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Market drifts lower in early trade

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Local stocks edged lower in early trade as profit booking emerged after recent upmove. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 140.81 points or 0.35% at 40,653.93. The Nifty 50 index was down 28.70 points or 0.24% at 11,942.35.

The S&P BSE Mid-Cap index was up 0.05%. The S&P BSE Small-Cap index was up 0.18%.

The market breadth, indicating the overall health of the market, is positive. On the BSE, 797 shares rose and 623 shares fell. A total of 68 shares were unchanged.

Stocks in news:

Infosys rose 1.32%. The company's consolidated net profit jumped 20.5% to Rs 4,845 crore on a 8.6% rise in revenues to Rs 24,570 crore in Q2 September 2020 over Q2 September 2019. Sequentially, consolidated net profit rose 14.4% and revenue increased 3.8% in Q2 September 2020 over Q1 June 2020.

United Spirits rose 0.1%. United Spirits has entered into a definitive agreement for sale of its entire shareholding in its wholly owned subsidiary Tern Distilleries to Sri Balaji Impex (SNG) Pte., Singapore for Rs 30 crore.

Tata Elxsi rose 1.76% after the company's net profit jumped 58.36% to Rs 78.88 crore on a 9.13% rise in total income to Rs 434.59 crore in Q2 September 2020 over Q2 September 2019.

Den Networks advanced 2.51% after the company's consolidated net profit jumped 149.73% to Rs 36.76 crore on a 0.42% rise in total income to Rs 378.81 crore in Q2 September 2020 over Q2 September 2019.

Tata Steel BSL rose 3.6%. The company reported consolidated net profit of Rs 341.71 crore in Q2 September 2020 as compared to net loss of Rs 243.97 crore in Q2 September 2019. Total income rose 21.4% to Rs 5,545.35 crore in Q2 September 2020 over Q2 September 2019.

Goa Carbon surged 7.4%. The company reported net loss of Rs 5.03 crore in Q2 September 2020 as compared to net loss of Rs 13.77 crore in Q2 September 2019. Total income fell 13.23% to Rs 88.31 crore in Q2 September 2020 over Q2 September 2019.

Global Markets:

Overseas, Asian stocks are trading mixed on Thursday on fading US stimulus hopes.

China's consumer price index rose 1.7% in September compared to a year ago, according to the country's National Bureau of Statistics. Producer price index fell 2.1% in September compared to a year earlier.

In US, Wall Street finished lower on Wednesday as investors lost hope that a U.S. fiscal stimulus would be approved before the presidential election in November.

Treasury Secretary Steven Mnuchin said around midday that getting a deal done before the election would be difficult, adding that both sides were still far apart on certain issues. He also noted, however, that Democrats and Republicans are making progress in some areas.

Investors are also tracking Brexit talks, as the deadline for a pact on the European Union's relations with Britain nears. EU leaders meeting on Thursday and Friday will tell their Brexit negotiator Michel Barnier to step up talks to get a deal by 1 January 2021.

Back home, the benchmark indices ended near the day's high after a volatile session on Wednesday. The S&P BSE Sensex, added 169.23 points or 0.42% at 40,794.74. The Nifty 50 index rose 36.55 points or 0.31% to 11,971.05. Both these indices rose for the tenth straight session.

Foreign portfolio investors (FPIs) bought shares worth Rs 821.86 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,276.14 crore in the Indian equity market on 14 October, provisional data showed.

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

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First Published: Thu, October 15 2020. 09:25 IST