Business Standard Podcast

Shares of automobile manufacturers crashed at the bourses on Monday after reports said that the government intended to hike registration and renewal charges for internal combustion vehicles. The sector was also marred by the Goods and Services Tax (GST) council's decision to cut tax rate on electric vehicles from 12 per cent to 5 per cent. Weak June quarter performance by corporates and Finance Minister Nirmala Sitharaman's comments that the government was not relooking at the FPI surcharge proposal dented investment sentiment. The Sensex ended 196 points, or 0.52 per cent, lower at 37,686 levels pulled down by automobile manufacturers stocks. Tata Motors, Vedanta, Bajaj Auto, and Maruti were the top laggards at the close while ICICI Bank, IndusInd Bank, and HCL Tech ended the day as top gainers. On the other hand, Nifty50 gave up the psychological level of 11,200 mark to settle at 11,189 mark, down 95 points, or 0.84 per cent. The Sensex touched an intra-day low of 37,519 while the Nifty50 hit a low of 11,152. In the broader market, S&P BSE MidCap ended 93 points, or 0.67 per cent, lower at 13,763 levels while the S&P BSE SmallCap closed 135 points, or 1.03 per cent, lower at 12,926 levels. Among individual stocks, shares of Indiabulls group companies were under pressure on Monday, falling by up to 10 per cent intra-day on the BSE, after Rajya Sabha member Subramanian Swamy sent a letter to Prime Minister Narendra Modi, accusing the group of laundering more than Rs 1 lakh crore. The group, however, rejected the charges. Sectorally, all the indices ended in the red barring Nifty IT index. Nifty Auto index was the worst performing index, closing over 3.6 per cent lower. This was followed by losses in Nifty Metal index (down 2.8 per cent) and Nifty Pharma index (down 1.8 per cent). Nifty Realty, PSU bank and FMCG indices were down close to a per cent. Nifty IT index ended 0.17 per cent higher.

Finance Minister Nirmala Sitharaman in Budget 2019-20 announced that the government would start raising a part of its gross borrowing programme from external markets in foreign currencies. She added that India's sovereign external debt-to-GDP level is among the lowest globally at less than 5 per cent. The idea, however, has been criticised by many including economists and allies of the ruling BJP alike, as they argued that it could create long-term economic risks by exposing the government's liabilities to currency fluctuations. Even Swadeshi Jagran Manch (SJM), the economic wing of the RSS, has opposed the idea of issuance of sovereign bonds overseas. The government intends to mobilise about Rs 70,000 crore through this route as part of diversification of government's resource mobilisation and leaving more funds for the private sector. Listen to podcast for more.

Quarterly earnings, global cues, and stock-specific movement will shape the market direction today. Kansai Nerolac Paints and DLF are among the 71 companies scheduled to declare their June quarter results today. Investors will also react to major results announced on Friday post-market hours and during the weekend. Improvement in asset quality led ICICI Bank to report a consolidated net profit of Rs 2,514 crore for the June quarter on Saturday, against Rs 4.93 crore profit in the year-ago period. In today's session, Auto stocks may be in focus after the Goods and Services Tax (GST) Council on Saturday cut tax rates on electric vehicles from 12 per cent to 5 per cent, whereas for EV chargers, it was reduced tax from 18 per cent to 5 per cent. The new rates will be effective from August 1. Globally, all eyes would be on the US Federal Reserve which will begin its two-day policy review on Tuesday. As per a Reuters poll, a quarter-point interest rate cut in July is almost a done deal. Any development on the same would affect investor sentiment, hence shaping the market direction. Apart from these, market participants will continue to track the progress in monsoon, oil price, and the movement of rupee against the US dollar. Now, let's see how the Asian markets have started and what they mean for Sensex and Nifty. Asian shares got off to a cautious start on Monday as markets look forward to a likely cut in the US interest rates this week and whether or not the Federal Reserve signals yet more are in the pipeline. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat in slow trade. Japan’s Nikkei dipped 0.1 per cent.  As for SGX Nifty, it's indicating a flat to negative start for the domestic indices. Furthermore, Affle India IPO will open today. The IPO will be the first offer under the new Unified Payment Interface (UPI) mechanism, which was made mandatory for the retail investor category with effect from July 1. To know if you should subscribe to the issue or give it a pass, read our analysis of the company profile and analysts recommendations for the IPO on our website. We also have a special story on how you can cope with the mid- and small-cap meltdown that started in 2018 but doesn't seem to end even after almost one and half years. For more special stories like these and for the latest news on business, markets, and more, stay logged on to Business-Standard.com. Thanks for tuning-in.

