Indices come off day's high

Indices came off day's high and traded with modest gains in mid-morning trade. The Nifty hovered near the crucial 11,000 mark. At 12:13 IST the S&P BSE Sensex was up 140.67 points or 0.38% at 37,122.44. The Nifty 50 index was up 50.85 points or 0.46% at 10,997.10.

The S&P BSE Mid-Cap index was up 0.77%. The S&P BSE Small-Cap index was up 0.79%.

The market breadth was strong. On the BSE, 1451 shares rose and 883 shares fell. A total of 171 shares were unchanged.

Pharma major Abbott India hit an intraday high of Rs 9998.95 which is also a record high for the counter. Shares of Abbott India have gained 4.58% in two trading sessions to its current market price of Rs 9,924.9, from a recent closing low of Rs 9,486.85 on 5 September 2019. The stock has outperformed the market over the past one month, up 15.05% compared with 0.01% rise in the Sensex.

Prime Focus rose 2.29% after the company announced that it has signed a deal with UK's public service broadcaster, Channel 4 for managing media processing and centralised content operations.

IL&FS Engineering Company was locked in a lower circuit of 5% at Rs 3.23. It reported that Gujarat Metro Rail Corporation (GMRC) has agreed to revive the contract in respect of construction of viaduct corridor from interface point with Gyaspur Depot to APMC Metro Station inclusive of elevated portion. The balance works of project is to be completed within a time period of 15 months without any change in financial terms of original contract. Earlier, the GMRC had terminated this contract on 19 January 2019.

Coffee Day Enterprises hit an upper circuit limit of 5% at Rs 63.95 after the company announced appointment of IDFC Securities as an advisor to identify strategic options and advise it on refinancing of existing debt. Coffee Day Enterprises (CDEL) in its meeting of the executive committee has appointed IDFC Securities as the advisor of company and its subsidiaries for identifying the strategic options for CDEL, including divestment of its holding in Coffee Day Global and any other group company (other than SICAL Logistics). It will also advise on refinancing of existing debt and raising additional facilities to repay debt in CDEL and its subsidiaries. The announcement was made on Saturday, 7 September 2019.

Meanwhile, the yield on 10-year benchmark federal paper fell to 6.572% at 14:12 IST compared with 6.597% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.5475, compared with its close of 71.7225 during the previous trading session.

In the commodities market, MCX Gold futures for 4 October 2019 settlement declined 0.35% at Rs 38,418.

In the global commodities markets, Brent crude for November 2019 settlement was up 54 cents at $62.08 a barrel.

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