Indices hold firm at higher levels

Firmness prevailed in mid-afternoon trade as key indices hovered near the day's high. At 14:20 IST, the barometer index, the S&P BSE Sensex, was up 782.21 points or 2.30% at 34,783.36. The Nifty 50 index was up 251.45 points or 2.46% at 10,486.10. Sentiment was upbeat, backed by recovery in global stocks.

Among secondary barometers, the BSE Mid-Cap index was up 2.74%. The BSE Small-Cap index was up 2.66%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 2020 shares rose and 552 shares fell. A total of 128 shares were unchanged.

Realty shares rose across the board. Indiabulls Real Estate (up 5.39%), Parsvnath Developers (up 5.35%), Peninsula Land (up 4.85%), Anant Raj (up 4.56%), Oberoi Realty (up 4.35%), Sobha (up 4.2%), Godrej Properties (up 4.14%), DLF (up 3.91%), D B Realty (up 3.54%), Phoenix Mills (up 3.27%), Prestige Estates Projects (up 3.13%), Unitech (up 2.04%), Sunteck Realty (up 1.56%), Housing Development and Infrastructure (HDIL) (up 1.25%), Omaxe (up 0.86%) and Mahindra Lifespace Developers (up 0.52%), edged higher.

Shares of non-banking financial companies (NBFCs) rose. Reliance Capital (up 9.79%), Muthoot Capital Services (up 8.86%), Edelweiss Financial Services (up 6.99%), Bajaj Finance (up 6.40%), Cholamandalam Investment and Finance Company (up 5.25%), Mahindra & Mahindra Financial Services (up 5.23%), LIC Housing Finance (up 4.82%), Bajaj Finserv (up 4.40%), Indiabulls Housing Finance (up 4.37%), IDFC (up 4.29%), IIFL Holdings (up 3.51%), Shriram Transport Finance Corporation (up 3.30%), Muthoot Finance (up 1.64%) and Manappuram Finance (up 1.42%), edged higher.

Overseas, European stocks bounced back, with global sentiment turning more positive after two sessions of sharp losses. In Europe, Italy and the UK remain in the spotlight in terms of political news. While excessive spending concerns continue to weigh on Italy's government, the pressure to strike a European Union withdrawal deal is a big challenge for Britain.

Asia stocks rose on Friday, holding steady after a nine-day losing streak, but sentiment was frail after Wall Street shares crumbled and expectations of market volatility shot up to an eight-month high. Worries about the economic impact of a Sino-US trade war, a spike in US bond yields this week and caution ahead of earnings seasons are all cited as potential reasons behind the selloff, the biggest market rout since February.

US stocks extended losses to finish lower Thursday, as investors continued to fret over rising bond yields and the prospect of higher interest rates.

In the latest US economic data, jobless claims rose by 7,000 in the latest week, although they remain near multi-decade lows. Separately, the consumer-price index rose 0.1% in September. Core CPI, which excludes food and energy, rose at the same pace.

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