Domestic indices ended Friday's lackluster trade with marginal gains. The benchmark S&P BSE Sensex and broader Nifty50 traded range-bound for better part of the day tracking corporate earnings and weakness in global markets. The Sensex ended 52 points, or 0.14 per cent, higher at 37,883 levels pulled up by automobile manufacturers, banking and financial stocks. YES Bank, Bajaj Finance, Hero Moto Corp, and M&M ended the day as top gainers while Vedanta, HDFC, Bharti Airtel, and Reliance were the top laggards at the close. On the other hand, Nifty50 settled at 11,284 mark, up 32 points, or 0.29 levels. In the broader market, S&P BSE MidCap ended 73 points, or 0.53 per cent, higher at 13,856 levels while the S&P BSE SmallCap closed 29 points, or 0.22 per cent, higher at 13,060 levels. Sectorally, all the indices ended in the green barring Nifty IT index. Nifty Auto index was the top performing index, closing with gains of over 2 per cent. Nifty Bank, including private bank and public sector bank indices, and Nifty Pharma ended with gains of a per cent each. Nifty IT index closed with a cut of 0.82 per cent. Punjab National bank (PNB) on Friday reported a profit of Rs 1,018.63 crore for the quarter ended June 30, 2019 (Q1FY20) against loss of Rs 940 crore registered in the corresponding quarter of the previous fiscal. Maruti Suzuki reported a consolidated net profit of Rs 1,376.8 crore for June quarter as compared to Rs 2,015.1 crore from the same period previous year. The company attributed this to lower sales volume and higher depreciation expenses.

The major factors shaping the market direction today will be corporate results, global cues, and update on monsoon. As many as 54 companies are scheduled to declare their June quarter results today. Among them is the country's largest carmaker Maruti Suzuki which, according to analysts, may post weak numbers due to the slowdown in demand and plummeting volumes which would offset the gains due to higher net realization. As for Bajaj Auto, although the company has reported a rise in volumes in an otherwise subdued quarter for auto firms, analysts expect the inferior product mix and higher discounting to drag down the company's profit. You can read more on what analysts expect from both the results on our website Business Standard.com Investors will also react to the major results announced yesterday after market hours. Tata Motors did far worse than expected in the June quarter, with a consolidated loss of Rs 3,680 crore. A high cost base and negative operating leverage, coupled with rising levels of competitive intensity across markets, led to the disappointment. Today, agri sector stocks may also be in focus after a weather department official yesterday said India is likely to get above-average rainfall in the next two weeks. On the other hand, Bank of Baroda is back in black after reporting a net profit of Rs 710 crore in its June quarter on account of higher non-interest income. Yesterday, the S&P BSE Sensex closed at 37,831 level, down 0.04 per cent. The broader Nifty50, too, shed 0.17 per cent to settle at 11,252 levels. Now, let's see how the global markets have fared overnight and they mean for Sensex and Nifty. Wall Street fell on Thursday on weak corporate results and after the ECB failed to cut rates. Asian share prices opened a tad lower on Friday. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.15 per cent while Japan's Nikkei dipped 0.3 per cent. SGX Nifty is indicating a negative start for the domestic indices. Next, we have a derivative strategy pick for you by HDFC Securities who recommend buying TATA STEEL August 430 Put at Rs 14 & simultaneously sell 410 Put at Rs 8 with a lot size of 1061.

