Key equity indices came off the day's high amid profit booking in mid-morning trade. The undertone of the market continued to be positive due to firm global cues. The Nifty slipped below 12,150 level. The Nifty trades slightly above its 50 days simple moving average placed at 12,120.92.
At 11:28 IST, the S&P BSE Sensex, was up 332.81 points or 0.81% at 41,312.43. The Nifty 50 index was up 105.88 points or 0.88% at 12,137.30.
The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index was up 0.57%. The S&P BSE Small-Cap index was up 0.28%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1185 shares rose and 902 shares fell. A total of 137 shares were unchanged. In Nifty 50 index, 45 stocks advanced while 5 stocks declined.
Delhi Election 2020:
Ongoing trend suggested a clean sweep for Arvind Kejriwal-led Aam Aadmi Party (AAP) in Delhi.
Counting of votes for the Delhi Assembly Election is underway, with the incumbent AAP leading in 57 and BJP in 13.
If Kejriwal wins the election this year, it would be a hat-trick for his party which has managed to win 67 seats in the 2015 polls. It will also be the third straight electoral setback for the BJP, which earlier failed to form state governments in Jharkhand and Maharashtra last year.
Stocks in Spotlight:
Yes Bank (down 0.13%) is banned from trading in NSE's F&O segment after the security crossed 95% of market wide position limit.
Prince Pipes and Fitting was down 0.89%. It will announce its first ever quarterly result after getting listed on exchanges on 30 December 2019.
Cipla said its wholly-owned subsidiary, Cipla Medpro South Africa, has concluded an exclusive agreement securing originator and authorized generic brands of an atypical anti-psychotic drug, Quetiapine. The agreement involves AstraZeneca Pharmaceuticals, the originator of the medicine, and Luye Pharma Hong Kong, which acquired the assets and rights to the medicine in select territories. The transaction allows Cipla Medpro to market and distribute the Medicine in South Africa and neighboring countries, Cipla said in a statement after market hours on Monday (10 February). Shares of the drug major were trading 0.94% higher at Rs 449.05.
The Phoenix Mills rose 1.32% to Rs 885.20 after consolidated net profit soared 29.7% to Rs 91.85 crore in Q3 December 2019 as against Rs 70.83 crore reported in Q3 December 2018. Net sales surged 16.2% year-on-year (Y-o-Y) to Rs 511.79 crore in Q3 FY20. The Q3 numbers were disclosed after market hours yesterday, 10 February 2020. Profit before tax jumped 38.5% to Rs 132.26 crore Y-o-Y. Current tax expenses soared 104.5% to Rs 35.77 crore during the period under review.
Shares of National Aluminium Company (NALCO) fell 3% to Rs 42 after the company reported a consolidated net loss of Rs 33.90 crore in Q3 December 2019 compared with net profit of Rs 302.35 crore in Q3 December 2018. Net sales declined 23.2% year-on-year (YoY) to Rs 2088.35 crore during the quarter.
Capacite Infraprojects up 0.7% after the company received contract worth Rs 350.17 crore from marquee private sector client in Mumbai under its commercial and institutional portfolio.
Overseas, Asian markets were trading mixed on Tuesday as investors tried to judge how quickly China's factories could return to work as the coronavirus continues to spread and deaths mount.
In US, the Nasdaq Composite and S&P 500 clinched closing records on Monday as investors took heart in mostly solid US fourth-quarter corporate earnings and looked beyond concerns about the coronavirus outbreak's potential disruption to global supply chains.
Expectations for the Federal Reserve to prop up the economy with easy financial conditions if the coronavirus spills over into the US, also helped to support stocks.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)