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Nifty regains 11,000

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Key benchmark indices extended gains and hit fresh intraday high in mod-morning trade. The Nifty was trading above the psychological 11,000-mark. The market breadth, indicating the overall health of the market, was positive. Select pharma stocks dropped sharply.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 205.84 points or 0.56% at 37,164. The Nifty 50 index was up 90.2 points or 0.83% at 11,016.05.

Among secondary barometers, the BSE Mid-Cap index was up 0.32%. The BSE Small-Cap index was up 0.19%.

Domestic stock markets will remain shut tomorrow, 15 August 2019 on account of Independence Day.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1003 shares rose and 746 shares fell. A total of 87 shares were unchanged.

Select pharma stocks dropped sharply. Glenmark Pharmaceuticals (down 7.31%), Dr. Reddy Laboratories (down 6.07%) and Sun Pharmaceutical Industries (down 5.13%) edged lower.

Reliance Infrastructure surged 7.44% after the company announced it Q1 result after market hours yesterday, 13 August 2019. The company's standalone net profit rose 88.6% to Rs 324.9 crore on a 26.1% rise in net sales to Rs 284.26 crore in Q1 June 2019 over Q1 June 2018.

United Breweries was down 0.27% at Rs 1,356.9 after the company reported poor Q1 result. The company's profit dropped 25.9% to Rs 164.54 crore on a 13.2% rise in net sales to Rs 4707.2 crore in Q1 June 2019 over Q1 June 2018.

Power Finance Corporation of India rose 0.34% to Rs 104.55 after consolidated net profit rose 0.8% to Rs 2185 crore on 9.5% increase in total income to Rs 14,619.11 crore in Q1 June 2019 over Q1 June 2018.

Kaveri Seed Company rose 5.54% to Rs 463.3 after company's consolidated net profit 9.6% to Rs 230.24 crore on 8.4% rise in net sales 627.58 crore in Q1 June 2019 over Q1 June 2018.

On domestic macro front, 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.

Overseas, Asian shares are trading higher 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.

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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. 10:31 IST
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