Markets ended July Futures & Options (F&O) series below 38,000-mark at the S&P BSE Sensex and below 11,300 at the NSE Nifty50. Indices ended Thursday's volatile session in the red with corporate earnings and F&O contract expiry guiding the markets' trajectory throughout the day.  The S&P BSE Sensex closed at 37,831 level, down 17 points, or 0.04 per cent with Tata Motors, Bajaj Finance, Reliance Industries, and Tata Steel being the top laggards. On the other hand, Vedanta, Sun Pharma, IndusInd Bank and Axis Bank were at the higher end of the spectrum. The broader Nifty50, too, shed 19 points, or 0.17 per cent, to settle at 11,252 levels. In the broader market, the S&P BSE MidCap closed 73 points, or 0.53 per cent, higher at 13,783 levels, while the S&P BSE SmallCap slipped 12 points, or 0.09 per cent, to end at 13,031 levels. Sectorally, most of the indices ended in the green barring auto, metal and public sector bank indices. Nifty Pharma index gained the most and ended the day with gains of 2.31 per cent, followed by Nifty Media index, up 1.14 per cent. On the contrary, Nifty Metal and Nifty PSB indices slipped 0.83 per cent each at close. Shares of Tejas Networks plunged 14 per cent to Rs 111, also its all-time low on the BSE on Thursday, after it reported a sharp 87 per cent drop in its consolidated net profit at Rs 6 crore in June quarter (Q1FY20). The fall in profit came in on the back of weak revenue due to deferment of spending on government projects. The company had registered profit of Rs 45 crore in the year-ago period. Shares of ICICI Prudential Life Insurance Company (ICICI Pru) rallied 7 per cent to Rs 408 on the BSE on Thursday in an otherwise subdued market, after reporting 27 per cent year-on-year (YoY) growth in value of new business (VNB) at Rs 309 crore in the June quarter (Q1FY20). The stock was 5 per cent away from its 52-week high level of Rs 428 touched on August 7, 2018 in intra-day trade.

As many as 43 companies are scheduled to declare their June quarter results today. Analysts expect Tata Motors' revenue and bottom-line to be hit by the decrease in volume across all segments and see a 28-30 per cent year-on-year (y-o-y) fall in net profit and 13-16 per cent dip in revenue for the period under review. On the other hand, Bank of Baroda is expected to post stronger numbers on standalone basis while analysts would eye results for the merged entity. You can read more on what analysts expect from both the results on our website Business Standard.com Now, let's see how the global markets have fared overnight and they mean for Sensex and Nifty. US stocks pushed higher overnight after a series of weaker-than-expected purchasing manager index readings in the United States and Europe on Wednesday bolstered hopes of a Fed rate cut. Although the Dow fell 0.29 per cent to 27,270, the S&P 500 gained 0.47 per cent to 3,020 and the Nasdaq Composite added 0.85 per cent to 8,321. Asian shares, however, were cautious. Japan’s Nikkei gained 0.5 per cent, Australia’s benchmark index hit a new 12-year top, while MSCI’s broadest index of Asia-Pacific shares outside Japan were unchanged. SGX Nifty is indicating a positive start for the domestic indices. Next, let's see what today's top headlines are -- IndiGo's warring promoters Rahul Bhatia and Rakesh Gangwal have agreed on a board structure that gives higher representation to Bhatia’s InterGlobe Enterprises (IGE). However, the board has agreed to strengthen the policy on related-party transactions, as demanded by Gangwal. The Union Government has approved Trai's to levy a total penalty of Rs 3,050 crore on Bharti Airtel and Vodafone Idea for refusing to provide points of interconnection to Reliance Jio. DHFL has defaulted on bond repayments worth Rs 8.07 crore on July 23, as per an exchange filing. Credit rating agency Icra has downgraded ratings on Yes Bank’s bonds worth ₹32,911.7 crore, citing an increase in stressed assets and lack of debt resolutions. And finally, most mid-tier IT companies have put up a dismal performance in the first quarter of the financial year 2019-20 (Q1FY20), nudging brokerages to not only slash target prices for stocks, but also downgrade their ratings. We have a special story exploring the road ahead for these companies, and what you, the investor, should do about these stocks. For this article, more news and market updates, log on to Business-Standard.com

