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Sensex, Nifty nudge higher in early trade

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Key indices are trading higher in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 113.57 points or 0.29% at 38,619.66. The Nifty 50 index was up 23.20 points or 0.2% at 11,451.50. Positive Asian stocks also boosted sentiment.

The S&P BSE Mid-Cap index was up 0.36%. The S&P BSE Small-Cap index was up 0.42%. Both these indices outperformed the Sensex.

The market sentiment was upbeat as data showed that foreign and domestic funds, both, were net buyers of Indian stocks. The trading activity showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 436.02 crore yesterday, 15 October 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 929.39 crore yesterday, 15 October 2019, as per provisional data.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 636 shares rose and 410 shares fell. A total of 56 shares were unchanged.

Among stocks, IT major Wipro rose 1.58%. The company's consolidated net profit rose 6.91% to Rs 2552.70 crore on a 1.98% rise in total income to Rs 15875.40 crore in Q2 September 2019 compared with Q1 June 2019. The result was announced after trading hours yesterday, 15 October 2019.

ACC gained 1.74%. The company's consolidated net profit rose 44.68% to Rs 302.53 crore on a 3.28% rise in total income to Rs 3582.16 crore in Q3 September 2019 compared with Q3 September 2018. The result was announced after trading hours yesterday, 15 October 2019.

ONGC rose 0.9%. ONGC Videsh, a wholly-owned subsidiary of ONGC, has recorded discoveries of oil in its onshore exploration block CPO-5, Colombia in the Llanos basin and major gas in the deep offshore exploration block BM-SEAL4, Brazil in the Sergipe Alagoas Basin. The announcement was made after trading hours yesterday, 15 October 2019.

REC rose 0.65%. REC said that the entire shareholding of REC Transmission Projects Company (RECTPCL), a wholly owned subsidiary of REC in WRSS XXI (A) Transco, comprising of 50,000 equity shares, have been transferred along with all its assets and liabilities on 14 October 2019, to Adani Transmission. The announcement was made after trading hours yesterday, 15 October 2019.

Multi Commodity Exchange of India jumped 8.13% after consolidated net profit surged 99.69% to Rs 71.75 crore on a 54.96% rise in total income to Rs 144.53 crore in Q2 September 2019 compared with Q2 September 2018. The result was announced after trading hours yesterday, 15 October 2019.

On the macro front, India's merchandise exports declined 6.6% to US$ 26.03 billion in September 2019 over a year ago. Meanwhile, merchandise imports also dipped 13.8% to US$ 36.89 billion. The trade deficit narrowed 27.4% to seven month low of US$ 10.86 billion in September 2019 from US$ 14.95 billion in September 2018.

The International Monetary Fund (IMF) has reduced India's growth forecast for FY20 by 90 basis points to 6.1%, down from the 7%estimate in July. Meanwhile, the growth forecast for FY21, which stood at 7.2%in July, was slashed by 20 bps to 7%. The downward revision in India's growth forecast by the IMF reflects a weaker-than-expected outlook for domestic demand. Monetary policy easing and the recent corporate tax rate cuts are to support growth with a lag, the IMF said. Government programs to support rural consumption will also aid growth, it added.

Overseas, Asian shares are trading higher as Britain and the EU made headway on a Brexit deal ahead of a leaders' summit.

US stocks gained on Tuesday on strong US corporate results and a possible deal to avoid a disorderly British exit from the European Union.

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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, October 16 2019. 09:30 IST
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