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Nifty trades near 11,700; breadth positive

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Key benchmark further extended gains and hit fresh intraday high in mid-morning trade. The Nifty was trading near 11,700 level. At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 121.97 points or 0.31% at 39,253.01. The Nifty 50 index was up 33.90 points or 0.29% at 11,696.50.

The S&P BSE Mid-Cap index was up 0.10%. The S&P BSE Small-Cap index was up 0.26%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1082 shares rose and 891 shares fell. A total of 136 shares were unchanged.

Most IT shares rose. Tech Mahindra (up 1.59%), HCL Technologies (up 1.53%), MphasiS (up 0.63%), MindTree (up 0.59%), Infosys (up 0.45%), Persistent Systems (up 0.32%) and TCS (up 0.31%) advanced. Hexaware Technologies (down 0.3%), Oracle Financial Services Software (down 0.09%) declined.

Wipro was down 0.31% ahead of its Q1 result today, 17 July 2019.

Larsen & Toubro Infotech was down 0.12%. The company announced during market hours today, 17 July 2019, that it has signed a definitive agreement to acquire Lymbyc Solutions, headquartered in Bangalore along with additional offices in Chennai and Texas, US. The acquisition is subject to customary closing conditions which are expected to get completed within 6 weeks. The cost of the said acquisition is Rs 380 million.

Larsen & Toubro was up 0.29%. The company announced during market hours today, 17 July 2019 that the water & effluent treatment business of L&T Construction and Tecton Engineering a Construction LLC, UAE joint venture have secured a prestigious contract for a 100 MLD Desalination plant from Gujarat Industrial Development Corporation, Gujarat, India. L&T Construction will be the lead in this project. The order falls in significant category with valuation between Rs 1000 to 2500 crore.

Vodafone Idea was up 2.71%. The company announced after market hours yesterday, 16 July 2019, that it has received a rating of BWR A+ (Outlook: Negative) from BWR AA- (Outlook: Negative) for non-convertible debentures from Brickwork Ratings.

Bharti Airtel was up 0.19%. The company announced after market hours yesterday, 16 July 2019, that it will consider Q1 June 2019 result on Thursday, 01 August 2019.

MTNL was up 2.43%. As per reports, group of ministers, led by Home Minister Amit Shah, yesterday discussed revival of loss making telecom firms BSNL and MTNL.

Cox & Kings was down 4.76%. The company announced after market hours yesterday, 16 July 2019, that it had defaulted on its repayment obligation towards secured redeemable non convertible debentures worth Rs 50 crore. In a separate announcement yesterday, Cox & Kings said that it had also defaulted on its repayment obligation towards unsecured commercial paper worth Rs 45 crore.

Tata Power was up 1.69%. The company after market hours yesterday, 16 July 2019, announced a partnership with NTT Com- Netmagic to build its first 50 MW Solar Photovoltaic (PV) power plant in Solapur, Maharashtra, India. The capacity will be built in a phased manner with initial capacity of 35 MW increasing up to 50 MW within 24 months of initial commissioning of the plant.

Shares of power sector companies were mixed. Jaiprakash Power Ventures (up 4.93%), CESC (up 1.48%), Reliance Power (up 1.02%), Reliance Infrastructure (up 0.52%) and GMR Infrastructure (up 0.2%) advanced. Coal India (down 1.33%), JSW Energy (down 1.19%), Adani Power (down 1.1%), NTPC (down 0.88%), Power Grid Corporation of India (down 0.84%), NHPC (down 0.83%) and Torrent Power (down 0.16%) declined.

On the macro front, the Reserve Bank released monthly data on India's international trade in services. The value of services exports stood at $18679 in May 2019 as compared to $18062 in April 2019, marking a rise of 3.41% on month. The value of services imports in May 2019 was $12492 as compared to $11042 in April 2019, up sharply by 13.13%.

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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, July 17 2019. 11:28 IST