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Benchmarks turn rangebound; RIL hits Rs 9 trillion market cap

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Key indices traded in a narrow range near day's high in mid-morning trade. The Nifty held firmly above the 11,600 level. Buying was broad based with IT stocks making the biggest up moves. Further gains were capped as Asian shares erased early gains after weak China GDP.

At 11:22 IST, the barometer index, the S&P BSE Sensex, was up 180.69 points or 0.46% at 39,232.75. The Nifty 50 index was up 49.20 points or 0.42% at 11,635.55.

The S&P BSE Mid-Cap index was up 1.32%. The S&P BSE Small-Cap index was up 1.27%. Both these indices outperformed the Sensex.

The market breadth was tilted in favor of bulls. On the BSE, 1383 shares rose and 621 shares fell and a total of 129 shares were unchanged. In Nifty 50 index, 31 stocks advanced and 19 stocks declined.

Reliance Industries (RIL) rose 1.92% to Rs 1423, ahead of its Q2 results today. RIL has become the first Indian company to cross Rs 9 trillion market capitalization after its shares hit its 52-week high of Rs 1428 in intraday today.

Bharat Heavy Electricals (Bhel) soared 26.71% to Rs 56.45 on reports the government may consider bringing down its stake in Bhel to 26% from 63.17% now.

3M India fell 4.34% to Rs 21896.35. The stock slipped in trade as the total traded shares stood at 3457 shares, over 14 times its 2-week average trading volume of 243 shares.

Jay Bharat Maruti tumbled 4.81% to Rs 187.05 after consolidated net profit declined 77.1% to Rs 3.76 crore on a 25.2% decline in total income to Rs 411.62 crore in Q2 September 2019 compared with Q2 September 2018. The result was announced after market hours yesterday, 17 October 2019.

TVS Motor Company rose 3.28% to Rs 452.80, extending yesterday's 6.26% gain. The firm's consolidated net profit rose 15.09% to Rs 256.88 crore on a 9.17% decline in total income to Rs 4,966.88 crore in Q2 September 2019 compared with Q2 September 2018. The result was announced during market hours yesterday, 17 October 2019.

The Nifty IT index was up 0.70% at 15,389.60, reversing previous session's losses. Zensar Technologies (up 2.44%), TCS (up 0.81%), MphasiS (up 0.8%), Hexaware Technologies (up 0.73%), Wipro (up 0.58%), HCL Technologies (up 0.51%), Tech Mahindra (up 0.51%), MindTree (up 0.44%), Infosys (up 0.29) and Oracle Financial Services Software (up 0.05%) advanced.

In the foreign exchange market, the partially convertible rupee edged lower and was hovering at 71.2075, compared with its close of 71.16, during the previous trading session.

Overseas, most Asian stocks were trading lower on Friday after China posted its weakest growth in nearly three decades.

China Gross domestic product (GDP) expanded 6% in third quarter ended September 2019, compared with 6.2% in the second quarter, official figures showed on Friday. The Chinese economy grew at 6.6% in 2018. However, the Industrial Production rose 5.8% year-on-year in September, after growth of 4.4% in August. Meanwhile, consumer spending, as represented by Retail Sales, rose 7.8% year-on-year in September.

On the U.S.-China trade front, White House economic adviser Larry Kudlow's commented that he sees momentum to finalize the initial phase of a U.S.-China trade deal outlined last week, adding it may be signed at the APEC forum next month.

Yesterday, Britain and the European Union agreed to a draft Brexit deal. At a news conference with Prime Minister Boris Johnson, European Commission President Jean-Claude Juncker said the deal meant there would be no need for a further delay to Britain's departure and negotiations on the future relationship between Britain and the EU would begin as soon as the deal was approved by the UK and European parliaments.

The US stock market finished session near records high on Thursday as risk sentiments boosted up by better than expected corporate earnings reports from U.S. companies such as Netflix and Morgan Stanley and optimism from a Brexit draft agreement.

US industrial production fell by 0.4% in September after climbing by an upwardly revised 0.8% in August, the Federal Reserve released a report on Thursday.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, October 18 2019. 11:26 IST