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Mid Session
Home >> Markets >> Equity >> News >> Mid Session Detailed News
Trading turns volatile
(13:29, 08 Nov 2019)

The market barometers were trading near the day's high in afternoon trade. The Nifty traded above 12,000 level and was nearing it all time high of 12,103.05 recorded on 3 June 2019.

At 13:22 IST, the barometer index, the S&P BSE Sensex, was up 91.27 points or 0.22% at 40,745.01. The Nifty 50 index was up 20.05 points or 0.17% at 12,032.10.

Broader markets outperformed the benchmark Sensex. In broader market, the S&P BSE Mid-Cap index was up 0.35%. The S&P BSE Small-Cap index was up 0.36%.

The market breadth was negative. On the BSE, 1163 shares rose and 1140 shares fell. A total of 170 shares were unchanged. In Nifty 50 index, 17 stocks advanced while 33 stocks declined.

Economy:

Credit rating agency Moody's lowered nation's outlook to negative from stable, while retaining the issuer rating at Baa2. The rating agency said its decision to change the outlook to negative reflects increasing risks that economic growth will remain materially lower than in the past, partly reflecting lower government and policy effectiveness at addressing long-standing economic and institutional weaknesses, leading to a gradual rise in the debt burden from already high levels. Moody's cited a growing debt burden and the government's struggle to narrow the budget deficit.

Finance Minister Nirmala Sitharaman on Thursday chaired a meeting with members of the Financial Stability and Development Council (FSDC). The FSDC is an apex-level body constituted, with an aim to strengthen and institutionalise the mechanism of maintaining financial stability and financial sector development among others, by the government of India with the finance minister as its head.

The body also includes the Reserve Bank of India (RBI) governor and chairpersons of the Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDA) as its members along with finance ministry officials. The last meeting of the FSDC was held on June 19, in which the global and domestic economic situation and financial stability issues including, inter-alia, those concerning banking and NBFCs were reviewed among others.

Stocks in Spotlight:

Yes Bank (up 7.37%), IndusInd Bank (up 4.55%), ICICI Bank (up 3.36%), Tata Motors (up 1.87%) and Zee Entertainment Enterprises (up 1.66%) advanced.

Bharti Infratel (down 3.60%), Sun Pharmaceutical Industries (down 2.66%), GAIL (India) (down 2.27%), Hindustan Unilever (down 1.85%) and ITC (down 1.52%) declined.

UPL fell 3.14% to Rs 561.70 after consolidated net profit fell 59.4% to Rs 126 crore on 83.6% surge in net sales to Rs 7,817 crore in Q2 September 2019 over Q2 September 2018.

Reliance Industries fell 0.63% to Rs 1449.55. Reliance Strategic Business Ventures (RSBVL), a wholly owned subsidiary of the Reliance Industries has acquired further shares in SkyTran Inc. on 6 November 2019, to increase its shareholding in SkyTran Inc. to 17.37% on a fully diluted basis.

Infosys slipped 0.67% to Rs 715.15. The company announced the opening of its new Digital Innovation Centre in Dusseldorf, Germany.The Centre will help Infosys work more closely with its clients in the region in supporting their digital transformation journey, while focusing on next-generation business suites such as SAP HANA, as well as cloud based services, Internet of Things, 5G, Artificial Intelligence and Machine Learning.

Bharat Petroleum Corporation (BPCL) declined 1.12% to Rs 507.05. BPCL reported 2.68% rise in consolidated net profit to Rs 1502.63 crore on 10.99% fall in total income to Rs 65015.28 crore in Q2 September 2019 over Q2 September 2018.

Power Grid Corporation of India fell 0.85% to Rs 192.30. The company reported 9.49% rise in consolidated net profit to Rs 2571.10 crore on 6.22% increase in total income to Rs 9260.46 crore in Q2 September 2019 over Q2 September 2018.

Bajaj Finance was down 0.42% to Rs 4200. The company allotted 2.17 crore shares to eligible qualified institutional buyers at the issue price of Rs 3,900 per equity share, aggregating to Rs 8,499 crore. The issue opened on 4 November 2019 and closed on 7 November 2019.

Foreign market:

European stocks opened lower while most Asian markets were trading lower as investors digested recent developments on the U.S.-China trade front.

China's exports and imports declined less than expected in October, the media reported citing data from the country's customs.

In US, the Dow and S&P 500 notched record closing highs on Thursday as the latest signs of progress in U.S.-China trade relations relieved investors, but a report raising fresh worries about the outlook for a deal limited the day's gains.

