Key benchmarks were trading near the day's high in mid-morning trade. The Nifty was trading near 11,650 level. Banking stocks, led by public sector banks, were buzzing in trade. At 11:23 IST, the barometer index, the S&P BSE Sensex, was up 173.21 points or 0.44% at 39,137.05. The Nifty 50 index was up 44.40 points or 0.38% at 11,632.75.
The S&P BSE Mid-Cap index was up 0.29%, reversing early losses. The S&P BSE Small-Cap index was up 0.55%.
The market breadth was tilted in favor of buyers. On the BSE, 1092 shares rose and 910 shares fell. A total of 126 shares were unchanged.
The Nifty Bank index was up 0.42% to 29,533.90, extending gains for fourth consecutive session. The Nifty Bank index is up 3.49% in four sessions from a recent closing low of 28,538.80 on 16 October 2019.
Among the public sector banks, Indian Bank (up 5.94%), Bank of Maharashtra (up 2.71%), Bank of India (up 2.49%), State Bank of India (up 2.29%), Corporation Bank (up 2.09%), Bank of Baroda (up 1.94%), Union Bank of India (up 1.9%), Canara Bank (up 1.53%), Punjab National Bank (up 1.23%), UCO Bank (up 0.76%) and Central Bank of India (up 0.58%) advanced.
Among the private sector banks, Axis Bank (up 1.4%), ICICI Bank (up 1.4%), Federal Bank (up 0.54%), HDFC Bank (up 0.41%) and Yes Bank (up 0.1%) edged higher
HCL Technologies (up 2.31%), Hero MotoCorp (up 1.43%), Bajaj Auto (down 0.11%), JSW Steel (down 0.18%) and Larsen & Toubro (down 0.50%) will announce their Q2 September 2019 result today.
Mahindra & Mahindra Financial Services slipped 0.89% to Rs 338.30. On a consolidated basis, the financial services company's net profit fell 39.4% to Rs 263.60 crore on a 16.3% increase in total income to Rs 2947.97 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 22 October 2019.
Syngene International rose 1.88% to Rs 332.60. on a consolidated basis, the scientific research services provider's net profit fell 5% to Rs 74.40 crore on a 11% increase in net sales to Rs 464.60 in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 22 October 2019.
Affle (India) rose 3.31% to Rs 1257.30. The technology company announced the filing of 14 patents in Singapore and the USA. The company has filed 4 new patent applications in Singapore in the areas of conversational marketing & vernacular and voice-based intelligence. Further, the company has decided to expand the jurisdiction of its 10 patents earlier filed in India by filing in the patent office of the USA as well. The announcement was made after market hours yesterday, 22 October 2019.
Sterling and Wilson Solar rose 2.44% to Rs 595.10. The solar EPC solution provider firm informed that it has received a Letter of Intent for an engineering, construction and procurement (EPC) order for a 1.09 GW DC Solar Farm in the Middle East of a value of approximately $635 million. The announcement was made after market hours yesterday, 22 October 2019.
Piramal Enterprises rose 1.68% to Rs 1708.65. The company informed that a meeting of the board is scheduled to be held on 25 October 2019 to consider among other items, proposal for raising of funds up to an amount of Rs. 5,300 crore (approximately $750 Million), by issue of equity shares, convertible securities or any other securities, by way of one or more kinds of issue, including, public issue, rights issue, preferential issue and qualified institutions placement, as may be permitted under applicable law, subject to such regulatory/ statutory approvals as may be required, including approval of the shareholders of the company. The announcement was made after market hours yesterday, 22 October 2019.
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