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  • Market trades with small losses
  • August 23,2019  11:34
  • Trading turned volatile as key benchmarks reversed gains after hitting fresh intraday high in the mid-morning trade. At 11:22 IST, the barometer index, the S&P BSE Sensex, was down 35.23 points or 0.1% at 36,437.25. The Nifty 50 index was up 3.5 points or 0.03% at 10,744.50. Strength in metals and PSU banks supported the indices.

    The S&P BSE Mid-Cap index was up 0.41%. The S&P BSE Small-Cap index was down 0.04%.

    The market breadth, indicating the overall health of the market, was negative. On the BSE, 886 shares rose and 1137 shares fell. A total of 117 shares were unchanged.

    Metal stocks advanced. Vedanta (up 3.56%), Jindal Steel & Power (up 2.48%), Tata Steel (up 2.29%), Steel Authority of India (up 2.16%), NMDC (up 1.53%), National Aluminium Company (up 0.92%) and Hindustan Zinc (up 0.6%) edged higher.

    PSU banks witnessed buying support. Bank of Baroda (up 2.87%), Punjab National Bank (up 2.52%), Allahabad Bank (up 2.27%), Bank of India (up 1.68%), Oriental Bank of Commerce (up 1.24%), Syndicate Bank (up 1.18%), Union Bank of India (up 0.94%) and State Bank of India (up 0.84%) surged.

    Private sector banks, however, declined. AU Small Finance Bank (down 2.82%), ICICI Bank (down 1.28%), IndusInd Bank (down 1.16%), Kotak Mahindra Bank (down 1.11%) and HDFC Bank (down 1.09%) declined. Yes Bank (up 5.51%), RBL Bank (up 2.11%) and Axis Bank (up 0.61%) advanced.

    Shares of road construction company MEP Infrastructure Developers slumped 6.38% to Rs 27.90. The company announced that it has received Letter of Acceptance (LoA) from Public Works Department, Government of Maharashtra on 22 August 2019. The company said that it has been appointed as a contractor for collection of toll at approved rates on all specified vehicles at Thane-Bhiwandi-Wadpa road Thane District in the State of Maharashtra. The contract is for the period of 3 years. The total contractual amount for the said project is Rs. 36.63 crore payable on quarterly upfront basis.

    Infosys rose 1.45%. The IT major announced a strategic partnership with University of Illinois Urbana-Champaign (UIUC) to develop new technologies and systems in precision medicine. Through this partnership Infosys also becomes a member of the Center for Computational Biotechnology and Genomic Medicine (CCBGM). The announcement was made after market hours yesterday, 22 August 2019.

    Metal casting and jigs producer Kennametal India fell 1.39% to Rs 954.85 after the company's net profit fell 21.6% to Rs 17.60 crore on a 2.7% rise in the net sales to Rs 231.80 crore in Q1 June 2019 over Q1 June 2018.

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