U.S.-China trade sentiment got a boost on Thursday, as Gao Feng, a spokesperson for China's Commerce Ministry, said both sides had agreed to simultaneously cancel some existing tariffs on one another's goods, according to the country's state broadcaster. The ministry spokesperson said both sides were closer to a so-called “phase one” trade agreement following constructive negotiations over the past two weeks.

A U.S. official also reportedly said both sides agreed to the tariffs rollback. Still, the outlet also reported the plan faces fierce internal opposition in the White House.

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Adani Ports & Special Economic Zone Ltd     331.80   Up   5.15 (1.58%)   Asian Paints Ltd     1,643.60   Up   24.15 (1.49%)   Axis Bank Ltd     390.95   Up   3.95 (1.02%)   Bajaj Auto Ltd     2,600.00   Up   19.45 (0.75%)   Bajaj Finance Ltd     1,947.70   Up   11.25 (0.58%)   Bajaj Finserv Ltd     4,285.95   Up   27.90 (0.66%)   Bharat Petroleum Corporation Ltd     326.45   Down   -3.00 (-0.91%)   Bharti Airtel Ltd     562.75   Down   -0.35 (-0.06%)   Bharti Infratel Ltd     223.85   Up   7.15 (3.30%)   Britannia Industries Ltd     3,323.25   Up   102.95 (3.20%)   Cipla Ltd     628.35   Down   -4.70 (-0.74%)   Coal India Ltd     133.90   Up   3.10 (2.37%)   Dr Reddys Laboratories Ltd     3,887.75   Up   4.75 (0.12%)   Eicher Motors Ltd     16,236.50   Up   1,269.55 (8.48%)   GAIL (India) Ltd     89.10   Up   0.50 (0.56%)   Grasim Industries Ltd     576.50   Up   9.85 (1.74%)   HCL Technologies Ltd     542.65   Up   11.70 (2.20%)   HDFC Bank Ltd     945.25   Up   41.60 (4.60%)   Hero Honda Motors Ltd     2,298.10   Up   122.45 (5.63%)   Hindalco Industries Ltd     138.40   Up   5.10 (3.83%)   Hindustan Unilever Ltd     2,009.95   Up   11.85 (0.59%)   Housing Development Finance Corporation Ltd     1,623.70   Up   53.30 (3.39%)   ICICI Bank Ltd     326.85   Up   8.00 (2.51%)   Indian Oil Corporation Ltd     77.70   Up   0.15 (0.19%)   IndusInd Bank Ltd     386.85   Up   17.90 (4.85%)   Infosys Technologies Ltd     707.40   Up   1.95 (0.28%)   ITC Ltd     190.65   Down   -1.50 (-0.78%)   JSW Steel Ltd     184.15   Down   -0.65 (-0.35%)   Kotak Mahindra Bank Ltd     1,229.45   Up   11.90 (0.98%)   Larsen & Toubro Ltd     905.50   Up   54.65 (6.42%)   Mahindra & Mahindra Ltd     440.40   Up   7.90 (1.83%)   Maruti Suzuki India Ltd     5,468.35   Up   223.95 (4.27%)   Nestle India Ltd     16,989.15   Up   272.65 (1.63%)   NIFTY (S&P CNX)     9,490.10   Up   175.15 (1.88%)   NTPC Ltd     95.70   Up   1.00 (1.06%)   Oil & Natural Gas Corpn Ltd     78.85   Up   0.90 (1.15%)   Power Grid Corporation of India Ltd     157.25   Up   0.10 (0.06%)   Reliance Industries Ltd     1,472.25   Up   26.70 (1.85%)   Shree Cement Ltd     20,808.90   Up   331.35 (1.62%)   State Bank of India     158.20   Down   -0.40 (-0.25%)   Sun Pharmaceuticals Industries Ltd     459.10   Up   8.20 (1.82%)   Tata Consultancy Services Ltd     2,004.30   Down   -1.00 (-0.05%)   Tata Motors Ltd     87.00   Up   2.45 (2.90%)   Tata Steel Ltd     295.50   Up   7.55 (2.62%)   Tech Mahindra Ltd     529.70   Up   5.95 (1.14%)   Titan Company Ltd     899.45   Up   13.60 (1.54%)   UltraTech Cement Ltd     3,809.20   Up   81.80 (2.19%)   UPL Ltd     391.10   Up   3.30 (0.85%)   Vedanta Ltd     89.95   Up   2.05 (2.33%)   Wipro Ltd     199.35   Down   -1.90 (-0.94%)   Zee Entertainment Enterprises Ltd     180.70   Up   16.25 (9.88%)      NSE Data  -  www.nseindia.com (5 minutes delayed) syndicated by www.cmots.com

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