The market turned range bound ahead of the Reserve Bank of India (RBI)'s monetary policy outcome at 11:45 IST today. Investors are hoping for a 25 basis points rate cut. All eyes will be on RBI's growth estimate for FY2020. The Nifty held above 12,050 level.
At 11:31 IST, the barometer index, the S&P BSE Sensex, was up 105.62 points or 0.26% at 40,955.57. The Nifty 50 index was up 24 points or 0.2% at 12,067.20.
The S&P BSE Mid-Cap index was up 0.06%. The S&P BSE Small-Cap index was up 0.18%.
The market breadth was positive. On the BSE, 1094 shares rose and 933 shares fell. A total of 136 shares were unchanged. In Nifty 50 index, 20 stocks advanced while 30 stocks declined.
The Nifty Media index was up 1.67% at 1,827.70, extending yesterday's 0.8% rise.
Zee Entertainment (up 4.32%), Hathway Cable (up 4.17%), Network18 (up 2.67%), TV18 Broadcast (up 2.01%), Jagran Prakashan (up 1.82%), Zee Media (up 1.36%), Balaji Telefilms (up 1.3%) and Inox Leisure (up 0.9%) were top gainers in media segment.
Stocks in Spotlight:
Cadila Healthcare was trading 0.76% lower at Rs 261.35. The drug major announced the regulatory filing of Saroglitazar Magnesium for treatment of Non-alcoholic Steatohepatitis (NASH) with the Drug Controller General of India (DCGI). NASH is a progressive disease of the liver and a significant unmet medical need. There are currently no treatments available for the treatment of NASH.
JSW Steel was trading 1.69% lower at Rs 255.40. The company announced that the resolution plan for Vardhman Industries has been approved by the NCLT under Insolvency and Bankruptcy Code, 2016. The Company had preferred an appeal before National Company Law Appellate Tribunal ("NCLAT") challenging certain portions of NCLT orders. The company further added that the judgment on the same has been pronounced allowing the said Appeal of JSW.
Asian markets were trading higher on Thursday on signs the United States and China were on track for a preliminary trade deal.
In US, stocks closed higher following a report that a phase-one trade US-China trade deal was still in the works.
On economic front, a reading on the service sector of the US economy was mixed: the Institute for Supply Management's nonmanufacturing index was at 53.9%, lower than in October, but new orders were at 57.1%, up from 55.6% and signalling stronger demand ahead.
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