Benchmarks trade near day's high

The Sensex and the Nifty hovered near the day's high in mid afternoon trade. At 14:22 IST, the barometer index, the S&P BSE Sensex, was up 292.65 points or 0.71% at 41,456.02. The Nifty 50 index gained 85.35 points or 0.7% and traded at 12,211.90.

In the broader market, the S&P BSE Midcap index rose 0.67% while the BSE Small Cap index was up 0.64%.

The market breadth was strong. On the BSE, 1439 shares rose and 983 shares fell. A total of 164 shares were unchanged. In Nifty 50 index, 37 stocks advanced while 13 stocks declined.

Stocks in Spotlight:

Gujarat Gas (GGL) rose 1.03%. GGL said CRISIL has upgraded long term rating on the company's bank loan facilities of Rs 2,350 crore to AA+/Stable from AA/Positive. The upgrade reflects CRISIL's expectations of an improvement in GGL's credit profile over the medium term. Sustainable improvement in cash accruals is expected to improve GGL's financial risk profile notwithstanding the sizeable capital expenditure programme.

Kaveri Seed Company jumped 11.36% after the company approved the buyback of 28,00,000 equity shares at Rs 700 per share aggregating to Rs 196 crore. The buyback closing date is 13 January 2020.

Shares of Page Industries were trading 3.17% higher at Rs 22,995.10. The company announced that ICRA has reaffirmed long term ratings of the company to ICRA AA with a stable outlook. The credit rating agency also reaffirmed short term rating at ICRA A1+ with a stable outlook.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 6.509% at 14:09 IST after the Reserve Bank of India (RBI) on Thursday said it will buy Rs 10,000 crore worth of the current benchmark 10-year bond on 30 December 2019 while selling four bonds maturing in 2020 for an equivalent amount. Simultaneously buying long-end bonds and selling short-end bonds should lead to a flattening of the yield curve. The yield on 10-year benchmark closed at 6.571% in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was trading at 71.3225, compared with its previous closing low of 71.3150.

In the commodities market, Brent crude for February 2020 settlement was up 22 cents at $68.14 a barrel. The contract rose 1.07% to settle at $ 67.92 a barrel during the previous trading session.

MCX Gold futures for 5 February 2019 settlement rose 0.35% to Rs 38,773.

Powered by Capital Market - Live News