Key equity benchmarks held firm near the day's high in afternoon trade. At 13:35 IST, the barometer index, the S&P BSE Sensex, surged 1,936.25 points or 5.36% at 38,029.72. The Nifty 50 index also soared 573.15 points or 5.35% at 11,277.95.
The S&P BSE Mid-Cap index was up 4.86%. The S&P BSE Small-Cap index rose 2.87%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, shares 1,704 rose and 590 shares fell. A total of 113 shares were unchanged.
Eicher Motors (up 13.84%), Ultratech Cement (up 11.04%), Maruti Suzuki India (up 10.58%), IndusInd Bank (up 10.49%) and Hero MotoCorp (up 9.51%) advanced.
NTPC (down 1.60%), Tech Mahindra (down 0.29%), HCL Technologies (down 0.18%), and Infosys (down 0.13%) declined.
Axis Bank soared 5.65% to Rs 674.30. The bank informed about opening of the qualified institutions placement of equity shares of face value of Rs 2 each to qualified institutional buyers (QIB). The floor price in respect of the issue is Rs 661.50 per equity share. The announcement was made after market hours yesterday, 19 September 2019.
Yes Bank advanced 6.37%. Morgan Credits (MCPL), part of the promoter group of Yes Bank has yesterday, 19 September 2019 sold 2.3% stake in the bank. The proceeds will be solely utilized to prepay substantial portion of outstanding Non-Convertible Debentures (NCDs) of MCPL subscribed by various schemes of Reliance Nippon Life Asset Management Company (RNAM). The announcement was made after market hours yesterday, 19 September 2019.
Zee Entertainment Enterprises (ZEE) was down 4.68% to Rs 295.45 today. Media reports suggested that a Delhi High Court-appointed arbitrator asked Essel Group chairman Subhash Chandra not to sell his unpledged stake in ZEE till next month in an ongoing dispute with Indiabulls Housing Finance over default in repayment of loans worth Rs 200 crore. Reports further added that promoters of the Essel Group, which owns ZEE, had entered into an agreement with mutual funds, getting time till 30 September to repay debt. This agreement prevented the funds from selling the shares held as collateral.
Zee Entertainment Enterprises tanked 20.87% in five trading session from its previous high of Rs 350.3 on Friday, 13 September 2019.
TCS was down 1.40%. The firm launched the official mobile app for 'TCS Lidingoloppet', which will be held in Stockholm on 27-29 September 2019. The app comes with an enriched experience and new features that allow both runners and spectators to get even more out of the world's largest cross-country race.
Overseas, most European stocks declined Friday. In UK, investors keenly await the ruling from the Supreme Court judgement to be released sometime next week, to understand the potential outcome for Brexit. The British Supreme Court's 11- membered judge's panel have also been tasked to adjudicate whether the government had acted lawfully in suspending the Parliament on being challenged by the opposition parties.
The Eurozone Consumer Confidence data for the month of September will be available at about 3:00 PM London time.
Asian stocks were trading higher on Friday as economic stimulus around the world eased fears of economic deceleration. On the trade front, Chinese and U.S. delegates are meeting Thursday and Friday ahead of higher-level meetings expected early October to resolve the yearlong trade dispute.
U.S. stocks closed near unchanged Thursday, giving up early gains scored following better-than-expected housing and manufacturing data a day after the second interest rate cut of 2019 by the Federal Reserve.
The Paris-based Organization for Economic Cooperation and Development, in a Thursday report underscored that intensifying tariff disputes have stalled economic growth world-wide.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)