Local stocks are trading lower in early trade on negative Asian stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 249.86 points or 0.68% at 36,443.83. The Nifty 50 index was down 74.85 points or 0.69% at 10,727.85.
The S&P BSE Mid-Cap index was down 0.52%. The S&P BSE Small-Cap index was off 0.49%.
The market breadth, indicating the overall health of the market, is negative. On the BSE, 154 shares rose and 509 shares fell. A total of 9 shares were unchanged.
On the macro front, India's retail inflation for June worsened to 6.09% due to a spike in the prices of certain food items, government data on July 13 showed. The Consumer Price Index (CPI) data was last released in March when it was at 5.84%. The government had not released the CPI data for April and May, citing insufficient data collection following the outbreak of coronavirus.
Stocks in news:
Wipro rose 0.26%. Wipro will announce its Q1 result today, 14 July 2020.
Adani Ports and Special Economic Zone (APSEZ) fell 0.71%. APSEZ said that first ever containerized cargo export from India to Bangladesh using Inland Waterways has reached its destination Pangaon International Container Terminal, Dhaka on 12th July 2020.
Godrej Industries rose 0.71%. Godrej Industries said that the management committee of the board of directors of the company approved issuance of upto 7,500 Rated, Listed, Unsecured, Redeemable, Non-Convertible Debentures having face value of Rs ten lakh each, aggregating to Rs 750 crore on private placement basis.
Sobha rose 0.86%. Sobha said that post easing of lockdown in first week of May, all offices, sites and factories got operational in line with respective state rules and regulations. However, the company also started witnessing labor migration issues across all states. This had an adverse impact on the company's operations at project sites and factories. During April and May months, the company have seen dip in sales but from June onwards, inquiries are at the pre-Covid levels and sales numbers has improved.
The Phoenix Mills fell 1.26%. The company's board approved raising of funds up to Rs 1,100 crore through issuance of equity shares, nonconvertible debt instruments along with warrants and convertible securities other than warrants or Global Depositary Receipts (GDRs) or Foreign Currency Convertible Bonds (FCCBs), to eligible investors including Foreign Institutions, Corporate Bodies, Mutual Funds, Banks, Insurance Companies, Pension Funds or individuals, either through Qualified Institutions Placement (QIP) and/or on a Preferential basis and/or Private Placement and/or any other permissible mode(s), in one or more tranches.
5Paisa Capital rose 5%. 5Paisa Capital reported consolidated net profit of Rs 2.81 crore in Q1 June 2020 as compared to net loss of Rs 0.52 crore in Q1 June 2019. Total income rose 85.17% to Rs 42.44 crore.
Overseas, rating agency S&P Global has cut its emerging market growth forecasts, predicting a 4.7% slump on average this year due to the coronavirus and warned that all countries would be left with permanent scars too.
Asian stocks are trading lower on Tuesday, ahead of the release of China's trade data for June.
Singapore's economy contracted 12.6% in the second quarter as compared to a year ago, according to advance estimates by the Ministry of Trade and Industry released Tuesday.
World Health Organization Director-General Tedros Adhanom Ghebreyesus on Monday warned that “too many countries are headed in the wrong direction.” In several countries across the world, we are now seeing dangerous increases in Covid-19 cases, and hospital wards filling up again, Tedros said. It would appear that many countries are losing gains made as proven measures to reduce risk are not implemented or followed.
In US, stocks closed mostly lower Monday, with the Dow clinging to a modest gain, after technology stocks fell and rising coronavirus cases led California's governor to order businesses across the state to shutter once again.
Equity benchmarks started with sharp gains after the Food and Drug Administration granted “fast track” status to a pair of vaccine candidates produced by Pfizer and German biotech firm BioNTech SE.
California also took a U-turn on Monday afternoon, with Gov. Gavin Newsom ordering every county in the state to shutter bars, indoor dining, movie theaters and wineries, while the state grapples with soaring COVID-19 cases.
Investors also have been keeping an eye on threats of renewed U.S.-China tensions. President Donald Trump on Friday said there was no scope for a phase-two agreement on trade between the two countries, saying Washington's relationship with China had been “severely damaged” by the coronavirus pandemic, which the administration has sought to blame on Beijing. China's move to crack down on Hong Kong with the passage of strict new national security laws has also raised tensions.
Meanwhile, Dallas Fed President Robert Kaplan said U.S. economic growth is slowing after initial burst in May, while speaking at the National Press Club.
Back home, the key indices logged modest gains on Monday. The barometer S&P BSE Sensex rose 99.36 points or 0.27% at 36,693.69. The Nifty 50 index added 47.15 points or 0.44% at 10,815.20.
Foreign portfolio investors (FPIs) bought shares worth Rs 221.76 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,485.59 crore in the Indian equity market on 13 July, provisional data showed.