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Mid Session
Home >> Markets >> Equity >> News >> Mid Session Detailed News
Market drifts higher in volatile trade
(09:29, 09 Oct 2019)

Volatility struck bourses in early trade as the key indices regained positive zone soon after erasing initial gains as trading resumed after a local holiday. At 9:22 IST, the barometer index, the S&P BSE Sensex, was up 83.10 points or 0.22% at 37,615.08. The Nifty 50 index was up 8.85 points or 0.08% at 11,135.25.

The S&P BSE Mid-Cap index was up 0.26%. The S&P BSE Small-Cap index was up 0.11%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 548 shares rose and 381 shares fell. A total of 58 shares were unchanged.

Domestic stock markets were closed on Tuesday, 8 October 2019, on account of Dussehra.

Among stocks, Indiabulls Real Estate gained 5% after the company said that the meeting of the board of directors will be held on 11 October 2019 to consider and approve the proposal of buy-back of equity shares of the company. The announcement was made on Tuesday, 8 October 2019, when the stock markets were closed on account of Dussehra.

Tata Motors rose 1.18%. Tata Motors said that Jaguar Land Rover (JLR) retail sales for the quarter ending 30 September 2019 were 128,953 vehicles, down 0.7% compared to the same period a year ago. Jaguar retail sales for the quarter were 37,323 vehicles, down 11% year-on-year and Land Rover retails were 91 ,630 vehicles, up 4.2% year-on-year. The announcement was made after market hours on Monday, 7 October 2019.

Aurobindo Pharma advanced 4.19%. Aurobindo Pharma said that the United States Food and Drug Administration (USFDA) conducted a cGMP inspection at Unit 7 manufacturing facility from September 19-27, 2019. The inspection ended with 7 observations. The company said that none of the observations are related to data integrity. The clarification was made after market hours on Monday, 7 October 2019.

Titan Company lost 5.91% after the company provided quarterly update for Q2 September 2019. The jewellery division witnessed a sharp fall in sales after a sudden surge in gold prices dented the consumer demand from mid-June. The company has purchased 9,45,000 equity shares from one of the shareholders of CaratLane, thereby increasing its stake in the subsidiary by 2.8%, from 69.5% to 72.3%. The announcement was made after market hours on Monday, 7 October 2019.

Tata Consultancy Services (TCS) fell 0.82%. TCS has been selected by Pandora, a world-leading jewellery design and manufacturer, based in Copenhagen, as a strategic lT partner. TCS will leverage its proven Machine First' Delivery Model (MFDM'), powered by ignio, its award-winning cognitive automation software, to enable the digital transformation. The announcement was made after market hours on Monday, 7 October 2019.

Mahindra Lifespace Developers declined 0.87%. The company has launched its residential project, 'Vicino' at Andheri (East), Mumbai. The announcement was made after market hours on Monday, 7 October 2019.

Dewan Housing Finance Corporation lost 4.84%. The meeting of the board of directors of the company is scheduled on 17 October 2019 to consider and approve Q1 June 2019 results. The announcement was made after market hours on Monday, 7 October 2019.

Overseas, Asian stocks were trading lower as the United States and China's ever-expanding dispute over trade and foreign policy showed little sign of coming to an end.

US stocks ended down sharply on Tuesday as news that the United States has imposed visa restrictions on Chinese officials overshadowed comments by Federal Reserve Chairman Jerome Powell suggesting openness to further interest rate cuts.

Meanwhile, high-level US-China trade negotiations will resume this week in Washington, the White House announced on 7 October 2019, a hopeful sign after a summer of deteriorating relations. Beijing's top trade envoy Liu He will meet with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin beginning on Thursday, the White House said in a statement.

Lower-level talks have been underway since last month. The talks will focus on key areas where the Americans have made far reaching demands since last year: intellectual property rights, the forced transfer of proprietary technologies, agriculture and enforcement, the statement said.

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