The market edged higher on Tuesday, as investors awaited the central bank's monetary policy decision scheduled on Wednesday. The Nifty trimmed gains after briefly crossing 11,000 mark as profit booking emerged at higher levels.

The Reserve Bank of India (RBI)'s third bi-monthly monetary policy committee (MPC) meeting started on 5th August. The resolution of the MPC will be placed on the RBI website at 11:45 IST on 7 August.

The barometer index, the S&P BSE Sensex, rose 277.01 points or 0.75% to 36,976.85, as per the provisional closing data. The Nifty 50 index rose 85.65 points or 0.79% to 10,948.25, as per the provisional closing data.

In the broader market, the S&P BSE Mid-Cap index rose 1.44%. The S&P BSE Small-Cap index rose 1.72%.

The market breadth was strong. On the BSE, 1627 shares rose and 821 shares fell. A total of 118 shares were unchanged.

Reliance Industries slipped 1.76% to Rs 1122.85. TCS fell 1.50% to Rs 2214.90. Infosys shed 0.23% to Rs 775.

ICICI Bank rose 2.07% to Rs 410.95. HDFC gained 1.53% to Rs 2186. Kotak Mahindra Bank rose 1.62% to 1484. L&T gained 2.01% to Rs 1372.80.

Indiabulls Housing Finance jumped 7.34% ahead of its Q1 result today, 6 August 2019.

Titan Company gained 0.12%. The company's consolidated net profit rose 10.84% to Rs 3637.4 crore on 15.62% rise in net sales to Rs 50951 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 6 August 2019.

Pidilite Industries rose 2.78%. The company's consolidated net profit rose 21.17% to Rs 294.27 crore on 9.96% rise in net sales to Rs 2016.81 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 6 August 2019.

Wipro fell 1.22%. Wipro announced that Designit, its strategic design arm, has opened a new studio in Sydney to expand its Australian operations and meet growing business requirements in the region. The announcement was made after market hours yesterday, 5 August 2019.

Berger Paints India rose 3.93%. The company's consolidated PBDIT (Profit before Depreciation, Interest, Tax and Other Income) rose 27.5% to Rs 305.20 crore on 15.7% rise in revenue from operations to Rs 1716.5 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market yesterday, 5 August 2019.

SRF jumped 13.85%. The company's consolidated profit after tax (PAT) rose 41% to Rs 189 crore on 9% rise in revenue to Rs 1828 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market yesterday, 5 August 2019.

Muthoot Finance rose 1.36%. A meeting of the board of directors of Muthoot Finance is scheduled to be held on 12 August 2019 to consider raising of funds in the form of loans including bank loans or by issuance of foreign currency bonds or rupee denominated bonds overseas on public/private basis in international markets. The announcement was made after market hours yesterday, 5 August 2019.

Metal stocks rose. Hindalco Industries (up 2.78%), National Aluminium Company (up 2.67%), NMDC (up 2.6%), Jindal Steel & Power (up 2.14%), Hindustan Copper (up 2.13%), Steel Authority of India (up 1.38%), Hindustan Zinc (up 0.74%), Tata Steel (up 0.73%), Vedanta (up 0.28%) and JSW Steel (up 0.05%) advanced.

Jindal Stainless rose 5.88%. On a consolidated basis, the stainless steel makers's net profit fell 72.9% to Rs 33.29 crore on a 3% fall in the net sales to Rs 3263.32 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 5 August 2019.

The company also announced the issue of non-convertible debentures (NCDs) of upto Rs 900 crore on private placement basis primarily to refinance existing debt/convertible instruments. The announcement was made after trading hours yesterday, 5 August 2019.

Dilip Buildcon fell 1.47%. On a consolidated basis, the construction company's net profit fell 54.9% to Rs 100.42 crore on a 3.4% fall in the net sales to Rs 2436.44 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 5 August 2019.

Indian Hotels rose 4.85%. On a consolidated basis, the hospitality company's net profit fell 24.3% to Rs 4.90 crore on a 4.1% rise in the net sales to Rs 1020 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 5 August 2019.

KEI Industries rose 5.69%. On a consolidated basis, the electrical cable and wire manufacturer's net profit rose 41.9% to Rs 45.72 crore on a 22% rise in the net sales to Rs 1081.36 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 5 August 2019.

