Indices extend early gains; breadth strong

The benchmark indices extended gains and hit fresh intraday high in morning trade. At 10:24 IST, the barometer index, the S&P BSE Sensex, was up 274.21 points or 0.73% at 37,601.57. The Nifty 50 index was up 89 points or 0.81% at 11,121.45.

The S&P BSE Mid-Cap index was up 0.90%. The S&P BSE Small-Cap index rose 1.15%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1307 shares rose and 491 shares fell. A total of 91 shares were unchanged.

Bharat Petroleum Corporation (up 0.06%), Britannia Industries (up 0.55%), GAIL (down 0.16%) and Hindalco (up 0.83%) will announce their Q1 June 2019 results today.

IT stocks were mixed. Persistent Systems (up 2.56%), Oracle Financial Services Software (up 1.32%), MindTree (up 0.41%) and HCL Technologies (up 0.21%) advanced.

TCS (down 0.44%), Tech Mahindra (down 0.26%), Infosys (down 0.25%), Wipro (down 0.19%) and MphasiS (down 0.05%) declined.

Hexaware Technologies jumped 7.33%. On a consolidated basis, the company's net profit rose 19.07% to Rs 164.89 crore on a 3.51% rise in the net sales to Rs 1308.34 crore in Q2 June 2019 over Q1 March 2019. The result was announced after market hours yesterday, 8 August 2019.

Adani Transmission gained 3.44%. On a consolidated basis, the private transmission company's net profit rose 26% to Rs 213.42 crore on a 360.5% rise in the net sales to Rs 2858.08 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 8 August 2019.

Fertilizer stocks rose. National Fertilizers (up 2.8%), Deepak Fertilisers & Petrochemicals Corporation (up 2.58%), Fertilisers & Chemicals Travancore (up 2.36%), Gujarat State Fertilizers & Chemicals (up 1.3%), Coromandel International (up 0.91%) and Chambal Fertilisers & Chemicals (up 0.1%) advanced.

Tata Chemicals gained 2.42%. The chemicals company's consolidated net profit rose 19% to Rs 245.18 crore on 5.6% rise in net sales to Rs 2896.94 crore in Q1 June 2019 over Q1 June 2018. The result was announced after the market hours yesterday, 8 August 2019.

Earnings before interest tax depreciation and amortization (EBITDA) grew 20.57% to Rs 592 crore in Q1 June 2019 as compared to Rs 491 crore in Q1 June 2018. The company's net debt dropped 4.49% to Rs 1871 crore in Q1 June 2019 as compared to Rs 1959 crore in Q4 March 2018.

Rashtriya Chemicals & Fertilizers lost 0.97%. On a consolidated basis, the fertilizer producer's net profit fell 65.3% to Rs 7.98 crore on a 24% rise in the net sales to Rs 2409.48 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 8 August 2019.

Clariant Chemicals (India) jumped 13.03%. The specialty chemicals manufacturing company's net profit rose 16.9% to Rs 11.27 crore on a 11.9% rise in the net sales to Rs 295.81 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 8 August 2019.

Engineers India rose 4.70%. On a consolidated basis, the engineering consultancy company's net profit rose 40.5% to Rs 125.73 crore on a 27.4% rise in the net sales to Rs 742.66 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 8 August 2019.

Overseas, most Asian stocks were trading higher on Friday supported by overnight gains in US stocks and better-than-expected macro-economic data from China.

China released data showing that food inflation soared in July. Meanwhile, Japan's economy grew more than expected in the quarter ending June.

China's consumer price index in July rose 2.8% on-year, according to data from the National Bureau of Statistics. In particular, food prices soared in July to 9.1% from a year ago, amid surging prices of pork as the country battles African swine fever.

Japan's economy saw its third straight quarterly expansion in April-June, growing at an annualized rate of 1.8% in the period, according to government data on Friday.

US stocks advanced on Thursday with technology shares providing the biggest boost as equities continued to rebound along with bond yields.

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