Equity barometers ended with modest gains on Friday amid positive global cues fueled by hopes of a trade deal between the US and China. The barometer index, the BSE Sensex, rose 246.68 points or 0.65% to 38,127.08. The Nifty 50 index rose 66.70 points or 0.59% to 11,301.25.
Domestic investors awaited domestic factory output data for August scheduled to be released later in the day.
The market breadth was negative. On the BSE, 1107 shares rose and 1360 shares fell. A total of 190 shares remain unchanged.
The broader market lagged benchmarks. The S&P BSE Mid-Cap index rose 0.24%. The S&P BSE Small-Cap index rose 0.38%.
After a gap up opening, the Nifty 50 index surged over 1% in morning trade. The trend sharply reversed in mid-morning trade with the Nifty briefly slipping into negative terrain below 11,200 mark. The 50-unit index recovered and traded with decent gains for most part of the session. Buying resumed in mid-afternoon trade, pushing the Nifty once again above its 200-day moving average.
Meanwhile, Chinese President Xi Jinping landed in Chennai for a two-day informal summit with Prime Minister Narendra Modi. Modi expressed the wish that the summit will further strengthen ties between India and China.
Overseas, shares in Europe and Asia edged higher on Friday as high-level US-China trade talks progressed into a second day and optimism grew that a truce can be achieved.
US stocks rose on Thursday on hopes that top-level US-China trade talks would yield at least a partial deal, while a jump in Apple's shares also boosted the market.
US President Donald Trump said trade talks between US and Chinese officials on Thursday went very well and the two sides had a very, very good negotiation.
On the equity front back home, software major Infosys jumped 4.19%. The company's consolidated net profit rose 5.8% to Rs 4019 crore on a 3.8% increase in revenue from operations to Rs 22,629 crore in Q2 September 2019 over Q1 June 2019. The result was announced after market hours today, 11 October 2019.
Index pivotal TCS declined 0.87%. The IT major reported 1.09% fall in consolidated net profit to Rs 8,042 crore on 1.23% rise in total income to Rs 40,338 crore in Q2 September 2019 over Q1 June 2019. The result was announced after market hours yesterday, 10 October 2019.
The company's board declared a second interim dividend of Rs 5 and a special dividend of Rs 40 per equity share of the company. The record date for the dividend is Friday, 18 October 2019.
Auto stocks were mixed. Mahindra & Mahindra (down 1.19%), Escorts (down 0.98%), Ashok Leyland (down 0.44%) and Hero MotoCorp (down 0.2%) declined.
Bajaj Auto (up 0.35%), Eicher Motors (up 0.89%), Maruti Suzuki India (up 1.36%), TVS Motor Company (up 2.40%) and Tata Motors (up 3.81%) advanced.
The Society of Indian Automobile Manufacturers (SIAM) released sales data for the month of September 2019. Passenger vehicle sales declined for 11th straight month, falling 23.7% to 223,317 units in September 2019 over September 2018. Sales of medium & heavy commercial vehicles were also disappointing. It declined 62.11% to 14,855 units in September 2019 over September 2018.
Shares of state-run oil marketing companies tumbled after crude oil prices firmed up in the international commodity market. Indian Oil Corporation (down 3.21%), HPCL (down 0.71%) and BPCL (down 0.41%) tumbled.
In the commodities market, Brent crude for December 2019 settlement was up 62 cents, at $59.70 a barrel. The contract rose 1.34% to settle at $59.1 a barrel during the previous trading session.
Crude oil prices flared up amid reports of an explosion in an Iranian tanker that has set the National Iranian Oil Company-owned vessel on fire near the Saudi port city of Jeddah. The explosion is said to have caused heavy damages to the vessel and oil is spilling into the Red Sea. The report further added that the reason for the explosion is still under investigation but reports suggested that it may be a terrorist attack.
Bandhan Bank jumped 15.08% while Gruh Finance surged 11.04%.
Bandhan Bank surged on reports that the stock will be included in the MSCI India largecap index from 16th October 2019. The combined free float market capitalisation of Bandhan Bank will increase to above $2.5 billion after its merger with Gruh Finance, which made it eligible for MSCI largecap index, reports suggested.
In January 2019, Gruh Finance and Bandhan Bank announced a merger deal through share swap. Shareholders of Gruh Finance will receive 568 shares of Bandhan Bank for every 1,000 shares held.
On 4 October 2019, Bandhan Bank informed that the National Company Law Tribunal, Ahmedabad Bench and Kolkata Bench approved the scheme of amalgamation between the bank and Gruh Finance.
The bank has fixed Thursday, 17 October 2019, as the record date for determining eligible shareholders of Gruh Finance who shall be entitled to receive the equity shares of the bank.
Tata Steel gained 1.93%. Tata Steel's India production volumes rose 4.65% to 4.5 million tons while the sales volumes fell 4.17% to 4.14 million tons in Q2 September 2019 over Q2 September 2018. The announcement was made after market hours yesterday, 10 October 2019.
IndusInd Bank fell 0.46%, extending yesterday's 6.15% fall triggered by Q2 results. IndusInd Bank's net profit rose 50.32% to Rs 1,383.37 crore on a 31.40% increase in total income to Rs 8,877.02 crore in Q2 September 2019 over Q2 September 2018. The bank's provisions and contingencies jumped 24.98% to Rs 737.71 crore in Q2 September 2019 over Q2 September 2018. The result was announced during market hours yesterday, 10 October 2019.
G M Breweries rose 0.69% after announcing a decent Q2 September 2019 result yesterday. Net profit rose 2.2% to Rs 19.85 crore on an 8.7% increase in net sales to Rs 121.40 crore in Q2 September 2019 over Q2 September 2018.
Indiabulls Real Estate was locked in an upper circuit of 5% at Rs 43.40. The board of directors of Indiabulls Real Estate approved a proposal to buyback upto 5 crore fully paid-up equity shares, or 11% equity, at Rs 100 each. The total buyback size is Rs 500 crore.
Indiabulls Ventures jumped 4.47% at Rs 104.05. The board of directors of Indiabulls Ventures approved a proposal to buyback upto 6.66 crore fully paid-up equity shares, or 12.61% equity, at Rs 150 each. The total buyback size is Rs 1,000 crore.
Shares of IRCTC will debut on the bourses on Monday, 14 October 2019. The IPO was subscribed 112 times.
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