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Nifty holds firm above 11,000 mark

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Key benchmark indices extended gains and hit a fresh intraday high in mid-afternoon trade. The Nifty moved towards 11,100 level.

At 14:29 IST, the barometer index, the S&P BSE Sensex, was up 55.15 points or 0.15% at 37,367.98. The Nifty 50 index was up 15.35 points or 0.14% at 11,044.75.

The S&P BSE Mid-Cap index was flat at 13,477.64. The S&P BSE Small-Cap index was down by 0.01%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 1097 shares rose and 1257 shares fell. A total of 154 shares were unchanged.

GMR Infrastructure rose 0.93% to Rs 15.15. On consolidated basis, the company reported a net loss of Rs 514.76 crore in Q1 June 2019 as against a net loss of Rs 276.96 crore in Q1 June 2018. The company's net sales rose 10.3% to Rs 1786.25 crore in Q1 June 2019 over Q1 June 2018. The company announced its Q1 earnings after market hours on 14 August 2019.

Iron ore production major, NMDC announced its production and sales numbers for the month of July 2019. The company's iron ore production rose 37.3% to 1.95 MT in July 2019 as compared to 1.42 MT in July 2018. The company's iron sales also increased 24.22% to 2.41 MT in July 2019 as compared to 1.94 MT in July 2018. The stock is trading 2.15% lower at Rs 102.4.

Titagarh Wagons traded 0.73% lower at Rs 40.8. The company's wholly owned subsidiary 'Titagarh Firema SpA' won a Rs 1125-crore order from Maharashtra Metro Rail Corporation to design, manufacture and supply of 102 coaches for the Pune Metro Rail. The first three car prototypes are required to be supplied in 78 weeks and the balance 33 train sets in several phases over 160 weeks.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.155, compared with its close of 71.27 during the previous trading session.

The yield on 10-year benchmark federal paper fell to 6.53% at 14:12 IST compared with 6.62% at close in the previous trading session.

In the commodities market, Brent crude for October 2019 settlement was up 89 cents at $59.12 a barrel. The contract fell $1.25 or 2.1% to settle at $58.23 a barrel in the previous trading session.

MCX Gold futures for 5 August 2019 settlement declined 0.89% at Rs 37,822.

Overseas, European stocks were trading higher. London's FTSE 100 opened higher after delay in opening due to a technical glitch. The index was up nearly 0.7% in early trade.

Most Asian stocks closed lower on Friday as investors watched developments in the US-China trade war. In US, the S&P 500 and the Dow gained ground in a late rally on Thursday as upbeat retail sales data offset recessionary fears amid the simmering US-China trade tensions.

Investors and central banks remain concerned though that President Trump's trade war with China is undermining global economic growth after China on Thursday threatened unspecified retaliation against Trump's recent threat to impose more tariffs on its imports from September.

On the data front, U.S. industrial output fell 0.2% in July, the second drop in the past four months, the Federal Reserve reported Thursday. Industrial output is only up 0.5% on a year-on-year basis

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

First Published: Fri, August 16 2019. 14:32 IST
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