Market regains positive zone amid volatility

Key indices turned positive soon after subdued start triggered by negative Asian stocks. A bout of volatility struck bourses in early trade as trading resumed after a local holiday. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 8.02 points or 0.02% at 40,353.10. The Nifty 50 index was up 5.70 points or 0.05% at 11,919.15.

The S&P BSE Mid-Cap index was up 0.35%. The S&P BSE Small-Cap index was down 0.1%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 737 shares rose and 509 shares fell. A total of 73 shares were unchanged.

On the macro front, industrial production contracted 4.3% in September, mainly due to poor performance in the manufacturing sector, data released on Monday showed. Factory output, as measured in terms of Index of Industrial Production (IIP), had expanded 4.6% in September 2018.

The domestic stock market remained shut on Tuesday, 12 November 2019, for Gurunanak Jayanti.

Among stocks, Coal India rose 1.67% after consolidated net profit rose 14.21% to Rs 3,522.70 crore on 6.27% fall in total income to Rs 22,012.94 crore in Q2 September 2019 over Q2 September 2018.

Hindalco Industries lost 2.37% after net profit fell 74.8% to Rs 78 crore on 8.1% fall in net sales to Rs 9,965 crore in Q2 September 2019 over Q2 September 2018.

Pharma major Lupin rose 1.8%. Lupin (including its subsidiaries, together referred to as Lupin) announced that it has entered into a definitive agreement for the sale of its entire stake in its Japanese subsidiary Kyowa Pharmaceutical Industry Co., (Kyowa) to Unison Capital Partners IV, LPS and Unison Capital Partners IV (F). L.P. (collectively referred to as Unison), a leading private equity fund in Japan. The announcement was made after market hours on 11 November 2019. The domestic stock market remained shut on Tuesday, 12 November 2019, for Gurunanak Jayanti.

Adani Ports and Special Economic Zone (APSEZ) rose 0.5%. On consolidated basis, APSEZ reported a 10.9% rise in profit before tax (PBT) to Rs 886.34 crore in Q2 September 2019 over Q2 September 2018. The profit after tax (PAT) jumped 72.44% to Rs 1059.20 crore in quarter ending September 2019 as against the corresponding quarter of the previous year. PAT was supported by one time tax gain of Rs 319 crore in Q2 2019 over Q2 2018. Revenue from operations rose 8.17% to Rs 2821.16 crore in Q2 2019 from Rs 2608.01 crore in Q2 2018.

Tata Power Company rose 0.44%. The company announced after trading hours on Monday, 11 November 2019, that its wholly owned subsidiary, Tata Power Renewable Energy (TPREL), has received a Letter of Award (LoA) from Gujarat Urja Vikas Nigam (GUVNL) on 7 November 2019 to develop a 50 megawatts (MW) solar project in Dholera Solar Park in Gujarat. This LoA is in addition to the 250 MW solar project being set up by the company at Dholera Solar Park.

Britannia Industries surged 4.99% after consolidated net profit rose 32.90% to Rs 402.73 crore in Q2 September 2019 from Rs 303.03 crore in Q2 September 2018. The biscuit maker's total revenue from operations in Q2 September 2019 stood at Rs 3048.84 crore, up by 6.25% from Rs 2869.59 crore the company clocked in the year ago period. The result was announced after market hours on Monday, 11 November 2019.

Overseas, Asian stocks were trading lower on growing worries U.S.-China trade talks.

In US, the benchmark S&P 500 stock index eked out a slim gain on Tuesday as President Donald Trump reportedly said the United States is close to signing an initial trade deal with China but offered no new details about negotiations.

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