Domestic stocks edged lower in early trade on selling pressure in index pivotals. At 9:24 IST, the barometer index, the S&P BSE Sensex, was down 126.34 points or 0.32% at 39,325.73. The Nifty 50 index was down 50.10 points or 0.42% at 11,773.20.
On the macro front, exports were $29.99 billion in May 2019, as compared to $28.86 billion in May 2018, showing a growth of 3.93%. In rupee terms, exports were Rs 2.09 lakh crore in May 2019, as compared to Rs 1.94 lakh crore in May 2018, registering a growth of 7.36%. Imports were $45.35 billion (Rs 3.16 lakh crore) in May 2019, which was 4.31% higher in dollar terms and 7.76% higher in rupee terms over imports of $43.48 billion (Rs 2.93 lakh crore) in May 2018. The data was announced by the government after market hours on Friday, 14 June 2019.
The S&P BSE Mid-Cap index was down 0.46%. The S&P BSE Small-Cap index was down 0.32%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 401 shares rose and 725 shares fell. A total of 64 shares were unchanged.
Overseas, Asian shares were trading mixed on Monday as investors were cautious ahead of a closely-watched Federal Reserve meeting, while political tensions in the Middle East and Hong Kong kept risk-appetite in check.
US stocks ended lower on Friday, 14 June 2019 as investors turned cautious before this week's Fed meeting, while a warning from Broadcom on slowing demand weighed on chipmakers and added to U.S.-China trade worries.
In economic data, industrial production rose 0.4% in May, a solid and broad-based gain helped by increased production of pickup trucks and cars, the Federal Reserve said Friday. It was the strongest monthly rise in six months.
Back home, Mahindra & Mahindra (M&M) rose 0.05%. M&M's farm equipment sector (FES) announced an investment of CHF 4.3 million ($4.3 million) for an 11.25% stake in Switzerland-based agri technology firm Gamaya SA. This investment will be through a subscription to 300 common shares and 30,469 Series B preferred shares of Gamaya SA. ICOS Capital, VI Partners and some existing investors also participated in the CHF 7.5 million Series B funding round. Through this investment, M&M will make superior farming solutions easily accessible to the global farming community, in line with the company's Farming 3.0 strategy. Incorporated in the year 2015, Gamaya is a Switzerland-based company focused on providing crop-specific technology solutions for agriculture. The announcement was made after market hours on Friday, 14 June 2019.
Bharat Heavy Electricals (Bhel) rose 0.87% after the company won two EPC orders for setting up Solar Photovoltaic (SPV) plants with a cumulative capacity of 200 MW. Valued at over Rs 800 crore, the orders have been secured from NTPC and Gujarat State Electricity Corporation (GSECL). The announcement was made on 16 June 2019.
Laurus Labs rose 1.39%. Laurus Labs said it has completed the US Food and Drug Administration (USFDA) inspection of its API facilities in Units 1 & 3 at Parawada, Visakhapatnam, Andhra Pradesh, with two observations which are procedural in nature. This is a regular surveillance audit by USFDA, and no data integrity issues were observed in the inspection. The announcement was made after market hours on Friday, 14 June 2019.
Bharat Financial Inclusion fell 0.84%. Bharat Financial Inclusion said it assigned a pool of receivables of an aggregate value of Rs 1545.93 crore to one of the largest private sector banks on a direct assignment basis as per the guidelines prescribed by the Reserve Bank of India. This is the second direct assignment transaction in FY2020. With this transaction, the company has completed Direct Assignment transactions worth Rs 2653.33 crore in FY20. The announcement was made after market hours on Friday, 14 June 2019.
Dewan Housing Finance Corporation (DHFL) gained 4.1% after the company said it has made principal payment of Rs 100 crore and interest payment of Rs 25.49 lakh on non-convertible debentures (NCDs) due on 14 June 2019. The announcement was made after market hours on Friday, 14 June 2019.