Domestic markets ended Wednesday's trading session with losses as weak corporate earnings and sluggish economic outlook dented investors' sentiment. Indices slipped for the fifth session in a row dragged by metals, banking and automobile stocks. The benchmark S&P BSE Sensex closed at 37,848 level, down 135 points, or 0.36 per cent with IndusInd Bank, Tata Motors, Bajaj Finance, and Tata Steel being the top laggards. On the contrary, Asian Paints, HDFC, Hindustan Unilever, and HDFC Bank were the top gainers at the 30-share index. Furthermore, the broader Nifty50 slipped below the psychological level of 11,300 to settle at 11,271, down 60 points, or 0.53 per cent. The indices touched intra-day lows of 37,708 at the Sensex and 11,230 at the Nifty. In the broader market, the S&P BSE MidCap closed 206 points, or 1.48 per cent, lower at 13,710 levels while the S&P BSE SmallCap slipped 163 points, or 1.23 per cent, to end at 13,043 levels.  Sectorally, stocks of autos, metals and public sector banks slipped the most. Nifty Metal index settled over 2 per cent lower, followed by Nifty Auto index, down 1.95 per cent. The PSU Bank, Pharma and Realty indices ended lower in the range of 1-1.7 per cent. Among the gainers, only Nifty FMCG and Media indices ended in the green with gains of 0.01 per cent and 1.6 per cent respectively. BUZZING STOCKS Shares of HDFC Life Insurance Company soared 5 per cent intra-day to hit a new 52-week high of Rs 533 apiece on the BSE on Wednesday. The stock has surged 9 per cent in past two days after the company reported a strong 47 per cent year on year (YoY) growth in the new business premium at Rs 3,926 in the first quarter of fiscal 2020 (FY20). Shares of Vodafone Idea slipped below its face value of Rs 10 at Rs 9.90, down 6 per cent on the BSE on Wednesday on the back of heavy volumes. The stock of the telecom services provider hit an all-time low on the bourses. Thus far in the current calendar year 2019, shares of the company have more than halved from the level of Rs 23 on poor earnings and high debt. In comparison, the S&P BSE Sensex has risen 5 per cent during the same period.

Corporate earnings and global cues will continue to dominate investor sentiment today. They will first react to major results announced Tuesday post-market hours. In that regard, Larsen & Toubro (L&T) and Hindustan Unilever (HUL) will be in focus.  L&T’s net profit for the June quarter rose 21 per cent on the back of improved performance. FMCG major HUL reported its lowest volume growth in seven quarters owing to moderation in consumer demand while net profit rose 15 per cent year-on-year to Rs 1,755 crore. Besides, market participants may also react to the International Monetary Fund lowering India's FY20 growth forecast by 30 basis points to 7 per cent, citing subdued domestic demand. Additionally, they will continue to track the progress in monsoon, oil price, and the movement of rupee against the US dollar. Benchmark indices dipped 0.13 per cent each on Wednesday. The S&P BSE Sensex settled at 37,983 levels, while the broader Nifty50 ended at 11,331-mark. The rupee closed with a marginal 2 paise drop at 68.94 against the US dollar. And now, let's take a look at global markets.  The US market gained on Tuesday, lifted by corporate results and optimism over the US-China trade talks. The Dow Jones rose 0.65 per cent to end at 27,349, while the S&P 500 gained 0.68 per cent to 3,005. Asian shares also nudged higher on Wednesday. Japan’s Nikkei added 0.4 per cent in early trade, while Australian stocks rose 0.6 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.04 per cent. SGX Nifty is indicating a flat start for the domestic indices. In the results corner, around 44 companies, including Asian Paints, Canara Bank, and Jubilant Foodworks, are scheduled to declare their June quarter results later in the day. Let's go through top headlines for the day --  >> India is set to break into the club of the 50 most innovative nations once the Global Innovation Index (GII) is launched on Wednesday;  >> Modi govt proposes major labour law changes for ease of compliance >> Retail investors raise bets on penny stocks despite high investment risk >> Foreign portfolio investors (FPIs) may look at participatory notes (p-notes) for making fresh investments in India, to sidestep the additional surcharge levied in the Budget.

