Indices at day's low; breadth remains positive

Key barometers reversed early gains and were trading near day's low in morning trade. The Nifty descended towards 11,550 level. At 10:24 IST, the barometer index, the S&P BSE Sensex, was down 50.97 points or 0.13% at 38,969.42. The Nifty 50 index was down 7.05 points or 0.06% at 11,575.55.

In broader market, the S&P BSE Mid-Cap index was up 0.19% and the S&P BSE Small-Cap index was down 0.14%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 843 shares rose and 827 shares fell. A total of 111 shares were unchanged. In Nifty 50 index, 18 stocks advanced and 32 stocks declined.

On the political front, the BJP will make a comeback in Maharashtra with the help of its ally Shiv Sena. The BJP-Sena combine had won or was leading on 161 seats in the 288-member Maharashtra.

In Haryana, however, the BJP failed to cross the majority mark of 45 seats. The BJP won 40 seats while the Congress managed to bag 31. With no party getting the majority, Dushyant Chautala's Jannayak Janata Party, which won 10 seats, is likely to play a key role in determining who forms the government in Haryana.

On the equity front, the National Stock Exchange in a circular stated that it has excluded Hexaware Technologies (down 2.97%), Tata Elxsi (down 0.05%) and Union Bank of India (up 0.29%) from Futures & Options Segment (F&O) after failing to meet the the enhanced eligibility criteria of the derivatives segment. The exclusion will come into effect from 27 December 2019.

Among Nifty companies, State Bank of India (up 1.88%) and Tata Motors (down 1.31%) will announce their Q2 earnings today.

HDFC AMC (down 1.7%), Jubilant Life Sciences (down 0.85%), Strides Pharma Science (up 0.71%), Marico (down 1.19%), Tata Coffee (up 0.06%), Atul (down 0.7%), Zuari Agro Chemicals (up 1.73%), Honeywell Automation (up 0.78%), V2 Retail (up 2.75%) and Infibeam Avenues (down 0.33%) are some of the companies that will declare their Q2 2019 earnings today.

Larsen & Toubro (L&T) was up 0.5%. L&T won an order from Chalet Hotels for construction of civil and steel structure works at proposed commercial building in Powai. The order is worth Rs 319.5 crore.

Deepak Nitrite (DNL) rose 3.12% to Rs 351.6 after consolidated net profit surged 601.5% to Rs 131.61 crore on a 126.5% increase in net sales to Rs 1050.98 crore in Q2 September 2019 over Q2 September 2018.

Telecom stocks continued their yesterday's downtrend the Supreme Court (SC) on Thursday ruled in favour of the government on the AGR (adjusted gross revenue) issue, with grave revenue implications to the tune of over Rs 92,000 crore for the ailing telecom sector. Bharti Airtel was down 1.99% to Rs 365.05 while Vodafone Idea tumbled 8.08% to Rs 3.98.

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