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Market trades higher on positive global signals

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Key benchmark indices were trading higher in early trade tracking strong leads from Asian markets and overnight rally on the Wall Street. At 9:24 IST, the barometer index, the S&P BSE Sensex, was up 189.73 points or 0.51% at 37,147.89. The Nifty 50 index was up 50.05 points or 0.46% at 10,975.90.

Among secondary barometers,the BSE Mid-Cap index was up 0.62%. The BSE Small-Cap index was up 0.41%.

The market breadth, indicating the overall health of the market, was positive. On BSE, 618 shares rose and 367 shares fell. A total of 31 shares were unchanged.

The all-India general Consumer Price Index (CPI) inflation was steady at 3.15% in July 2019 (new base 2012=100), compared with 3.18% in June 2019. The core CPI inflation rose to 4.24% in July 2019 compared with 4.13% in June 2019.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 638.28 crore on 13 August 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 201.53 crore on 13 August 2019, as per provisional data.

Overseas, Asian shares rose across the board on Wednesday, as the US announced a delay in the implementation of tariffs on some Chinese goods.

Growth of China's industrial output slowed much more than expected to 4.8% in July from a year earlier, official data showed on Wednesday. Fixed-asset investment for the first seven months of the year rose 5.7%, according to data published by the National Bureau of Statistics. Private sector fixed-asset investment grew 5.4% in January-July, compared with a 5.7% rise in the first sixth months of 2019. Retail sales growth increased 7.6% in July from a year earlier, compared with 9.8% in June.

Meanwhile, flights have resumed in and out of Hong Kong airport after two days of protests by pro-democracy activists caused chaos that paralysed the transport hub. Hundreds of flights were cancelled on Tuesday after demonstrators blockaded two terminals in the latest escalation of a 10-week political crisis that has gripped the international financial centre.

US stocks soared on Tuesday after the US decided to delay tariffs on certain Chinese goods while outright removing some items from the tariff list. The United States Trade Representative announced Tuesday certain products including clothing and cellphones are being removed from the tariff list based on "health, safety, national security and other factors" and will not face additional tariffs of 10%. Other tariffs will be delayed to 15 December from 1 September for certain goods, it said.

In the global commodities markets, Brent crude oil futures for October 2019 settlement jumped $2.73 a barrel or 4.66% to settle at $61.30 a barrel during the previous trading session.

Back home, state-run ONGC fell 0.16%. The company's consolidated net profit fell 19.39% to Rs 6,693.61 crore on 0.77% decline in net sales to Rs 109,514.82 crore in Q1 June 2019 over Q1 June 2018.

On a standalone basis, ONGC's net profit fell 3.9% to Rs 5,904.25 crore on 2.4% decline in net sales to Rs 26,554.74 crore in Q1 June 2019 over Q1 June 2018.

Coal India fell 0.91%. The company's consolidated net profit rose 22.27% to Rs 4,629.67 crore on 3.64% rise in net sales to Rs 23,223 crore in Q1 June 2019 over Q1 June 2018.

National Aluminium Company (Nalco) fell 6.64%. The company's consolidated net profit rose 84.40% to Rs 97.87 crore on 29.91% rise in net sales to Rs 2,084.08 crore in Q1 June 2019 over Q1 June 2018.

Glenmark Pharmaceuticals fell 5.58%. The company's consolidated net profit fell 53.08% to Rs 109.31 crore on 7.24% rise in net sales to Rs 2,283.60 crore in Q1 June 2019 over Q1 June 2018.

The drug maker forecasts revenue growth of 10-15% for the current financial year. The company plans to bring minority investor in Glenmark Life Sciences and to divest other non-core global assets. The firm expects total R&D expenditure to be lower in absolute value as compared to FY2018‐19.

GAIL (India) rose 0.95%. Petroleum & Natural Gas Regulatory Board has increased tariff for GAIL (India)'s Dabhol-Bangalore pipeline by 11%. The new price will be effective from 1 September.

Khadim India fell 6.26%. Promoter Siddhartha Roy Burman acquired 1,00,507 equity shares, or 0.56% stake, in the company at Rs 194.98 each on BSE yesterday, 13 August 2019. As on 30 June 2019, Siddhartha Roy Burman held 8.12% stake in the firm.

Mishra Dhatu Nigam rose 1.26%. HDFC Mutual Fund increased its stake in the company to 5.03% on 9 August 2019 from 4.92% earlier.

Infosys rose 1.32%. The company announced that it has been selected by Toyota Material Handling North America (TMHNA) for a cloud based IoT telematics product implementation along with application support and development for its SAP Platform.

Wipro fell 0.64%. The company announced that it has launched three edge artificial intelligence (AI) starter solutions powered by Intel Xeon Scalable processors. These starter solutions will help enterprises in the energy & utilities and healthcare markets jump start their AI adoption. Wipro will leverage Intel's Al technology to maximize performance of the Wipro AI solutions when running on Intel Xeon Scalable processors.

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

First Published: Wed, August 14 2019. 09:29 IST