Shares turn rangebound

Key equity barometers traded in a narrow range with minor gains in afternoon trade. The Nifty continued to the trade above 11,900 mark. Metal shares were in demand. At 13:24 IST, the barometer index, the S&P BSE Sensex, was up 69.91 points or 0.17% at 40,234.94. The Nifty 50 index was up 27 points or 0.23% at 11,917.60.

The S&P BSE Mid-Cap index was up 0.21%. The S&P BSE Small-Cap index was up 0.42%.

The market breadth was positive. On the BSE, 1375 shares rose and 1040 shares fell. A total of 156 shares were unchanged. In Nifty 50 index, 27 stocks advanced and 23 stocks declined.

Stocks in spotlight:

JSW Steel (up 6.78%), Bharti Infratel (up 5.58%), Tata Steel (up 4.84%), Vedanta (up 4.15%) and Infosys (up 3.84%) advanced.

Zee Entertainment Enterprises (down 5.04%), Maruti Suzuki India (down 2.15%), Eicher Motors (down 1.76%), Indian Oil Corporation (down 1.75%) and Axis Bank (down 1.12%) declined.

HDFC rose 0.49% to Rs 2138.95, ahead of its quarterly result today, 4 November 2019.

Bajaj Finance was up 0.64% to Rs 4095.70. Media reports suggested that the company will look to issue its qualified Institutional placement (QIP) this week.

On 17 September 2019, Bajaj Finance said its board of directors approved raising of capital through a QIP for an aggregate amount not exceeding Rs 8500 crore by issue of equity shares and/or eligible securities.

Hero MotoCorp fell 1.98% to Rs 2653.05. The two-wheeler maker reported 18.43% decline in total sales at 5.99 lakh units in October 2019 as against 7.34 lakh units in October 2018.

Tata Motors slipped 1% to Rs 173.15. The auto maker's total sales in the domestic & international market fell by 33.58% to 41,354 units in October 2019 as compared to 62,264 units during October 2018.

On a month-on-month basis, Tata Motors witnessed 13.68% increase in auto sales from 36,376 units in September 2019.

Coal India advanced 0.55% to Rs 208.45. The coal mining and refinery company registered a de-growth of 20.9% in its total coal production to 39.35 million tonnes while the total coal offtake decreased by 18.9% to 40.50 million tonnes in October 2019 over October 2018.

Yes Bank rose 0.23% to Rs 66.75. The bank reported net loss of Rs 600.08 crore in Q2 September 2019 as compared to net profit of Rs 964.70 crore in Q2 September 2018.

Yes Bank's overall profitability was hurt by a deferred tax asset (DTA) impact that resulted in a one-time additional charge of Rs 708.61 crore arising on account of change in corporate tax rate regime. Excluding this onetime impact, adjusted profit after tax (PAT) stood at Rs 109 crore in Q2 September 2019.

The bank's profit before tax stood 122.19 crore in Q2 September 2019, down by 91.43% from 1426.46 crore in Q2 September 2018.

The total income of the bank fell 4.28% to Rs 8332.21 crore on a 9.6% decline in net interest income (NII) to Rs 2,186 crore in Q2 September 2019 over Q2 September 2018.

Foreign markets:

Overseas, shares in Europe and Asia traded higher as growing optimism over U.S.-China trade talks and upbeat U.S. job data boosted global investors' appetite for riskier assets.

U.S. stocks gained on Friday as the S&P 500 set a closing record for the third time in five days after an upbeat U.S. jobs report and data on Chinese manufacturing eased concerns about slowing global growth.

U.S. nonfarm payrolls rose by 128,000 in October, a Labor Department report showed, overshadowing data showing a contraction in the manufacturing sector for the third straight month.

The United States and China both said on Friday that they had made progress in talks aimed at defusing their protracted 16-month-long trade war, and U.S. officials reportedly said a deal could be signed this month.

Back in Europe, October manufacturing data out of Spain, Italy, France, Germany and the euro zone as a whole is due for publication on Monday.

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