Market trades in range; breadth strong

Indices came off day's high and turned range bound in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 452.85 points or 1.17% at 39,046.37. The Nifty 50 index was up 133.05 points or 1.16% at 11,573.25.

Trading could be volatile as traders roll over positions in the F&O segment from the near month September 2019 series to October 2019 series. The September 2019 F&O contracts expire today, 26 September 2019.

The S&P BSE Mid-Cap index was up 0.99%. The S&P BSE Small-Cap index was up 0.45%. Both these indices underperformed the Sensex.

The market breadth favoured the buyers. On the BSE, 1231 shares rose and 820 shares fell. A total of 129 shares were unchanged. In Nifty, 41 stocks advanced and 9 stocks declined.

The Anup Engineering surged 16.10% to Rs 476. Abakkus Emerging Opportunities Fund acquired 1 lakh shares of the company on the BSE and another 1.05 lakh shares on the NSE. Both the transactions were struck at Rs 410 per share yesterday, 25 September 2019.

Varun Beverages rose 0.91% to Rs 630.15 after reports stated that promoter RJ Corp sold 27 lakh shares or 1.48% equity at Rs 630.01 each on BSE. As of 30 June 2019, RJ Corp held 30.56% stake in Varun Beverages.

Jubilant Foodworks was down 4.87% to Rs 1379.8 after a foreign brokerage firm downgraded the company from 'neutral' status to 'underperform'. The foreign brokerage firm has also reduced the target price to Rs 1200.

Thomas Cook (India) tumbled 4.53% to Rs 140. Recently media reports suggested that, the Ministry of Corporate Affairs (MCA) is probing Thomas Cook (India) in relation to a 'suspicious' money transaction with a Delhi-based forex trader, Aarush Forex. The ministry's Western Regional Director has commenced inspection of the world's oldest travel firm, reports added. The company, however, clarified to the bourses post the trading hours yesterday, 23 September 2019, that the media reports were factually incorrect. The company said that it has not received intimation from the Ministry of Corporate Affairs and have no existing relationship with Aarush Forex.

Investors also panicked after winding up orders were made against UK's Thomas Cook Group plc and associated companies. Following the news, Thomas Cook (India) clarified to the bourses that it is a completely separate entity from Thomas Cook UK post acquisition in 2012 by Canada based Fairfax Financial Holdings. The media updates on Thomas Cook UK have no correlation and hence no impact on Thomas Cook India.

Shares of Thomas Cook have declined 10.45% in four trading sessions from its previous close of Rs 156.5 on 20 September 2019.

Overseas, Asian stocks are trading mixed on Thursday as hopes the United States and China may soon end their year-long trade war boosted demand for riskier assets. US stocks rose on Wednesday as investors shrugged off the news of an impeachment inquiry into President Donald Trump, while Nike shares jumped on upbeat quarterly results.

Trump reportedly said at the United Nations in New York on Wednesday that a deal between the U.S. and China could come sooner than you think. The two largest economies of the world have attempted to find a deal to end their protracted trade dispute which has lasted for more than a year and rattled financial markets globally.

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