Key equity barometers were trading in a narrow range in positive terrain in early afternoon trade. The Nifty was trading above the 11,200 level. At 12:22 IST, the barometer index, the S&P BSE Sensex, was up 144.81 points or 0.38% at 37,818.12. The Nifty 50 index was up 35.75 points or 0.32% at 11,210.50.
The S&P BSE Mid-Cap index was up 0.06%. The S&P BSE Small-Cap index was down 0.30%.
The market breadth was negative. On the BSE, 922 shares rose and 1258 shares fell. A total of 194 shares were unchanged. In Nifty 50 index, 26 stocks advanced and 24 stocks declined.
On the derivatives front, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.20% to 17.7925. The Nifty October 2019 futures were trading at 11,239, a premium of 23.85 points compared with the spot at 11,210.50.
On the options front, the Nifty option chain for 31 October 2019 expiry showed maximum call open interest (OI) of 25.14 lakh contracts at the 12,000 strike price. Maximum put OI of 25.34 lakh contracts was seen at 11,000 strike price. The option chain indicates that Nifty will stay between 11,000 and 12,000 in October expiry.
In the spot market, Container Corporation of India (CONCOR) fell 6.61%. CONCOR said it claimed a benefit of Rs 1,044 crore for FY2016-2019, but Directorate General of Foreign Trade (DGFT) said that claims up to Rs 861 crore are not eligible for the Service Exports from India Scheme (SEIS) benefit. This is subject to further verification by DGFT's central licensing area office. In view of above, CONCOR is taking appropriate action of contesting the above decision of DGFT in line with the legal advice. The announcement was made after market hours on Friday, 1 October 2019.
State-run BPCL slumped 4.90% to Rs 489.95 as the scrip witnessed profit booking for second consecutive session. The stock has declined 7.88% to its current market price of Rs 489.95 from a recent closing high of Rs 531.90 on 3 October 2019.
A government panel of secretaries on Monday, 30 September 2019, reportedly proposed to privatise BPCL. The proposal for the strategic sale, or privatisation, will now be taken up by the Union cabinet. Apart from the cabinet clearance, the sale of BPCL needs to be approved by both the Lok Sabha and Rajya Sabha as the company was formed by an act of Parliament. As on 30 June 2019, the government held a 54.16% stake in BPCL. The privatization of BPCL will help the government in meeting at least a third of its Rs 1.05-lakh-crore divestment target.
The stock had rallied 13.25% to close at Rs 531.90 on 3 October 2019 from its closing low of Rs 469.65 on 27 September 2019.
Bosch fell 1.92%. In order to align production with sales requirements, the company at its various plants belonging to Powertrain Solutions division, would continue to observe 'No Production Days' ranging upto 10 days per month per plant during the third quarter of the Financial Year 2019-2020. The announcement was made after market hours on Friday, 4 October 2019.
NIIT rose 0.22%. The company's board at its meeting on 10 August 2019 approved the proposal for buyback of up to 2.68 crore equity shares each at Rs 125 per equity share for an aggregate amount not exceeding Rs 335 crore. The announcement was made during market hours today, 7 October 2019.
Info Edge (India) jumped 4.44%. The company announced that it had acquired 4.04 lakh compulsory convertible preference shares and 29,948 ordinary shares or 20.25% stake in Greytip Software for Rs 35 crore. The target company deals with in human resource and payroll solutions. The announcement was made after market hours on Friday, 4 October 2019.
Meanwhile, with reference to news item titles 'Info Edge climbs 6% on Zomato's $600 million fund-raising plan,' Info Edge clarified that no formal proposal has been sent by Zomato to the company's board.
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