Indices slipped for fourth consecutive session on Tuesday as weak corporate earnings, hinting at an economic slowdown, kept investors' sentiment muted. Heavy selling in select bluechip stocks like HDFC twins and State Bank of India (down 2 per cent each), and Reliance Industries and HCL Tech (down 1 per cent each) dragged indices lower during the last hour of trade. The benchmark S&P BSE Sensex settled below the 38,000 mark at 37,983 levels, down 48 points, or 0.13 per cent. State Bank of India (SBI), HDFC, Bajaj Auto, and HDFC Bank tumbled the most on the 30-share index while Power Grid Corporation, Hero Moto Corp, ITC, and Asian Paints closed the day as the top gainers. The broader Nifty50, too, ended at 11,331 mark, down 15 points, or 0.13 per cent. In the broader market, S&P BSE MidCap closed at 13,915 levels, down 79 points, or 0.56 per cent while the S&P BSE SmallCap index gained 49 points, or 0.38 per cent, to settle at 13,206 levels.  Indian investors bucked the trend being witnessed in Asian markets and focused on domestic factors to steer through the trade. The sentiment remained negative on the back of heavy selling by foreign investors post Budget announcement and negative management commentary during the quarterly results. Sectorally, NIfty IT index traded in the green through the day on a weaker rupee. At close, Nifty PSU Banks were the biggest losers, with the index settling over 3 per cent lower followed by Nifty Financial Services index (down 0.72 per cent) and Nifty Pharma index (down 0.70 per cent). Nifty Realty index was the gainer at close, up 0.99 per cent, followed by Nifty IT index (up 0.29 per cent). BUZZING STOCKS Shares of TVS Motor Company hit an over two-year low of Rs 361, down 5 per cent in Tuesday's early morning trade on the BSE after reporting a 3 per cent decline in net profit at Rs 142 crore for the first quarter of fiscal 2020 (Q1FY20), on muted volume, and higher depreciation, interest cost and tax rate. Hindustan Unilever (HUL) on Tuesday reported a 14.5 per cent rise in its consolidated net profit at Rs 1,792 crore for the quarter ended June 30, 2019. It had logged a profit of Rs 1,565 crore in the year-ago period. On standalone basis, net profit came in at Rs 1,755 crore, up 14 per cent YoY.

Corporate earnings will continue to be the biggest factor in shaping the market direction today while investors will also look out for global and other domestic cues. About 46 companies, including Hindustan Unilever, Larsen & Toubro, and Zee Entertainment Enterprises, are scheduled to declare their June quarter results today. Hindustan Unilever (HUL) is expected to post steady numbers for Q1FY20 owing to its shift towards natural products and increasing premiumisation amid slowdown in the consumption space. You can read our full preview on what analysts expect from HUL on our website. Investors will also react to major results announced yesterday after market hours. TVS Motor Company reported a 3 per cent decline in net profit at Rs 142.30 crore for the first quarter ended June 30 as compared to a net profit of Rs 146.61 crore in the year-ago period. Additionally, market participants will continue to track the progress in monsoon, oil price, and the movement of rupee against the US dollar. Benchmark indices extended their losing streak on Monday. The S&P BSE Sensex lost 0.8 per cent to settle at 38,031, while the broader Nifty50 index slipped 0.72 per cent to 11,337 levels.  Now, let's see how the global markets have fared overnight and they mean for Sensex and Nifty Expectations of policy easing by the Federal Reserve propped up US stocks on Tuesday, with the S&P 500 edging up towards a record high overnight. Asia followed suit. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.02 per cent. Japan's Nikkei rose 0.25 per cent, while South Korea's KOSPI gained 0.2 per cent. SGX Nifty is also indicating a positive start for the domestic indices. Let's go through top headlines for the day --  DHFL filed its audited results for the March quarter yesterday, and revealed that its auditors had raised several red flags around its numbers. The National Housing Bank has asked housing finance companies to desist from offering loans that involve servicing by builders on behalf of borrowers As per a Business Standard report, IndiGo promoter Rahul Bhatia may meet SEBI chairman Ajay Tyagi later this week.  And finally, here's a stock call by Prabhudas Liladher. The brokerage is bullish on Reliance Industries and says traders can look to initiate longs at current levels for a target of Rs 1385 and the stop loss should be fixed at Rs 1220.

