Domestic stocks were trading weak in early trade on negative Asian stocks. At 9:19 IST, the barometer index, the S&P BSE Sensex, was down 374.13 points or 0.95% at 39,139.26. The Nifty 50 index was down 106.30 points or 0.9% at 11,704.85.
The S&P BSE Mid-Cap index was down 0.89%. The S&P BSE Small-Cap index was down 0.78%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 243 shares rose and 825 shares fell. A total of 39 shares were unchanged.
Overseas, Asian stocks were trading lower on Monday after a strong jobs report moderated expectations that the US Federal Reserve could soon be making a move on interest rates.
China's foreign exchange reserves expanded slightly to $3.1192 trillion at the end of June, official data showed Monday. The amount increased by $18.2 billion, or 0.6$ from the end of May, according to the State Administration of Foreign Exchange (SAFE).
US stocks closed slightly lower Friday, 5 July 2019, following an unexpectedly strong US payrolls report, reducing the chances of multiple Federal Reserve rate cuts by the end of the year.
On the data front, the US economy added a better-than-expected 224,000 jobs in June, while the unemployment rate ticked up slightly to 3.7% from 3.6%.
Back home, Siemens rose 1.25%. Siemens on 4 July 2019 has transferred and assigned its leasehold interest in the property located at Plot I - B admeasuring 2,04,120.37 square meters (equivalent to 50.43 acres), Halol Industrial Area (Phase III), Gujarat to LM Wind Power Blades (India) for Rs 158.50 crore. The announcement was made after market hours on Friday, 5 July 2019.
Quick Heal Technologies gained 2.54%. Quick Heal Technologies has been granted a patent for its ground-breaking Anti-Ransomware technology by the United States Patent and Trademark Office (USPTO). The announcement was made after market hours on Friday, 5 July 2019.
Zuari Agro Chemicals lost 1.79%. Zuari Agro Chemicals informed that urea/ammonia plants of the company have been shut down due to tube leak of the PG- Reboiler in the CO2 removal section of the ammonia plant. The announcement was made on Saturday, 6 July 2019.
TeamLease Services fell 0.86%. TeamLease Services announced that as on 4 July 2019, the company has acquired an additional 25% stake in Cassius Technologies (Fresher's World), pursuant to which, the company now holds 76% stake in Cassius Technologies (Fresher's World). The announcement was made after market hours on Friday, 5 July 2019.
Aster DM Healthcare declined 0.61%. Aster DM Healthcare has incorporated a Limited Liability Partnership, Aster Clinical Lab LLP, in India for the purpose of carrying on pathology business and allied activities. Proposed investment in the LLP is around Rs 40 crore. The announcement was made after market hours on Friday, 5 July 2019.
Meanwhile, the Reserve Bank of India (RBI) announced liquidity easing measures on 5 July 2019 to improve flow of credit to non-banking finance companies (NBFCs) and housing finance companies (HFCs), following steps taken by the government to ease stress in the sector. The RBI will provide required liquidity backstop to the banks against their excess G-sec holdings.
The RBI has also decided to frontload the Facility to Avail Liquidity for Liquidity Coverage Ratio (FALLCR) scheduled to increase by 0.5% each in August and December 2019 and permit banks to reckon with immediate effect the increase in FALLCR of 1% of the bank's NDTL, to the extent of incremental outstanding credit to NBFCs and Housing Finance Companies (HFCs) over and above the amount of credit to NBFCs/HFCs outstanding on their books as on date, which will enable the banks to avail additional liquidity of Rs 1.34 lakh crore.