Torrent Power rose 4.21%. On a consolidated basis, the company's net profit rose 21.9% to Rs 275.27 crore on a 5.9% rise in the net sales to Rs 3736.13 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 5 August 2019.

Tata Power rose 2.42%. The company's wholly owned subsidiary, Tata Power Solar, has commissioned 70kW solar rooftop installation at the eminent India International Centre. The announcement was made after market hours yesterday, 5 August 2019.

Mangalam Cement hit 20% upper circuit at Rs 263.25. The cement maker reported net profit of Rs 33.22 crore in Q1 June 2019 over a net loss of Rs 15.32 crore in Q1 June 2018. The net sales rose 30.8% to Rs 333.16 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 5 August 2019.

Entertainment Network (India) fell 3.59%. On a consolidated basis, the company's net profit fell 58.7% to Rs 3.85 crore on a 10.6% rise in the net sales to Rs 130.52 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 5 August 2019.

Sun Pharmaceutical Industries rose 0.31%. With reference to media reports titled, 'Sun Pharma shuts two clinical units in Vadodara for cost efficiency,' the company clarified that to ensure optimal utilisation of clinical pharmacology units (CPUs) that conduct bioequivalence studies, it has discontinued operations at two of its centers at Tandalja & Akota, Vadodara on 2 August 2019. The bio-equivalence studies from these centers will be transferred to other facilities. The company is offering full support to the affected employees and helping them with outplacement services. While Sun Pharma continues to make investments in its R&D operations, it constantly evaluates its resources and future capacity requirements to bring in efficiencies in cost and processes. The announcement was made during market hours today, 6 August 2019.

IOL Chemicals & Pharmaceuticals rose 6.05%. The pharmaceutical company said that it has made the pre-payment of term loan of Rs 14 crore due to banks in addition to regular repayment schedule. Thus the company made the pre-payment of term loan of aggregate amount of Rs 98.18 crore till date to reduce the debt of the company. The announcement was made after market hours yesterday, 5 August 2019.

Nath Bio-Genes (India) rose 2.78%. The company's net profit rose 35.6% to Rs 35.26 crore on a 30.2% surge in net sales to Rs 165.32 crore in Q1 June 2019 over Q1 June 2018. The result was declared after trading hours yesterday, 5 August 2019.

Granules India rose 2.68%. The drug maker announced that the US Food & Drug Administration (US FDA) has approved the abbreviated new drug application (ANDA) filed by Granules Pharmaceuticals, Inc., a wholly owned foreign subsidiary of the company for Amphetamine Sulfate Tablets USP 5 mg and 10 mg. It is bioequivalent to the reference listed drug product (RLD), Evekeo Tablets, 5 mg and 10 mg, of Arbor Pharmaceuticals, LLC. The announcement was made during market hours today, 6 August 2019.

Yes Bank gained 4.69%. The bank announced after market hours yesterday, 5 August 2019, ratings update by Moody's and Brickwork.

Moody's Investor Service has extended its review for downgrade of the bank's Ba1 long‐term foreign‐currency issuer rating. The review for downgrade was initiated on 11 June 2019, reflecting Moody's expectation that the ongoing liquidity pressures on Indian finance companies will negatively impact Yes Bank's credit profile, given the bank's sizeable exposure to weaker companies in the sector.

Brickwork Ratings has downgraded the rating of the bank's Lower Tier II Bonds from 'BWR AA' to 'BWR AA-', Upper Tier II Bonds, Hybrid Tier I Bonds, Innovative Perpetual Debt Instruments from 'BWR AA-' to 'BWR A+'. The outlook continues to remain Negative.

The rating revision factors, higher than expected deterioration in asset quality with gross NPAs increased to 5.01% in Q1 FY20 as compared to 3.22% at the end of FY19 and the stressed assets in the portfolio remaining at elevated levels that could continue to put pressure on the asset quality. The rating is also constrained by the delay in raising capital resulting in the restricted growth in the lending portfolio.

