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Shares trade with modest gains

Key equity benchmarks continued trading with modest gains in the afternoon trade. At 13:29 IST, the barometer index, the S&P BSE Sensex, was up 127.72 points or 0.34% at 37,273.17. The Nifty 50 index also was up 32.80 points or 0.30% at 11,035.85.

The market breadth was strong. On the BSE, shares 1,645 rose and 602 shares fell. A total of 122 shares were unchanged. The S&P BSE Mid-Cap index was up 0.61%. The S&P BSE Small-Cap index rose 1.14%.

Eicher Motors (up 4.25%), Maruti Suzuki India (up 3.10%), Vedanta (up 3.04%), Tata Steel (up 2.84%) and Bajaj Auto (up 2.66%) advanced.

Zee Entertainment Enterprises (down 2.58%), GAIL (India) (down 1.82%), Tech Mahindra (down 1.39%), UPL (down 1.39%) and ONGC (down 1.28%) declined.

Tata Motors jumped 7.88%. Tata Motors' wholly-owned UK-based unit Jaguar Land Rover (JLR) said that retail sales in August 2019 stood at 34,176 vehicles, down 6.7% compared to August 2018. The announcement was made after market hours on Monday, 9 September 2019.

Jaguar retail sales in August 2019 were 9,702 vehicles, down 17.8% year-on-year and Land Rover retailed 24,474 vehicles, down 1.4% compared to August 2018.

Felix Brautigam, Jaguar Land Rover Chief Commercial Officer, said that while the global market remains challenging, the company has seen a second month of consecutive growth in China.

TCS fell 1.45%. The IT major announced setting up a Center of Excellence (CoE) to develop digital solutions that leverage Cisco's DNA-C platform. The announcement was made yesterday, 10 September 2019.

Yes Bank surged 13.63%. Media reports indicated that mobile payments major Paytm-owner One97 Communications is in discussions for a deal to pick up a stake in Yes Bank.

The private sector lender, however, termed media reports as speculative. The bank in the usual and ordinary course of its business continues to explore various means of raising capital/funds through issuance of securities to diverse set of investors, in order to meet its business/ regulatory requirements, Yes Bank said.

Sun Pharmaceutical Industries was down by 1.04%. The drug major said that its wholly-owned subsidiary hiked its shareholding in PJSC Biosintez, Russia, by way of purchase of 8698 shares (2391 ordinary shares and 6307 preferred shares) equivalent to 3.04% of PJSC Biosintez under mandatory tender offer. Post completion of this purchase of shares, the total holding of wholly owned subsidiary company was increased from 96.96% to 100% in PJSC Biosintez. The announcement was made after market hours on Monday, 9 September 2019.

Larsen & Toubro (L&T) edged 0.88% higher after the company announced a 'significant' order win. The buildings and factories business of L&T Oman has been awarded the main works contract of The Mandarin Oriental, Muscat. The project involves the construction of the Mandarin Oriental Hotel and the residences at the Mandarin Oriental, Muscat.

IndusInd Bank gained 2.89% after the bank announced the opening of new branch at Puducherry. With this, the bank now has 235 branches across 7 southern states.

JSW Steel advanced 3.66% after it announced the crude steel production numbers for the month of August 2019. The company's crude steel production declined 13% to 12.53 lakh tonne in the month of August 2019 as compared to 14.48 lakh tonne in August 2018. JSW Steel was trading 3.12% higher at Rs 226.5.

HCL Technologies was down 2.18%. According to media reports, the IT major plans to acquire 100% stake of Sankalp Semi-conductors for Rs 180 crore.

Wipro declined 2.68%. The tech giant was downgraded to 'sell' from a global brokerage firm with a target of Rs 220 per share.

Overseas, European stocks traded higher ahead of key central bank meetings. Asian stocks were mixed despite hopes of diminishing US-China tensions and reduced risk of no-deal Brexit.

US stocks ended on a mixed note on Tuesday, with a rally in energy and industrial shares countering a drop in the technology and real estate sectors as investors favoured value over growth.

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