The main indices continued to trade lower in mid morning trade. The Nifty 50 Index traded marginally above 11,650 level. Weak cues from other Asian stocks spoiled investors sentiment. Asian indices fell across the board on Thursday, amid a renewed threat to trade.
At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 106.61 points or 0.27% at 39,109.03. The Nifty 50 index was down 33.65 points or 0.29% at 11,653.85.
The S&P BSE Mid-Cap index was down 0.79%. The S&P BSE Small-Cap index was down 0.58%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 679 shares rose and 1309 shares fell. A total of 127 shares were unchanged.
Private Banks shares fell. Federal Bank (down 2.23%), RBL Bank (down 1.84%), City Union Bank (down 1.58%), IndusInd Bank (down 1%), ICICI Bank (down 0.33%) and Kotak Mahindra Bank (down 0.07%) declined. HDFC Bank was up 1.11%.
Yes Bank lost 9.46% after net profit dropped 90.97% to Rs 113.76 crore on 9.87% rise in total income to Rs 9088.80 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 17 July 2019.
Axis Bank was down 1.13%. The bank after market hours yesterday, 17 July 2019, announced that Dr. Sanjiv Misra has ceased to be the non-executive chairman of the bank, pursuant to the completion of his tenure with effect from the close of business hours on Wednesday. It further added that Rakesh Makhija will assume charge as the non-executive chairman of the bank, with effect from Thursday, 18th July 2019.
Shares of public sector banks fell. Union Bank of India (down 2.78%), Canara Bank (down 2.62%), Bank of Baroda (down 2.48%), Bank of India (down 2.18%), IDBI Bank (down 1.56%), Andhra Bank (down 1.55%), UCO Bank (down 1.36%), Corporation Bank (down 1.13%), Bank of Maharashtra (down 0.95%), Punjab National Bank (down 0.73%), United Bank of India (down 0.6%), Indian Bank (down 0.41%), Syndicate Bank (down 0.38%) and State Bank of India (down 0.11%) declined.
Punjab & Sind Bank was down 3.68%. The state-run bank said that on the basis of Forensic Audit Investigation findings and CBI filing FIR, on suo moto basis, against Bhushan Power and Steel (BPSL) and its directors, alleging diversion of funds from banking system, a fraud of Rs 238.30 crore is being reported by bank to RBI. In the accounts of the BPSL, the bank has already made provisions amounting to Rs 189.35 crore, as per prescribed prudential norms. The announcement was made after market hours yesterday, 17 July 2019.
Allahabad Bank was down 2.07%. The bank after market hours yesterday, 17 July 2019, reported a fully provided non-performing account, viz. SEL Manufacturing (SELM) with outstanding dues of Rs 688.27 crore for which NCLT proceedings are in progress, has also been declared as fraud and reported to RBI as per regulatory requirement.
Jammu & Kashmir Bank was down 0.51%. In its annual report released after market hours yesterday, 17 July 2019, the bank said that during the financial year 2018-19, 11 cases of frauds were detected/ reported to the Reserve Bank of India involving an amount of Rs 182.90 crore.
Most pharmaceutical stocks fell. Piramal Enterprises (down 3.06%), Lupin (down 1.79%), Aurobindo Pharma (down 1.6%), Wockhardt (down 1.48%), Dr Reddy's Laboratories (down 1.1%), Cadila Healthcare (down 0.87%), Glenmark Pharmaceuticals (down 0.85%), Cipla (down 0.79%), Sun Pharmaceutical Industries (down 0.3%), Divi's Laboratories (down 0.27%), GlaxoSmithKline Pharmaceuticals (down 0.23%), IPCA Laboratories (down 0.19%) and Strides Pharma Science (down 0.14%) declined. Alkem Laboratories was up 0.45%.
Torrent Pharmaceuticals was down 3.81% after the US drug regulator classified the inspection of the company's Dahej facility as Official Action Indicated (OAI). The pharmaceutical company said it received a communication from the US Food and Drug Administration (USFDA) classifying the inspection conducted at its Dahej facility in Gujarat in March 2019 as Official Action Initiated (OAI). The company already had submitted its initial response to USFDA and commitments given in response to Form 483 observations have been fulfilled. The company is sending further updates over receiving of this OAI letter. The company will be engaging with the regulator and is fully committed in resolving this issue at the earliest. The announcement was made after market hours yesterday, 17 July 2019.
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