The benchmark indices turned range bound in mid-morning trade. At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 19.83 points or 0.05% at 38,860.15. The Nifty 50 index added 11.40 points or 0.10% at 11,460.65.
In the broader market, the S&P BSE Mid-Cap index gained 0.30% while the S&P BSE Small-Cap index rose 0.45%.
The market breadth favored the buyers. On the BSE, 1241 shares rose and 1009 shares fell. A total of 167 shares were unchanged.
The foreign ministers of India and China have reportedly agreed that troops of the two countries must quickly disengage from a border standoff, they said in a joint statement issued on Friday. The two foreign ministers agreed that the current situation in the border areas is not in the interest of either side. They agreed therefore that the border troops of both sides should continue their dialogue, quickly disengage, maintain proper distance and ease tensions.
Total COVID-19 confirmed cases worldwide stood at 28,171,109 with 909,614 deaths, according to data from Johns Hopkins University. India reported 943,480 active cases of COVID-19 infection and 76,271 deaths while 3,542,663 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
The Nifty IT index added 1.19% to 18,615.50. The index has gained 1.94% in two sessions.
Coforge (up 6.05%), Wipro (up 3.09%), MindTree (up 1.99%), TCS (up 1.84%), Tech Mahindra (up 1.60%), Larsen & Toubro Infotech (up 0.85%), Infosys (up 0.83%) and HCL Tech (up 0.40%) edged higher.
Hindustan Aeronautics (HAL) skid 0.55% to Rs 860. HAL's consolidated net profit dropped 74% to Rs 148.65 crore in Q1 June 2020 compared with Rs 564.69 crore in Q1 June 2019. net sales for Q1 June 2020 stood at Rs 1736.74 crore, a 47% decline compared with Rs 3289.47 crore in Q1 June 2019.
The company said it operations for the current quarter were impacted by the lockdown imposed to contain the spread of COVID-19. The Group's manufacturing facilities were shut down during April 2020. The activities resumed from 28th April 2020 with precautions, reduced availability of manpower and disrupted supply chain, resulting in lower turnover and consequent lower profit.
Goa Carbon fell 0.51% to Rs 215.75 after the company recorded a net loss of Rs 5.07 crore in Q1 June 2020 as against net loss of Rs 5.02 crore in Q1 June 2019. Net sales slumped 59.9% to Rs 55.62 crore in Q1 FY21 over Q1 FY20. Due to the absence of viable export and domestic orders, the company's Goa plant was shut for 36 days, Bilaspur plant for 35 days and Paradeep plant for 23 days during the quarter ended 30 June 2020.
There was no production at the company's Bilaspur plant in August 2020. The Bilaspur unit in Chhattisgarh was temporarily shut down for maintenance work from 24 July 2020. Meanwhile, the operations at the company's Goa unit located at St Jose de Areal, Salcete-Goa was temporarily shut down for maintenance work from 4 September 2020.
Hindustan Copper gained 6.65% to Rs 37.70 after the company's consolidated net profit rose 40% to Rs 29.69 crore on 42% increase in net sales to Rs 431.43 crore in Q1 June 2020 over Q1 June 2019. The company said revenue during the quarter mainly include sales valuing Rs 324.54 crore on account of unsold year end closing stock. The result was announced after market hours yesterday, 10 September 2020.
Most Asian markets advanced on Thursday. Meanwhile, investors watched regional technology stock movements following a decline in the sector stateside.
In Europe, the U.K. economy grew 6.6% in July on a monthly basis, according to initial estimates published Friday. However, this represents a decline of 11.7% compared to the same period last year, data from the Office for National Statistics showed.
Investors also watched a recent rise in tensions between the United Kingdom (UK) and the European Union (EU). As per reports, the U.K. government outlined on Wednesday how it plans to manage trade following its full breakup from the EU at the end of the year with two significant announcements.
Firstly, it proposed legislation, called the Internal Market Bill, which gives the U.K. government stronger powers over trade rules in Scotland, Wales and Northern Ireland. Secondly, the government said the U.K. would not follow EU rules for state aid a key stumbling block in the negotiations with Europe to date. Instead, it will apply state aid rules agreed at the World Trade Organization level, which are less strict. The proposed legislation has to be approved by the U.K. Parliament before becoming law.
The US stock market finished session deeply in the red on Thursday, 10 September 2020, as risk sentiments dented after the U.S. Senate Republicans failed to advance a new coronavirus stimulus bill and simmering tensions between Washington and Beijing. Most of sectors declined, with tech stocks being notable losers amid increasing worry on Wall Street about a tech bubble, with those stocks fuelling the Nasdaq to record highs despite the coronavirus pandemic's hit to the economy.
Technology stocks resumed selloff after a one-day respite, as investors remain worried that valuations got stretched too far in a five-month rally. Apple shares were down 3.3% after rising as much as 2.7%. Tesla, which was up more than 8% at one point, closed just 1.4% higher. Netflix and Microsoft were both lower along with Facebook and Amazon. Nvidia shares lost 3.2%
Financial stocks dropped as jobless claims in the United States remained at a high level and a slimmed-down relief package failed to garner enough votes to pass the Republican-led Senate.
Energy stocks plunged as crude dropped back toward $37 a barrel in New York. Crude oil prices drifted lower on Thursday after data showed an increase in U.S. crude inventories in the week ended September 4. WTI crude for October delivery fell $0.75 or about 2 percent to $37.30 a barrel.
US first-time claims for unemployment benefits came in at 884,000 in the week ended September 5th, the Labor Department revealed in a report on Thursday. The report said initial jobless claims came in unchanged from the previous week's revised level.
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