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Nifty drops below 11,000

Key benchmark indices dropped in volatile trade as the opposition parties tabled a no-confidence motion against Prime Minister Narendra Modi's government. The barometer index, the S&P BSE Sensex, fell 146.52 points or 0.4% to settle at 36,373.44. The Nifty 50 index fell 27.60 points or 0.25% to settle at 10,980.45. The Nifty settled below the psychologically important 11,000 mark after moving above and below that level in intraday trade.

After opening higher, the market pared gains in mid-morning trade and hit fresh intraday low in mid-afternoon trade.

The Sensex fell 146.52 points or 0.4% to settle at 36,373.44. The Sensex rose 227.91 points, or 0.62% at the day's high of 36,747.87 in early trade. The index fell 199.04 points, or 0.55% at the day's low of 36,320.92 in mid-afternoon trade.

The Nifty 50 index fell 27.60 points or 0.25% to sette at 10,980.45. The Nifty rose 68.15 points, or 0.62% at the day's high of 11,076.20 in early trade. The index fell 51.75 points, or 0.47% at the day's low of 10,956.30 in mid-afternoon trade.

Broader market witnessed selling pressure. Among secondary barometers, the BSE Mid-Cap index fell 1.27%. The BSE Small-Cap index fell 0.95%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On BSE, 888 shares rose and 1704 shares fell. A total of 135 shares were unchanged.

ONGC (up 2.69%), Asian Paints (up 0.95%), Yes Bank (up 0.92%), HDFC (up 0.91%), Hero MotoCorp (up 0.63%) and Bajaj Auto (up 0.32%) were the major Sensex gainers.

Axis Bank (down 2.57%), Hindustan Unilever (down 2.37%) and Tata Motors (down 2.19%) were the major Sensex losers.

Metal shares declined as copper prices fell in global commodity markets. Tata Steel (down 5.22%), Hindalco Industries (down 3.51%), Jindal Steel & Power (down 6.33%), Steel Authority of India (down 2.47%), National Aluminium Company (down 2.74%), Hindustan Copper (down 3.33%), NMDC (down 2.21%), Vedanta (down 2.74%), Hindustan Zinc (down 0.02%) and JSW Steel (down 3.48%) edged lower.

Copper edged lower in the global commodities market. High Grade Copper for September 2018 delivery was currently off 0.76% at $2.7260 per pound on the COMEX.

HDFC Bank shed 0.03% to Rs 2,176.05. The stock hit a record high of Rs 2,219.05 in intraday trade today, 18 July 2018. HDFC Bank said that the bank allotted 3.90 crore shares to HDFC by way of the preferential allotment at Rs 2,174.09 per share, aggregating to Rs 8500 crore. The announcement was made after market hours yesterday, 17 July 2018. Shares of HDFC rose 0.91% to Rs 2,008.25.

UltraTech Cement fell 1.26%. On a consolidated basis, the company's net profit fell 29.73% to Rs 631 crore on 27.43% increase in net sales to Rs 8,841 crore in Q1 June 2018 over Q1 June 2017. The result was announced during trading hours today, 18 July 2018.

Drug major Sun Pharmaceutical Industries gained 0.14%. The company announced during trading hours today, 18 July 2018, that it has received approval from the US Food and Drug Administration (USFDA) for INFUGEM (gemcitabine in 0.9% sodium chloride injection) 10 mg/mL, for intravenous use in a ready-to-administer (RTA) bag. This is the first USFDA approval for a product from Sun Pharma's Halol facility post receipt of Establishment Inspection Report (EIR) in June 2018. The addressable market size is approximately $35 million for the 12 months ending March 2018, as per IQVIA.

Zee Entertainment Enterprises rose 0.72% after the company reported 31.27% rise in consolidated net profit to Rs 325.88 crore on 11.1% rise in total income to Rs 1823.54 crore in Q1 June 2018 over Q1 June 2017. The announcement was made after market hours yesterday, 17 July 2018.

On a consolidated basis, Zee Entertainment Enterprises' earnings before interest, taxes, depreciation and amortization (EBITDA) rose 16.8% to Rs 565.70 crore in Q1 June 2018 over Q1 June 2017. EBITDA margin stood at 31.9%.

Advertising revenue for the quarter was Rs 1146 crore, recording a growth of 18.6% YoY. Domestic advertising revenue grew by 22.3% YoY to Rs 1087 crore. International advertising revenue for the quarter was Rs 59 crore. Subscription revenue for the quarter was Rs 518.60 crore. Domestic subscription revenue grew by 12.3% YoY to Rs 425.20 crore. International subscription revenue was Rs 93.40 crore.

Bandhan Bank surged 6.79% after net profit jumped 47.51% to Rs 481.71 crore on 38.54% rise in total income to Rs 1766.86 crore in Q1 June 2018 over Q1 June 2017. The result was announced during market hours today, 18 July 2018.

Rallis India fell 0.88%. The company reported 20.62% rise in consolidated net profit to Rs 54.58 crore on 29.49% rise in total income to Rs 578.01 crore in Q1 June 2018 over Q1 June 2017. The announcement was made after market hours yesterday, 17 July 2018.

Kridhan Infra gained 6.05% after the company announced that its associate Vijay Nirman Company (VNC) has been awarded a new project worth Rs 222.6 crore for rehabilitation and upgradation of the NH 167 in a joint venture in which it holds 51%. The announcement was made after market hours yesterday, 17 July 2018.

On the political front, the Monsoon Session of Parliament began today, 18 July 2018. A no-confidence motion was reportedly moved against the Narendra Modi government in the Lok Sabha today, with Speaker Sumitra Mahajan admitting it and saying she would announce the date for a debate on it in "2-3 days". Over half-a-dozen MPs from the Opposition Benches gave notices for the no-confidence motion which includes members from Congress, TDP and TMC. Parliamentary Affairs Minister Ananth Kumar said the government was ready to face the no-confidence motion and win it as it enjoyed a two-third majority in the House, reports added.

The Monsoon Session of Parliament will conclude on 10 August 2018. The Session will provide a total of 18 sittings spread over a period of 24 days. Government has listed a substantive legislative business for the session. This includes 48 items, including 46 Bills and two financial matters. The bills prioritised by the government include The Muslim Women (Protection of Rights on Marriage) Bill or the anti-instant triple talaq bill and The Constitution (123rd Amendment) Bill, that gives Constitutional status to the National Commission for Backward Classes.

Overseas, European shares rose, helped by a rally in tech stocks following well-received earning updates from equipment maker Ericsson. Most Asian shares rose, tracking overnight gains in the US market following upbeat remarks from Federal Reserve Chairman Jerome Powell during his congressional testimony.

US stocks closed higher on Tuesday, extending a recent upswing after Fed's Powell indicated the US central bank would not move too quickly in changing monetary policy, and that it would be flexible in the face of changing conditions. Traders also digested the latest round of corporate earnings, which came in mixed but nevertheless showed strong growth.

Appearing in front of the Senate Banking Committee, Powell said the best way forward is to keep gradually raising the federal-funds rate for now. In a cautious note, however, Powell said that it is difficult to predict the ultimate outcome of current discussions over trade policy as well as the size and timing of the economic effects of the recent changes in fiscal policy.

On the US data front, industrial production rose 0.6% in June to more than offset a similarly sized decline in May. The National Association of Home Builders' monthly confidence index was unchanged at 68 in July.

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