The benchmark indices pared gains in afternoon trade as profit booking emerged at higher levels. At 13:23 IST, the barometer index, the S&P BSE Sensex, was up 271.52 points or 0.67% at 40,741.22. The Nifty 50 index was up 82.25 points or 0.69% at 12,022.35.
The S&P BSE Mid-Cap index was up 0.36%. The S&P BSE Small-Cap index was up 0.23%.
The market breadth was tilted in favour of buyers. On the BSE, 1206 shares rose and 1149 shares fell. A total of 175 shares were unchanged. In Nifty 50 index, 32 stocks advanced and 18 stocks declined.
Buzzing Index:
The Nifty Metal index rose 1.16% to 2,547.20, reversing losses acquired in the previous session.
Hindustan Copper (up 4.21%), Steel Authority of India (up 3.1%), NMDC (up 3%), Jindal Steel & Power (up 2.7%), JSW Steel (up 1.19%), Vedanta (up 0.88%), National Aluminium Company (up 0.83%), Tata Steel (up 0.75%) and Hindalco Industries (up 0.44%) advanced. Hindustan Zinc was down 0.74%.
Stocks in Spotlight:
Shares of Reliance Industries (RIL) advanced 3.23% to Rs 1558.50. Reliance Jio Infocomm (Jio), a subsidiary of RIL said it will increase in tariffs in next few weeks in a manner that does not adversely impact data consumption or growth in digital adoption and sustains investments.
A foreign brokerage raised the target price for the shares of RIL to Rs 1,400 from Rs 1,210 per share as it continued to maintain neutral rating on the scrip.
According to the research house, Jio's tariff increase could bring an annual cash flow of more than $1.5 billion, which will help the company achieve zero net debt target by FY21.
Wipro slipped 0.32% to Rs 249.60. The IT major signed a Memorandum of Understanding (MoU) with the University of Oulu, Finland, to collaborate in the areas of wireless communications in 5G/6G at GHz, THz and light wave frequencies under the University's 6G flagship program.
Yes Bank rose 0.78% to Rs 64.65. Yes Bank said divergence in gross NPAs as of 31 March 2019 was at Rs 3,277 crore and divergence in net NPAs was at Rs 2,299 crore. The bank clarified that the incremental Gross NPA of Rs 2,018 crore is across four accounts of which exposure of Rs 1,041 crore across 3 accounts was internally rated and disclosed as 'BB&Below' as on 30 September 2019. Bank intends to convene board meeting by end of November to finalise capital raising, it said.
Ultratech Cement rose 0.37% to Rs 4115. The company is considering a proposal to raise funds by issuance of 2,500 rated, listed, non-convertible, redeemable, unsecured NCDs of Rs. 10 lakh each aggregating to Rs. 250 crore on private placement basis, including the terms and conditions of the issue, on or after 22nd November, 2019.
ICICI Bank rose 0.37% to Rs 494.95 after a global brokerage continued to remain bullish on the stock and raised target price by 25% to Rs 615 from Rs 490 earlier.
Foreign Markets:
Overseas, European stocks opened lower while Asian stocks continued to trade lower in the absence of progress in US-China trade talks.
The United States Senate unanimously passed a bill Tuesday that would require an annual review of the special treatment Hong Kong receives under US law following almost six months of unrest in the Asian financial hub. The vote will be seen as boost for Hong Kong's pro-democracy protesters, and a challenge to the Chinese government at a time of strained US-China relations.
US stocks closed mostly lower Tuesday, with the Dow and S&P 500 retreating from records, on disappointing earnings results and doubts about a US-China trade deal. The Nasdaq, however, notched a record finish on the strength of technology shares.
The United States would raise tariffs on Chinese imports if no deal is reached with Beijing to end a trade war, U.S. President Donald Trump reportedly said on Tuesday, threatening an escalation of the spat that has damaged economic growth worldwide.
In U.S. economic data, U.S. home building rose in October and permits for future home construction jumped to a 12-year high. Housing starts increased 3.8% to a seasonally adjusted annual rate of 1.314 million units last month. Housing starts rose 8.5% on a year-on-year basis in October.
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