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Sensex hits fresh record high

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Local stocks are trading higher in early trade on buying demand in index pivotals. At 9:24 IST, the barometer index, the S&P BSE Sensex, was up 172.85 points or 0.43% at 40,642.63. The Nifty 50 index was up 41.80 points or 0.35% at 12,007.85. The Sensex scaled fresh record high above the 40,600 mark in early trade.

The S&P BSE Mid-Cap index was up 0.68%. The S&P BSE Small-Cap index was up 0.65%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 760 shares rose and 365 shares fell. A total of 55 shares were unchanged.

Among stocks, Tata Steel lost 2.29%. The company reported 5.96% rise in consolidated profit after tax to Rs 3,302 crore on 15.44% fall in turnover to Rs 34,579 crore in Q2 September 2019 over Q2 September 2018.

Hindustan Unilever shed 0.14%. Hindustan Unilever said that the National Company Law Tribunal, Mumbai Bench, has sanctioned the Scheme of Amalgamation by way of merger by absorption among GlaxoSmithKline Consumer Healthcare ('Transferor Company') and Hindustan Unilever (the 'Company') and their respective Shareholders and Creditors (the 'Scheme').

JB Chemicals & Pharmaceuticals jumped 5.69% after the company said that the board of directors of the company at its meeting to be held on 12 November 2019 will also consider the proposal for buy-back of equity shares.

Manappuram Finance rose 1.46% after the company approved the establishment of a medium term note programme to raise up to $750 million or lesser, in one or more tranches.

MSTC rose 1.22%. Larsen and Toubro has appointed MSTC as the selling agent as per the terms of selling agency agreement entered by both the parties on 29 October 2019 for the sale of scrap and rejected/condemned/obsolete secondary arising (ferrous and non-ferrous) as well as surplus obsolete stores, equipments and misc. articles etc. for buildings and factories IC of L&T in India through MSTC's e-Auction website.

The Union Cabinet chaired by Prime Minister Narendra Modi yesterday approved the establishment of a 'Special Window' fund to provide priority debt financing for the completion of stalled housing projects that are in the Affordable and Middle-Income Housing sector. For the purposes of the fund, the government shall act as the Sponsor and the total commitment to be infused by the Government would be upto Rs 10,000 crore.

Overseas, Asian shares were trading mixed on Thursday.

US stocks ended little changed on Wednesday as a report the U.S.-China trade deal could be delayed until December was offset by gains in healthcare shares.

A meeting between U.S. President Donald Trump and Chinese President Xi Jinping to sign a long-awaited interim trade deal could be delayed until December as discussions continue over terms and venue.

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

First Published: Thu, November 07 2019. 09:29 IST