Key equity benchmarks were trading with minor gains in the afternoon trade. At 13:27 IST, the barometer index, the S&P BSE Sensex, rose 35.89 points or 0.10% at 37,306.71. The Nifty 50 index was up 6.95 points or 0.06% at 11,042.65.
Broader market was trading firm. The S&P BSE Mid-Cap index was up 0.26%. The S&P BSE Small-Cap index rose 0.73%.
The market breadth was strong. On the BSE, 1,375 shares rose and 848 shares fell. A total of 123 shares were unchanged.
Indiabulls Housing Finance (up 5.66%), Ultratech Cement Company (up 2.87%), ICICI Bank (up 2.57%), Grasim Industries (up 2.12%) and Sun Pharmaceutical Industries (up 1.75%) advanced.
Yes Bank (down 4.75%), Tata Motors (down 4.21%), Eicher Motors (down 2.03%), Maruti Suzuki India (down 1.80%) and Bharti Airtel (down 1.79%) declined.
State Bank of India (SBI) rose 0.68%. SBI said that the Executive Committee of Central Board (ECCB) has accorded approval for divestment of 3.50 crore + 1 crore equity shares constituting 3.5% with an oversubscription upto 1% of stake in SBI Life Insurance Company to achieve Minimum Public Shareholding of 25% (Part of Bank's share for MPS) through Offer for Sale process through Stock Exchange mechanism as per the regulatory prescription. The announcement was made after market hours yesterday, 11 September 2019.
HDFC advanced 1.78% after it proposed to raise up to Rs 5,000 crore through issue of issue of secured redeemable non-convertible debentures. The announcement was made after market hours yesterday, 11 September 2019.
Titan Company was down 0.35% after credit rating agency ICRA assigned ICRA A1+ on company's commercial paper worth Rs 900 crore.
Dr. Reddy's Laboratories was up 0.01% to Rs 2762.05 after the company announced that it has launched Fosaprepitant for Injection in the U.S. Market. Fosaprepitant is a therapeutic generic equivalent of EMEND. According to IQVIA Health, the EMEND for Injection brand had an U.S. sales of approximately $279 million for the most recent twelve months ending in July 2019. Dr. Reddy's Fosaprepitant for injection is available in 150 mg single dose vial for reconstitution.
Infosys was down 0.57% to Rs 815.40. The IT major's wholly-owned subsidiary, Infosys Finacle, and Shivalik Mercantile Co-operative Bank announced the successful implementation of the Finacle Digital Banking Suite on cloud. This will provide the bank agility to cost effectively manage scale and power its growth with an on-demand portfolio of products and services. This will also ensure a world class banking experience for its customers and seamless ecosystem connectivity.
Larsen & Toubro was up 0.29%. The construction major has announced that it has won two orders for its Water and Effluent Treatment Business. One, an EPC order has been bagged for the Gunjawani project piped distribution network including the Narayanpur Lift Irrigation Scheme from Maharashtra Krishna Valley Development Corporation-WRD, Pune and the other EPC order has been secured from the Rural Water Supply and Sanitation Department to execute two individual rural piped water supply projects in Odisha's Jharsuguda district. The order falls under "significant" category which ranges between Rs 1,000 crore and Rs 2,500 crore as per its classification of contracts. The announcement was made during market hours today, 12 September 2019.
Overseas, European stocks were trading higher while most Asian stocks rose on Thursday on hopes for a thaw in US-China trade frictions and expectations that the European Central Bank (ECB) will kick off another wave of monetary easing by global central banks.
US stocks moved higher on Wednesday, led by tariff-sensitive technology and industrial stocks after China extended an olive branch ahead of next month's trade negotiations with the United States.
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