Key equity indices were hovering near day's low in mid-afternoon trade. At 14:18 IST, the barometer index, the S&P BSE Sensex, was down 232.24 points or 0.65% at 35,576.71. The Nifty 50 index was down 61.75 points or 0.58% at 10,662.65.
Among secondary barometers, the BSE Mid-Cap index was down 0.77%. The BSE Small-Cap index was down 0.72%.
The market breadth, indicating the overall health of the market, was weak. On BSE, 848 shares rose and 1605 shares fell. A total of 137 shares were unchanged.
Power sector stocks were mixed. Tata Power (down 4.69%), Adani Power (down 3.43%), Torrent Power (down 1.83%), NHPC (down 1.68%), CESC (down 1.66%), GMR Infrastructure (down 1.35%) and JSW Energy (down 0.08%), edged lower. NTPC (up 0.15%), Jaiprakash Power Ventures (up 0.64%), Reliance Infrastructure (up 7.48%) and Reliance Power (up 9.80%), edged higher.
State-run Coal India was down 1.46%. State-run Power Grid Corporation of India was down 0.41%.
Yes Bank was down 2.19%. The Reserve Bank of India (RBI) reprimanded Yes Bank for selectively revealing a confidential report by the regulator that led to a surge in the lender's shares on Thursday, calling the disclosure a deliberate attempt to mislead the public.
Yes Bank said that it received a letter from the Reserve Bank of India (RBI) stating that as the Risk Assessment Report (RAR) report was marked "confidential", it was expected that no part of the report and information contained therein be divulged except for the information in the form and manner of disclosure prescribed by Regulations. Therefore, the Press Release breaches confidentiality and violates regulatory guidelines. Moreover, NIL divergence is not an achievement to be published and is only compliance with the extant Income Recognition and Asset Classification norms. The RAR also identifies several other lapses and regulatory breaches in various areas of the Bank's functioning and the disclosure of just one part of the RAR is viewed by RBI as a deliberate attempt to mislead the public. The issuance of the press release has, therefore, been viewed seriously by the RBI and could entail further regulatory action.
Induslnd Bank was up 0.56%. The bank said it inaugurated two branches in Kolkata. One of the two branches is located in the posta Bazar area of the city, while the other is situated on Sarat Bose Road. Both braches house an ATM each that will be operational 24X7. With this, the bank now has a wide network of 60 branches across West Bengal.
On the economic front, India's merchandise exports rose 3.7% to $26.36 billion in January 2019 over a year ago. Meanwhile, merchandise imports was flat at $41.09 billion. The trade deficit for January 2019 was at $14.73 billion as against the deficit of $15.67 billion in January 2018.
Overseas, European shares were mixed as investors continued to monitor trade talks between the world's two largest economies. Asian shares edged higher on Monday, with trade talks between the US and China set to continue in Washington this week after high-level meetings in Beijing concluded on Friday.
US stock indices surged on Friday, 15 February 2019, buoyed by growing optimism that the US and China can strike a trade truce ahead of the March 1 deadline. US stock market will be closed on Monday in observance of the Presidents Day holiday.
In political news, tensions rose in Washington D.C. when President Donald Trump declared a national emergency citing a humanitarian crisis at the Southern Border. In economic news, the Empire State manufacturing index rose 4.9 points in February to 8.8 and industrial production fell 0.6% in January, the first decline in eight months.
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