settle at $61.89 a barrel in the previous trading session.

Overseas, shares in European stocks and Asia declined steeply on Monday as a sharp escalation in the Sino-US trade war kept financial markets on edge.

US stocks ended at their lowest levels in a month on Friday as investors worried that President Trump's escalation of the trade war with China would impact economic growth. Stocks extended losses after China vowed to retaliate against President Trump's decision on Thursday to impose 10% tariffs on the remaining $300 million of imports from China not already subject to levies.

On the US data front, the U.S. economy added 164,000 jobs in July. The job gains pushed the size of the U.S. labor force to a record high. Wages rose 3.2% on a year-over-year basis.