Key benchmark bounced back and hit intraday high in mid-morning trade. The Nifty was trading above 11,850 level. At 11:22 IST, the barometer index, the S&P BSE Sensex, was up 137.32 points or 0.34% at 40,253.38. The Nifty 50 index was up 29.10 points or 0.25% at 11,869.55.
The broader market was trading flat. The S&P BSE Mid-Cap index was up 0.05%. The S&P BSE Small-Cap index rose 0.09%.
The market breadth was negative. On the BSE, 894 shares rose and 1125 shares fell. A total of 112 shares were unchanged. In Nifty 50 index, 27 stocks advanced while 23 stocks declined.
The Nifty Metal index was down 0.87% to 2,534.50, extending decline for fourth straight session. The index has fallen 4.68% to 2,534.50 from a recent closing high 2659.05 on 7 November 2019.
Hindalco Industries (down 1.6%), JSW Steel (down 0.56%), Tata Steel (down 0.49%) and Vedanta (down 0.44%) declined.
Jindal Steel & Power (up 0.95%), NMDC (up 0.79%), Hindustan Zinc (up 0.38%) and Steel Authority of India (up 0.13%) advanced.
National Aluminium Company (Nalco) fell 2.41% after the company reported a consolidated net loss of Rs 28.25 crore in Q2 September 2019 compared with net profit of Rs 510.55 crore in Q2 September 2018. Consolidated net sales tumbled 22.27% to Rs 2,363.55 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 13 November 2019.
Stocks in Spotlight:
Cadila Healthcare rose 2.45% to Rs 230.15. On a consolidated basis, Cadila's net profit fell by 74.3% to Rs 107.20 crore in Q2 September 2019 from Rs 417.50 crore in Q2 September 2018. Net sales however, recorded a growth of 14.1% to Rs 3244.20 in Q2 September 2019 over Q2 September 2018.
Finolex Cables slipped 0.65% to Rs 359. The manufacturer of electrical and telecommunication cables reported 76.7% jump in consolidated net profit to Rs 126.84 crore on a 0.3% increase in net sales to Rs 715.76 crore in Q2 September 2019 over Q2 September 2018.
ARSS Infrastructure Projects hit 5% upper circuit at Rs 25.20. The company has received a work order of Rs 75.42 crore from Rail Vikas Nigam.
Mishra Dhatu Nigam fell 0.83% to Rs 172.80. The specialized metals and metal alloys manufacturer secured an order worth about Rs 106 crore. The open order position as on date is about Rs 1850 crore.
Overseas, markets in Asia were mostly lower after China's October industrial production data missed expectations. Chinese industrial production data for October grew 4.7% year-on-year as compared against expectations of a 5.4% growth, media reports said.
Japan's economic growth touched a 1-year low in the third quarter, the media reported on Thursday citing government data. GDP grew 0.2% on an annualized rate in the third quarter, well lower than a median market forecast of a 0.8% rise.
The US stock market finished session modest higher on Wednesday, 13 November 2019, on the back of Federal Reserve Chair Jerome Powell testimony that U.S. central bankers see a sustained expansion ahead for the country's economy. Also, factors supporting the rally include the resumption of short dated debt buying to add liquidity to money markets and a surge in government spending. However, market gains were capped amid lingering uncertainty about a potential U.S.-China trade deal.
In U.S. economic news, the Labor Department released a report showing consumer price index climbed by 0.4% in October after coming in unchanged in September. Excluding food and energy prices, core consumer prices edged up by 0.2% in October after a 0.1% uptick in September.
The U.S. federal government's budget deficit in October rose 34% from a year earlier to $134.5 billion, putting the U.S. on course to top the $1 trillion mark in fiscal 2020 for the first time in eight years, or nearly 5% of gross domestic product.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)