Extending their losing streak to the third session in a row, the domestic stock market ended lower on Monday with the frontline indices tumbling nearly a per cent amid selling in bluechip counters such as HDFC duos, Bajaj Finance, Hindustan Unilever (HUL) and ITC. The S&P BSE Sensex lost 306 points or 0.80 per cent to settle at 38,031 with HDFC (down 5 per cent) being the biggest loser and YES Bank (up nearly 9.50 per cent) the top gainer. The broader Nifty50 index of the National Stock Exchange (NSE) slipped 82 points or 0.72 per cent to settle at 11,337 levels.  In the broader market, the S&P BSE MidCap index slipped 84 points, or 0.60 per cent, to 13,994.18, while the S&P BSE SmallCap index ended at 13,157 levels, down 154 points or 1.15 per cent. The S&P BSE Smallcap index hit its lowest level since February 2017 during the trade. READ MORE Analysts attributed an investor-unfriendly Budget, coupled with muted June quarter earnings among the major factors behind nervousness in the market. Moreover, weak global cues also added to the investors' woes.  Volatility index India VIX surged 4.49 per cent to 13.07, signalling increased volatility in the market.  Sectorally, financial services stocks tumbled the most, followed by banks, FMCG and realty stocks. The Nifty Financial Services index shed 341 points or 2.57 per cent to settle at 12,893.75 levels. HDFC, Bajaj Finserv and Edelweiss Financial Services plunged up to 6 per cent. BUZZING STOCKS Shares of Cox & Kings were frozen at 5 per cent lower circuit for the 19th straight day on the BSE to hit a new low of Rs 16.30 on Monday after Brickwork Ratings downgraded the rating to BWR D for non convertible debentures (NCDs) issue amounting to Rs 50 crore of the company.  Shares of RBL Bank continued to reel under pressure, down 5 per cent, to Rs 470 in intra-day trade on Monday. The stock has fallen 19 per cent in the past two trading days after the bank, on Friday, said it expects some challenges on some of their exposures in the near term. Shares of the bank ended at Rs 478.05 apiece, down 4.46 per cent on BSE.  YES Bank, on the other hand, gained 9.50 per cent to settle at Rs 91.15 apiece on the BSE

Today, the benchmark indices may take hint from their global peers which moved higher after expectations of a rate cut by Federal Reserve strengthened. Another big factor affecting the investor sentiment today will be the Union government's stance on the "super-rich" tax on FPIs, which Finance Minister Nirmala Sitharaman yesterday said will remain undiluted.  Investors will continue to track the June quarter earnings. Reliance Industries and InterGlobe Aviation, IndiGo's parent company, are among the 27 companies scheduled to announce their results today. You can read our preview on what analysts expect from the results on our website www.businessstandard.com Yesterday, the benchmark S&P BSE Sensex closed 0.81 per cent lower at 38,897 level. The broader Nifty50, too, ended at 11,597 mark, down 0.78 per cent amid fresh trade war concerns and mixed June quarter earnings. Now, let's see how the global markets have fared overnight and they mean for Sensex and Nifty US stocks moved higher on Thursday as comments from New York Fed President John Williams helped cement expectations for an interest rate cut.  Asian stocks took clues from Wall Street to inch higher. Australian stocks added 0.4 per cent, South Korea’s KOSPI rose 0.8 per cent and Japan’s Nikkei advanced 1 per cent. And, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.3 per cent. SGX Nifty is also indicating a positive start for the domestic indices. Let's go through top headlines for the day --  -- The controversial super-rich tax on foreign portfolio investors (FPIs) that are organised as trusts will stay undiluted, Finance Minister Nimala Sitharaman said on Thursday as Parliament passed the Finance Bill, 2019 -- An independent review of IndiGo’s related-party transactions has found no major procedural lapses by the company -- The interim resolution professional (IRP) handling Jet Airways insolvency has received claims of more than Rs 24,000 crore from its lenders, vendors, travel agents, and employees -- Insurance companies exposed to DHFL's debt papers have approached the Irdai to get a go-head from the regulator for participating in the inter-creditor agreement for DHFL, as per a Business Standard report. And finally, here's a commodities call by Tradebulls Securities, who recommend selling gold with target of 34,280 and stoploss of 35,100 closing basis

