The key barometers recovered sharply in early afternoon trade. Major buying was seen in metal and realty shares. Index major Infosys jumped after chairman Nandan Nilkeani cleared air over whistleblower complaint. The Nifty traded above the 11,950 level. At 12:37 IST, the barometer index, the S&P BSE Sensex, was up 151.18 points or 0.38% at 40,399.41. The Nifty 50 index was up 43.25 points or 0.36% at 11,960.45.
In the broader market, the S&P BSE Mid-Cap index was up 0.3%. The S&P BSE Small-Cap index was down 0.11%.
The market breadth was positive. On the BSE, 1113 shares rose and 1075 shares fell. A total of 163 shares were unchanged. In Nifty 50 index, 36 stocks advanced while 14 stocks declined.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 0.84% to 15.7825. A fall in VIX indicates stability in the benchmark index. The Nifty November 2019 futures were trading at 12,007.3, a premium of 46.35 points compared with the spot at 11,960.95. The November 2019 F&O contracts expire on 28 November 2019.
On the options front, the Nifty option chain for 28 November 2019 expiry showed maximum call open interest (OI) of 18.83 lakh contracts at the 12,000 strike price. Maximum put OI of 18.95 lakh contracts was seen at 11,600 strike price. The option chain indicates that Nifty will stay between 11,600 and 12,000 in November expiry.
Metal stocks were in demand. The Nifty Metal index was up 1.18% at 2,647.70.
NMDC (up 2.24%), Hindalco Industries (up 1.96%), Vedanta (up 1.33%), Steel Authority of India (up 1.02%), National Aluminium Company (up 0.32%) and Hindustan Zinc (up 0.24%) edged higher.
Jindal Steel & Power was up 3.85%. The company reported net loss of Rs 300.50 crore in Q2 September 2019 compared with net profit of Rs 137.88 crore in Q2 September 2018. Net sales fell 10.45% to Rs 8,939.47 crore in Q2 September 2019 over Q2 September 2018.
Tata Steel (up 0.4%) will announce its Q2 2019 earnings today
Stocks in spotlight:
Infosys surged 2.18% to Rs 711 after the company said it strongly condemns the mischievous insinuations made by anonymous sources against the co-founders and former colleagues, suggesting their involvement in the recent whistleblower allegations. According to Nandan Nilekani, chairman, Infosys, "These speculations are appalling and seem to be aimed at tarnishing the image of some of the most accomplished and respected individuals. I have deep regard for the life-long contribution of all our cofounders. They have built this institution and have served this company selflessly and even today, remain committed to the long-term success of Infosys."
As previously stated, the audit committee has appointed an external law firm to conduct an independent investigation into the allegations made in the complaints. The firm will share the outcome of the investigation at the relevant time with all stakeholders, the company added in its statement issued during trading hours today, 6 November 2019.
Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) reported a dismal Q2 result after market hours yesterday. On consolidated basis, company's net profit declined 71.5% to Rs 85.07 crore on a 18.8% drop in net sales to Rs 1332.35 crore in Q2 September 2019 over Q2 September 2018. Shares of GNFC were trading 2.1% lower at Rs 207.
Shilpa Medicare were trading 2.32% higher at Rs 317.05 after the company received USFDA approval for Erlotinib Tablets. Erlotinib Tablets are a generic equivalent of TARCEVA used in the treatment of patients with metastatic non-small cell lung cancer. According to IQVIA MAT Q2 2019 data, the US market for Erlotinib Tablets is approximately $172 million.
Shares of V.S.T. Tillers Tractors were trading 1.62% lower at Rs 1294. The firm reported their October 2019 sales data after market hours yesterday. Power Tillers' sales rose 5.54% to 1104 units in October 2019 over October 2018. The company's tractor sales rose 2.88% to 857 units in October 2019 as against 833 units in October 2018.
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