Jammu & Kashmir Bank hit 10% upper circuit at 37.50. India Ratings and Research has downgraded Jammu & Kashmir Bank's (JK Bank) Long-Term Issuer Rating to 'IND AA-' from 'IND AA' while placing it on Rating Watch Negative (RWN). The Outlook on the earlier rating was Negative.

J&K Bank was majority owned by the state government of J&K (59.2%) and plays a significant role in the economy of J&K state. Ind-Ra will resolve the RWN once it attains further clarity on the impact of the said announcement on the profile of JK Bank.

Dewan Housing Finance Corporation jumped 32.30%. The company said that the Special Committee for Resolution Plan at its meeting held today i.e. on Tuesday, 6 August, 2019, took on record the draft 'Resolution Plan' formulated by the company in consultation with the committee and its financial advisors and also approved the submission of the said resolution plan to the lenders of the company.

Some of the features of the draft 'Resolution Plan' are no principal haircuts to any creditors, measures towards addressing aligning asset-liability mismatch, moratorium on repayments and funding plans for starting the retail funding activity. The announcement was made during market hours today, 6 August 2019.

Kolte-Patil Developers jumped 13.89% after the company announced its Q1 June 2019 result during market hours today, 6 August 2019. On a consolidated basis, Kolte-Patil Developers's net profit rose 205.51% to Rs 115.88 crore on a 49.96% rise in the revenue from operations to Rs 585.68 crore in Q1 June 2019 over Q1 June 2018.

Minda Industries gained 2.46% after the company announced its Q1 June 2019 result during market hours today, 6 August 2019. On a consolidated basis, Minda Industries' net profit fell 23.65% to Rs 53.48 crore on a 0.69% rise in the revenue from operations to Rs 1439.75 crore in Q1 June 2019 over Q1 June 2018.

Aditya Birla Fashion and Retail rose 6.97% after the company announced its Q1 June 2019 result during market hours today, 6 August 2019. Aditya Birla Fashion and Retail's net profit rose 285% to Rs 21.56 crore on a 7.94% rise in the revenue from operations to Rs 2065.46 crore in Q1 June 2019 over Q1 June 2018.

Most auto stocks rose. Escorts (up 3.82%), Eicher Motors (up 3.09%), Maruti Suzuki India (up 2.8%), Hero MotoCorp (up 2.68%), TVS Motor Company (up 1.01%) and Mahindra & Mahindra (up 0.48%) advanced.

Tata Motors (down 1.05%), Ashok Leyland (down 0.86%) and Bajaj Auto (down 0.39%) declined.

Overseas, most European stocks were trading higher. Asian stocks fell across the board Tuesday as the US-China trade war intensified, after Beijing confirmed it is suspending agricultural product purchases in response to new American tariffs. The Chinese Ministry of Commerce said Chinese companies have stopped purchasing American agricultural products in response to Trump's latest salvo and added it would not rule out tariffs on newly purchased agricultural goods after August 3. For its part, China is one of the largest buyers of U.S. agriculture.

China's yuan fell to a record low to the dollar on Monday. China's central bank said that the depreciation was due to the effects of unilateralist and trade-protectionist measures and the expectations for tariffs against China. People's Bank of China Governor Yi Gang said that China won't engage in competitive devaluation and that the decline was due to market forces.

US stocks suffered their biggest one-day decline of 2019 on Monday as China allowed its currency to fall to a more-than-10-year low versus the dollar after President Donald Trump rattled markets by announcing additional tariffs on Chinese goods late last week. President Donald Trump said last week the US is putting 10% tariffs on another $300 billion worth of Chinese goods starting September 1.

US Treasury Secretary Steven Mnuchin said on Monday the government had determined that China is manipulating its currency, and that Washington would engage with the International Monetary Fund to eliminate unfair competition from Beijing.

The People's Bank of China (PBOC) denied Washington's allegations of currency manipulation, and set its yuan fixing at 6.9683 per dollar, below the important line of 7 per dollar that it had breached on Monday.

The PBOC said in a statement on Tuesday that the label “seriously undermines international rules and will have a major impact on global finance and economy.”

In economic data, the Institute for Supply Management said its nonmanufacturing, or services, index fell to 53.7% in July from 55.1% in June. The reading was the lowest since August 2016. A reading of more than 50 indicates expansion in activity.