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Market opens higher; breadth strong

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Key benchmark indices were trading higher in early trade. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 157.66 points or 0.45% at 35,316.21. The Nifty 50 index was up 41.20 points or 0.39% at 10,626.40.

Among secondary barometers,the BSE Mid-Cap index was up 0.56%. The BSE Small-Cap index was up 0.40%.

The market breadth, indicating the overall health of the market, was strong. On BSE, 881 shares rose and 346 shares fell. A total of 41 shares were unchanged.

Overseas, Asia markets retraced some of their early losses Monday, but investors remain wary about global risks that include a trade fight between the US and China, growth outlook, as well as oil prices.

Oil prices will also be closely watched on Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies warned about surging oil output that is set to leave the crude market oversupplied in 2019.

US stocks finished Friday on a low note, halting a four-session rally, after a selloff in oil prices, a hotter-than-expected reading on producer prices, and uneasiness about the housing market resurrected fears of an uncertain path for the economy here and abroad.

Chairman Jerome Powell's Fed held benchmark rates at a range between 2% and 2.25% on Thursday, and said that the central bank "expects further gradual increases in the target range for the federal-funds rate."

On the US data front, the producer-price index for October rose 0.6%. Excluding volatile food and energy prices, producer prices increased by 0.5%. The University of Michigan's consumer-sentiment index fell slightly to 98.3 in November from 98.6 in October.

Back home, Titan Company was up 2.21%. The company's consolidated net profit rose 8.34% to Rs 301.11 crore on 27.53% rise in total income to Rs 4595.13 crore in Q2 September 2018 over Q2 September 2017. The announcement was made after market hours on Friday, 9 November 2018.

Shankara Building Products was down 1.39%. The company's consolidated net profit dropped 47.29% to Rs 9.13 crore on 12.88% rise in total income to Rs 645.47 crore in Q2 September 2018 over Q2 September 2017. The announcement was made after market hours on Friday, 9 November 2018.

Sobha was up 1.91%. The company's consolidated net profit rose 22.07% to Rs 61.40 crore on 2.8% rise in total income to Rs 676.20 crore in Q2 September 2018 over Q2 September 2017. The announcement was made after market hours on Friday, 9 November 2018.

Tata Motors was down 1.48%. The company's subsidiary Jaguar Land Rover (JLR) reported total retail sales of 44,282 vehicles in October 2018, down 4.6% year on year despite strong sales of newer models, namely the Jaguar I-PACE and E-PACE and the refreshed Range Rover and Range Rover Sport. The announcement was made after market hours on Friday, 9 November 2018.

Amara Raja Batteries was up 0.41%. The company said that the board of directors approved the capital expenditure of Rs 540 crore towards deployment of advanced stamped grid technology, 2nd punching line for two-wheeler battery plant in a phased manner and debottlenecking in MVRLA plant. The announcement was made after market hours on Friday, 9 November 2018.

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

First Published: Mon, November 12 2018. 09:20 IST
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