Markets saw the third-worst fall of 2019 on Friday as benchmark indices S&P BSE Sensex and Nifty50, both, fell to two-month low. The indices touched intra-day lows of 38,271 level at Sensex and 11,399 mark at Nifty. 'Super-rich tax' concerns on FPI, trade war tenions and weak corporate earnings contributed to the fall. The Sensex tanked 560 points, or 1.44 per cent, to close at 38,337 levels with 26 of the 30 stocks listed at the index ending in the red. IndusInd Bank, Bajaj Finance, M&M, and YES Bank were the top laggards while only NTPC, TCS, PowerGrid and ONGC ended in the green. The Nifty50, too, lost 178 points, or 1.53 per cent, to settle at 11,419 mark. Of the 50 stocks listed at the index, only 7 stocks advanced while the remaining 43 declined.  In the broader market, S&P BSE MidCap closed 285 points, or 2 per cent, lower at 14,078 level while the S&P BSE SmallCap slipped 248 points, or 1.83 per cent, at 13,310 levels. Sectorally, all the indices ended in the red. Nifty Auto index, too, tanked to two-month low to end 3.31 per cent lower. This was followed by losses in Nifty Private Bank index and Nifty Pharma index, down 2.45 per cent and 2.23 per cent respectively.  The Nifty Auto index hitting a three-year low on Friday. Thus far in the calendar year 2019, auto index slipped 21 per cent, against 5 per cent rise in the benchmark index. M&M, Motherson Sumi Systems, TVS Motor Company, Exide Industries, Escorts, MSIL, Eicher Motors, Hero MotoCorp, Bosch and Ashok Leyland have seen market value erosion of more than 22 per cent during the period. Shares of RBL Bank tanked as much as 13.75 per cent in the afternoon session on Friday after releasing June quarter results for the financial year 2019-20 (FY20). The lender reported healthy set of numbers for the period under review but said it expects to face some challenges on some of its exposures in the near term. Reacting to it, investor sentiment took a hit, thus dragging the stock nearly 14 per cent lower during the trade.

Today, the benchmark indices may take hint from their global peers which moved higher after expectations of a rate cut by Federal Reserve strengthened. Another big factor affecting the investor sentiment today will be the Union government's stance on the "super-rich" tax on FPIs, which Finance Minister Nirmala Sitharaman yesterday said will remain undiluted.  Investors will continue to track the June quarter earnings. Reliance Industries and InterGlobe Aviation, IndiGo's parent company, are among the 27 companies scheduled to announce their results today. You can read our preview on what analysts expect from the results on our website www.businessstandard.com Yesterday, the benchmark S&P BSE Sensex closed 0.81 per cent lower at 38,897 level. The broader Nifty50, too, ended at 11,597 mark, down 0.78 per cent amid fresh trade war concerns and mixed June quarter earnings. Now, let's see how the global markets have fared overnight and they mean for Sensex and Nifty US stocks moved higher on Thursday as comments from New York Fed President John Williams helped cement expectations for an interest rate cut.  Asian stocks took clues from Wall Street to inch higher. Australian stocks added 0.4 per cent, South Korea’s KOSPI rose 0.8 per cent and Japan’s Nikkei advanced 1 per cent. And, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.3 per cent. SGX Nifty is also indicating a positive start for the domestic indices. Let's go through top headlines for the day --  -- The controversial super-rich tax on foreign portfolio investors (FPIs) that are organised as trusts will stay undiluted, Finance Minister Nimala Sitharaman said on Thursday as Parliament passed the Finance Bill, 2019 -- An independent review of IndiGo’s related-party transactions has found no major procedural lapses by the company -- The interim resolution professional (IRP) handling Jet Airways insolvency has received claims of more than Rs 24,000 crore from its lenders, vendors, travel agents, and employees -- Insurance companies exposed to DHFL's debt papers have approached the Irdai to get a go-head from the regulator for participating in the inter-creditor agreement for DHFL, as per a Business Standard report. And finally, here's a commodities call by Tradebulls Securities, who recommend selling gold with target of 34,280 and stoploss of 35,100 closing basis