Sensex surges above 38,000

Local stocks were trading sharply higher in early trade on buying demand in index pivotals. The Sensex surged above the psychological 38,000 level. The market breadth, indicating the overall health of the market, was strong.

At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 289.05 points or 0.76% at 38,169.45. The Nifty 50 index was up 86 points or 0.77% at 11,320.55.

The S&P BSE Mid-Cap index was up 0.63%. The S&P BSE Small-Cap index was up 0.48%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 708 shares rose and 331 shares fell. A total of 79 shares were unchanged.

Among stocks, Tata Consultancy Services (TCS) lost 3.09%. TCS reported 1.09% fall in consolidated net profit to Rs 8042 crore on 1.23% rise in total income to Rs 40338 crore in Q2 September 2019 over Q1 June 2019. The result was announced after market hours yesterday, 10 October 2019.

IT major Infosys rose 0.66% ahead of its Q2 result today, 11 October 2019.

Biocon rose 0.04%. Biocon and Evotec SE announced that Biocon Biologics, a wholly owned subsidiary of Biocon, and Just - Evotec Biologics, wholly owned by Evotec, have entered into a strategic licensing agreement for an early-stage, pre-clinical biosimilar asset. The announcement was made after market hours yesterday, 10 October 2019.

Tata Steel gained 3.14%. Tata Steel said that Tata Steel India's Q2 sales volume increased by 5% QoQ on provisional basis primarily with better volumes at Tata Steel BSL. During the quarter, lower volumes to Automotive segment were compensated by higher exports while deliveries in Branded Products & Retail segment and Industrial Product & Projects segment were maintained. Tata Steel India's Crude Steel production was flat on QoQ basis. The announcement was made after market hours yesterday, 10 October 2019.

Vakrangee rose 2.23%. Vakrangee announced its partnership with Aadhar Housing Finance for offering distribution of Home Loan & Loan against Property through its Nextgen Vakrangee Kendras. The announcement was made after market hours yesterday, 10 October 2019.

Eveready Industries India gained 4.99%. Eveready Industries India said that the company has completed the sale of the company's land situated at Triuvottiyur Road, in Chennai, Tamil Nadu, with the execution of a Sale Deed in favour of M/s. Insight Retail Private Limited, a subsidiary of Alwarpet as nominated by Alwarpet, in terms of the agreement for sale for a consideration of Rs 100 crore. The announcement was made after market hours yesterday, 10 October 2019.

On the macro front, India's industrial production data for August 2019 will be announced today, 11 October 2019. Also manufacturing production data for August 2019 be announced.

Overseas, most Asian stocks were trading higher on Friday after US President Donald Trump said he would meet with China's top trade negotiator.

US stocks rose on Thursday on hopes that top-level US-China trade talks would yield at least a partial deal, while a jump in Apple's shares also boosted the market.

US President Donald Trump said trade talks between US and Chinese officials on Thursday went very well and the two sides had a very, very good negotiation.

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