Indices come off day's high

Key barometers came off the day's high and traded with marginal gains in morning trade. The Nifty held above 11,600 level. At 10:22 IST, the barometer index, the S&P BSE Sensex, was up 77.90 points or 0.2% at 39,136.73. The Nifty 50 index was up 20.95 points or 0.18% at 11,625.05.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index was up 0.39%. The Small-Cap index was up 0.36%, rising for sixth consecutive session. The index surged 3.9% to its current level of 13,271.21 from its previous closing low of 12,773.61 on 15 October 2019.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 992 shares rose and 737 shares fell. A total of 86 shares were unchanged. In the Nifty, 20 stocks advances while 30 stocks declined.

On the political front, the Election Commission (EC) is set to declare the results for the Haryana and Maharashtra assembly elections. EC began the counting of votes at 8:00 IST and the final results will be declared by the evening. Early trends suggest that BJP-Shiv Sena alliance in Maharashtra and the saffron party in Haryana are likely to retain power in the two states.

Voting in Maharashtra's 288 constituencies and Haryana's 90 constituencies was held on 21 October. In Maharashtra, 61.3% voters turned up to cast their vote while the voter turnout in Haryana was 68.31%.

Among Nifty stocks, ITC (up 0.84%) Maruti Suzuki India (down 0.72%) will announce their Q2 September 2019 earnings today.

Interglobe Aviation (down 0.4%), Jubilant Industries (up 4.53%), Reliance Nippon Life Asset (up 3.46%), Raymond (up 1.76%), Deepak Nitrite (up 1.84%), Colgate Palmolive (down 1%), PNB Housing Finance (up 2.18%), United Spirits (down 0.24%), Alembic Pharmaceuticals (down 0.17%), Motilal Oswal Fin. Services (up 0.66%), Shriram Transport Finance (down 0.13%), ICRA (up 0.8%), Astral Poly Technik (up 0.48%) and NIIT (up 0.58%) will announce their Q2 earnings today.

IT consulting firm NIIT was down 2.31%. On standalone basis, company's net profit dropped 47.67% to Rs 58.4 crore on a 1.1% rise in net sales to Rs 544.10 crore in Q2 September 2019 as against Q1 June 2019. The board has also announced an interim dividend of Rs 10 per share.

Shares of Polycab India were up 5.16% after the company announced its Q2 earnings after market hours yesterday. The stock hit a record high of Rs 824 since listing on bourses on 16 April 2019. The company's consolidated net profit jumped 115% to Rs 191.83 crore in Q2 September 2019 as against Q2 September 2018. Net sales surged 23.7% higher to Rs 2241.94 crore on YoY basis.

Biocon fell 4.38% to Rs 246.95 after the company announced its Q2 earnings after market hours yesterday, 23 October 2019. On a consolidated basis, the company's net profit fell 24.6% to Rs 148.20 crore on a 19% increase in net sales to Rs 1572.20 crore in Q2 September 2019 over Q2 September 2018. Biocon's standalone net profit, however, rose 17.5% to Rs 106.10 crore on a 14.7% increase in net sales to Rs 523.90 crore in Q2 September 2019 over Q2 September 2018/

Agro-chemicals major, PI Industries advanced 5.69% to Rs 1408 after the company reported its Q2 numbers. The stock also hit a 52-week high of Rs 1427.65 today. On consolidated basis, the company's net profit rose 30.2% to Rs 123.20 crore on a 25.5% rise in net sales to Rs 907.40 crore in Q2 September 2019 as against Q2 September 2018.

Steel and Iron product manufacturer, Jindal Stainless rose 0.73%. The firm announced that the company has signed a Memorandum of Understanding (MoU) with Braithwaite & Company for developing stainless steel foot-over-bridges (FOBs) and road-over-bridges (ROBs) on the sidelines of the ongoing International Railway Equipment Exhibition (IREE) in New Delhi. Braithwaite & Company, a Government of India undertaking under the Ministry of Railways.

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