Barometers come off day's low

Key barometers trimmed losses in mid-afternoon trade. The Nifty was hovering below 11,900-mark. At 14:31 IST, the barometer index, the S&P BSE Sensex, was down 102.89 points or 0.26% at 40,199.07. The Nifty 50 index was down 41.8 points or 0.35% at 11,899.50.

In the broader market, the S&P BSE Mid-Cap index was down 1.06%. The S&P BSE Small-Cap index was down 0.78%. Both these indices underperformed the Sensex.

The market breadth was weak. On the BSE, 935 shares rose and 1463 shares fell. A total of 143 shares were unchanged. In Nifty 50 index, 25 stocks advanced and 25 stocks declined.

Stocks in spotlight:

InterGlobe Aviation rose as much as 4.64% to hit an intraday high of Rs 1502.70 on reports that the company and Qatar Airways will make a strategic business announcement on 7 November 2019. IndiGo is planning an aggressive push to more international destinations and the airline's CEO Ronojoy Dutta and Qatar Airways CEO Akbar Al Baker will talk about the vision and future for both the airlines, reports suggested.

Qatar Airways CEO later confirmed to the media that he has no plans for making any investment in IndiGo. Following the clarification, shares of Indigo came off the day's high and was trading 0.77% lower at Rs 1425.

Future Enterprises jumped 10.22% after the company announced a decent Q2 numbers during market hours today. On consolidated basis, company's net profit jumped 30.65% to Rs 21.78 crore on a 6.11% rise in revenue from operations to Rs 1699.84 crore in Q2 September 2019 over Q2 September 2018.

Shares of Dabur India rose 2.44%. Dabur India reported a 6.91% rise in consolidated net profit to Rs 403.64 crore on 4.09% rise in net sales to Rs 2,211.97 crore in Q2 September 2019 over Q2 September 2018. The result was announced during market hours today, 5 November 2019.

Punjab National Bank (PNB) was down 3.30%. The bank reported its Q2 earnings during market hours today. The bank reported a net profit of Rs 507.05 crore in Q2 September 2019 as against a net loss of Rs 4532.35 crore in Q2 September 2018. The ratio of gross NPAs to gross advances stood at 16.76% as on 30 September 2019 as against 16.49% as on 30 June 2019 and 17.16% as on 30 September 2018. The ratio of net NPAs to net advances stood at 7.65% as on 30 September 2019 as against 7.17% as on 30 June 2019 and 8.9% as on 30 September 2018.

Macro data:

The IHS Markit India Services Business Activity Index rose to 49.2 in October 2019 from 48.7 in September 2019.

The Composite PMI Output Index fell from 49.8 in September 2019 to 49.6 in October 2019.

The indices vary between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month and below 50 an overall decrease.

Numbers to watch:

The yield on 10-year benchmark federal paper rose to 6.613% at 14:16 IST compared with 6.471% in the previous trading session.

In the foreign exchange market, the Indian rupee edged higher against the dollar in mid afternoon trade. In the spot currency market, the Indian unit was last seen trading at 70.68. On Monday, it closed at 70.77 against the US dollar.

In the commodities market, Brent crude for January 2020 settlement was up 22 cents at $59.69 a barrel. The contract rose 0.71% to settle at $ 62.13 a barrel during the previous trading session.

MCX Gold futures for 5 December 2019 settlement edged 0.38% lower to Rs 38,326.

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