Market slightly higher in early trade

Key indices are trading with small gains in early trade amid volatility. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 49.80 points or 0.13% at 39,070.19. The Nifty 50 index was up 6.85 points or 0.06% at 11,589.45. Most Asian stocks are trading lower.

The S&P BSE Mid-Cap index was up 0.13%. The S&P BSE Small-Cap index was down 0.06%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 494 shares rose and 441 shares fell. A total of 58 shares were unchanged.

Among stocks, ITC gained 2.03%. The company reported 37.12% rise in consolidated net profit to Rs 4119.16 crore on 6.62% rise in total income to Rs 13497.27 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 24 October 2019.

Colgate-Palmolive (India) fell 0.87%. The company reported 24.31% rise in net profit to Rs 244.11 crore on 4.57% rise in total income to Rs 1230.43 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 24 October 2019.

InterGlobe Aviation dropped 3.08%. The company reported consolidated net loss of Rs 1061.99 crore in Q2 September 2019 as compared to net loss of Rs 651.54 crore in Q2 September 2018. Total income rose 31.1% to Rs 8539.78 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 24 October 2019.

PNB Housing Finance jumped 10.44%. The company reported 44.99% rise in consolidated net profit to Rs 366.81 crore on 23.34% rise in total income to Rs 2230.34 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 24 October 2019.

United Spirits rose 0.96%. The company reported 27.77% fall in consolidated net profit to Rs 163.10 crore on 3.09% rise in total income to Rs 2318.80 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 24 October 2019.

Raymond advanced 2.23%. The company reported 33.5% rise in consolidated net profit to Rs 83.96 crore on 2.18% rise in total income to Rs 1916.59 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 24 October 2019.

Overseas, most Asian shares were trading lower on Friday as positive earnings offset economic growth concerns.

U.S. stock benchmarks closed mixed Thursday, with the Dow pinned lower by a tumble in shares of 3M, amid a flurry of corporate quarterly results rolling out on Wall Street.

U.S. economic reports, however, were mixed on Thursday, with durable-goods orders dropping 1.1% last month, the government said Thursday. The decline over the past 12 months steepened to 5.4%, marking the biggest yearly drop-off since the middle of 2016. And sales of newly constructed homes in the U.S. decreased 0.7% on a monthly basis in September to a seasonally-adjusted annual rate of 701,000, the government reported Wednesday.

The ECB left its main deposit facility rate at negative 0.5% and its main lending rate at 0%. The rate-setting Governing Council repeated that it expects to keep rates at present or lower levels until inflation, which has remained stubbornly low, robustly converges with its target of near but just below 2%. It also reiterated that it will begin a controversial bond-buying program at a pace of euro 20 billion a month beginning in November.

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