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Nifty regains 11,000 on positive Asian stocks

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A bout of volatility was seen in early trade as the key indices regained positive zone soon after a lower start. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 105.38 points or 0.28% at 37,209.66. The Nifty 50 index was up 32.35 points or 0.29% at 11,015.15. Positive Asian stocks and good domestic economic data boosted sentiment.

The S&P BSE Mid-Cap index was up 0.08%. The S&P BSE Small-Cap index was up 0.48%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 785 shares rose and 353 shares fell. A total of 42 shares were unchanged.

Data released after market hours yesterday, 12 September 2019 showed that India's industrial production (base year 2011-12=100) improved 4.3% in July 2019, while showing acceleration in growth from four-month low of 1.2% in June 2019. However, the industrial production growth for June 2019 was revised downwards to 1.2% from 2% as reported provisionally.

The all-India general CPI inflation was nearly steady at 3.21% in August 2019 (new base 2012=100), compared with 3.15% in July 2019.

Overseas, Asian stocks were trading higher on Friday as hints of progress in the US-China trade dispute and aggressive stimulus from the European Central Bank helped to counter worries about a global economic slowdown.

US stocks rose on Thursday, buoyed by positive developments on the US-China trade front and a promise of continued stimulus from the European Central Bank.

The European Central Bank (ECB) approved a fresh stimulus package as expected on Thursday, cutting interest rates and approving a new round of bond purchases to prop up euro zone growth and halt a worrisome drop in inflation expectations. The ECB cut its deposit rate to a record low -0.5% from -0.4% and will restart bond purchases of 20 billion euros a month from November, it said in a statement.

Back home, Biocon was down 0.34%. Biocon said it has signed a license and supply agreement with a subsidiary of China Medical System Holdings for three generic formulation products in Greater China. As part of the agreement, Biocon will be responsible for the development, manufacturing and supply of the products, while CMS will be responsible for registration and commercialisation of the products in China. The announcement was made after market hours yesterday, 12 September 2019.

Dr Reddy's Laboratories rose 0.28%. The company said it has received an EIR from the US FDA indicating closure of this audit of its formulations manufacturing plants at Duvvada, Visakhapatnam, which was completed on 21 June 2019. The announcement was made after market hours yesterday, 12 September 2019.

L&T Finance Holdings dropped 2.34%. The company said that the meeting of the board of directors is scheduled on 17 September 2019, to consider and approve raising of funds through proposed issue aggregating up to Rs 150 crore and determine the issue price. The announcement was made after market hours yesterday, 12 September 2019.

Dewan Housing Finance Corporation fell 1.17% after the company defaulted on payment of interest & principal on Non-Convertible Debentures (NCDs) worth Rs 196.65 crore. The announcement was made after market hours yesterday, 12 September 2019.

Gravita India surged 5.07%. The company said that Recyclers Ghana, its step down subsidiary situated in Ghana, West Africa has enhanced the production capacity of its existing Lead Recycling Plant from 6,000 MTPA to 12,000 MTPA. The announcement was made after market hours yesterday, 12 September 2019.

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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, September 13 2019. 09:34 IST