Indices hit fresh intraday high; Nifty above 11,850

Key benchmark bounced back and hit intraday high in mid-morning trade. The Nifty was trading above 11,850 level. At 11:22 IST, the barometer index, the S&P BSE Sensex, was up 137.32 points or 0.34% at 40,253.38. The Nifty 50 index was up 29.10 points or 0.25% at 11,869.55.

The broader market was trading flat. The S&P BSE Mid-Cap index was up 0.05%. The S&P BSE Small-Cap index rose 0.09%.

The market breadth was negative. On the BSE, 894 shares rose and 1125 shares fell. A total of 112 shares were unchanged. In Nifty 50 index, 27 stocks advanced while 23 stocks declined.

Buzzing Index:

The Nifty Metal index was down 0.87% to 2,534.50, extending decline for fourth straight session. The index has fallen 4.68% to 2,534.50 from a recent closing high 2659.05 on 7 November 2019.

Hindalco Industries (down 1.6%), JSW Steel (down 0.56%), Tata Steel (down 0.49%) and Vedanta (down 0.44%) declined.

Jindal Steel & Power (up 0.95%), NMDC (up 0.79%), Hindustan Zinc (up 0.38%) and Steel Authority of India (up 0.13%) advanced.

National Aluminium Company (Nalco) fell 2.41% after the company reported a consolidated net loss of Rs 28.25 crore in Q2 September 2019 compared with net profit of Rs 510.55 crore in Q2 September 2018. Consolidated net sales tumbled 22.27% to Rs 2,363.55 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 13 November 2019.

Stocks in Spotlight:

Cadila Healthcare rose 2.45% to Rs 230.15. On a consolidated basis, Cadila's net profit fell by 74.3% to Rs 107.20 crore in Q2 September 2019 from Rs 417.50 crore in Q2 September 2018. Net sales however, recorded a growth of 14.1% to Rs 3244.20 in Q2 September 2019 over Q2 September 2018.

Finolex Cables slipped 0.65% to Rs 359. The manufacturer of electrical and telecommunication cables reported 76.7% jump in consolidated net profit to Rs 126.84 crore on a 0.3% increase in net sales to Rs 715.76 crore in Q2 September 2019 over Q2 September 2018.

ARSS Infrastructure Projects hit 5% upper circuit at Rs 25.20. The company has received a work order of Rs 75.42 crore from Rail Vikas Nigam.

Mishra Dhatu Nigam fell 0.83% to Rs 172.80. The specialized metals and metal alloys manufacturer secured an order worth about Rs 106 crore. The open order position as on date is about Rs 1850 crore.

Foreign Markets:

Overseas, markets in Asia were mostly lower after China's October industrial production data missed expectations. Chinese industrial production data for October grew 4.7% year-on-year as compared against expectations of a 5.4% growth, media reports said.

Japan's economic growth touched a 1-year low in the third quarter, the media reported on Thursday citing government data. GDP grew 0.2% on an annualized rate in the third quarter, well lower than a median market forecast of a 0.8% rise.

The US stock market finished session modest higher on Wednesday, 13 November 2019, on the back of Federal Reserve Chair Jerome Powell testimony that U.S. central bankers see a sustained expansion ahead for the country's economy. Also, factors supporting the rally include the resumption of short dated debt buying to add liquidity to money markets and a surge in government spending. However, market gains were capped amid lingering uncertainty about a potential U.S.-China trade deal.

In U.S. economic news, the Labor Department released a report showing consumer price index climbed by 0.4% in October after coming in unchanged in September. Excluding food and energy prices, core consumer prices edged up by 0.2% in October after a 0.1% uptick in September.

The U.S. federal government's budget deficit in October rose 34% from a year earlier to $134.5 billion, putting the U.S. on course to top the $1 trillion mark in fiscal 2020 for the first time in eight years, or nearly 5% of gross domestic product.

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