Key indices reversed initial fall and are currently trading with modest gains. Volatility was high in early trade. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 169.23 points or 0.43% at 39,919.08. The Nifty 50 index was up 51.10 points or 0.44% at 11,721.90.
The S&P BSE Mid-Cap index was up 1.03%. The S&P BSE Small-Cap index was up 0.68%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1134 shares rose and 395 shares fell. A total of 68 shares were unchanged.
Stocks in news:
Wipro rose 1.58%. Wipro announced its intention to expand its IBM Hybrid Cloud Practice. Supported by technical experts from both organizations, the practice is expected to help Wipro customers modernize their digital operations across hybrid cloud environments by leveraging IBM Cloud Paks, containerized software running on Red Hat OpenShift.
Hindustan Petroleum Corporation (HPCL) advanced 2.51%. HPCL said that its board will consider share buyback on Wednesday, 4 November 2020. On the same day, the oil marketing company's board will also consider and approve the financial results for the quarter ended on 30 September 2020.
Interglobe Aviation declined 1.62%. The company reported consolidated net loss of Rs 1,194.83 crore in Q2 September 2020 as compared to net loss of Rs 1,061.99 crore in Q2 September 2019. Total income fell 64.53% to Rs 3,029.20 crore in Q2 September 2020 over Q2 September 2019.
Vodafone Idea gained 4.65%. The company reported consolidated net loss of Rs 7,218.20 crore in Q2 September 2020 as compared to net loss of Rs 50,921.90 crore in Q2 September 2019. Total income fell 3.19% to Rs 10,916.20 crore in Q2 September 2020 over Q2 September 2019.
TVS Motor Company rose 3.26%. TVS Motor Company reported 29.04% fall in consolidated net profit to Rs 179.93 crore on 4.49% rise in total income to Rs 5,269.59 crore in Q2 September 2020 over Q2 September 2019.
Welspun Corp fell 1.89%. Welspun Corp reported 4.09% fall in consolidated net profit to Rs 149.24 crore on 46.02% fall in total income to Rs 1,273.93 crore in Q2 September 2020 over Q2 September 2019.
Global Markets:
Overseas, Asian stocks are trading higher on Friday, after a rebound in US equities and strong corporate earnings set the stage. Japan's industrial output rose 4% in September from the previous month, according to a preliminary report released Friday by the country's Ministry of Economy, Trade and Industry.
Record numbers of coronavirus cases worldwide and the November 3 U.S. presidential election remained the major factors looming ahead for investors.
In US, stocks closed higher on Thursday, with the technology heavyweights rallying ahead of major earnings reports and upbeat domestic economic data calming investor jitters about surging coronavirus cases.
The US economy grew at an unrivaled pace in the third quarter. Gross domestic product rebounded at a 33.1% annualized rate last quarter, the Commerce Department said in its advance estimate on Thursday. That was the fastest pace since the government started keeping records in 1947 and followed a historic shrinkage rate of 31.4% in the second quarter.
The European Central Bank committed on Thursday to take new action in December to contain the growing fallout from a second wave of coronavirus infections, likely in the form of more bond purchases or cheap credit for banks. While the bank's Governing Council left policy unchanged this time around, it was the clearest hint yet of more stimulus to come as new national lockdown measures make a double-dip recession increasingly likely for the euro zone economy.
In coronavirus developments, Moderna said Thursday it is prepping for the global launch of its potential coronavirus vaccine. That comes amid a rise in cases in the U.S. as well as Europe, with Germany and France announcing new nationwide lockdowns.
Back home, key equity benchmarks ended with modest losses on Thursday. The barometer index, the S&P BSE Sensex fell 172.61 points or 0.43% at 39,749.85. The Nifty 50 index lost 58.80 points or 0.50% at 11,670.80.
Foreign portfolio investors (FPIs) sold shares worth Rs 420.95 crore, while domestic institutional investors (DIIs), were also net sellers to the tune of Rs 253.41 crore in the Indian equity market on 29 October, provisional data showed.
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