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Market holds firm

Firmness prevailed on the bourses in early afternoon trade after an intraday rally triggered by positive Asian markets. Gains were led by ICICI Bank, HDFC and ITC. The market breadth was just about positive.

Overseas, Asian shares are trading higher across the board on Wednesday, as the US announced a delay in the implementation of tariffs on some Chinese goods.

US stocks soared on Tuesday after the US decided to delay tariffs on certain Chinese goods while outright removing some items from the tariff list.

Back home, the barometer index, the S&P BSE Sensex, was up 412.29 points or 1.12% at 37,370.87. The index hovered in range of 37,409.31 and 37,000.77 so far.

The Nifty 50 index was up 114.65 points or 1.05% at 11,040.05. The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 5.28% at 16.8375.

Among secondary barometers, the BSE Mid-Cap index was up 0.26%. The BSE Small-Cap index traded flat at 12,519.82

The market breadth was just about positive. On BSE, 1083 shares rose and 1050 shares fell. A total of 128 shares were unchanged.

Larsen & Toubro was up 1.31% to Rs 1330.95. The company has announced that it would issue rated, listed, unsecured, redeemable non-convertible debentures (NCDs) worth Rs 1,400 crore on a private placement basis.

Ashoka Buildcon was down 1.83% to Rs 117.8 after the company reported consolidated net loss of Rs 19.61 crore in Q1 June 2019 compared with a net loss of Rs 5.02 crore in Q1 June 2018. Consolidated net sales surged 21.4% to Rs 1168.14 crore in Q1 June 2019 over Q1 June 2018.

Deepak Fertilisers & Petrochemicals Corporation declined 1.63% to Rs 84.7. The chemical company's consolidated net profit fell 71.25% to Rs 10.70 crore on 49.59% decline in net sales to Rs 1122.20 crore in Q1 June 2019 over Q1 June 2018.

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