Market nudges higher in early trade

Key indices are trading higher in early trade, extending their recent gains. At 9:22 IST, the barometer index, the S&P BSE Sensex, was up 77.07 points or 0.19% at 40,379.03. The Nifty 50 index was up 17.50 points or 0.15% at 11,958.80. Positive Asian stocks boosted sentiment.

The S&P BSE Mid-Cap index was up 0.15%. The S&P BSE Small-Cap index was up 0.24%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 645 shares rose and 441 shares fell. A total of 51 shares were unchanged.

On the macro front, Markit Services PMI for October 2019 will be unveiled today, 5 November 2019.

Among stocks, Bajaj Finance rose 1.51% to Rs 4,163.10. The company's board has set floor price of Rs 4,019.80 per share for its qualified institutions placement of equity shares.

NOCIL lost 4.56%. The company reported 3.94% rise in consolidated net profit to Rs 54.93 crore on 22.93% fall in total income to Rs 211.80 crore in Q2 September 2019 over Q2 September 2018.

Indian Overseas Bank slumped 13.19%. The bank reported net loss of Rs 2253.64 crore in Q2 September 2019 as compared to net loss of Rs 487.26 crore in Q2 September 2018. Total income fell 6.06% to Rs 5024 crore in Q2 September 2019 over Q2 September 2018.

Yes Bank surged 5.07% to Rs 69.45. Rakesh Jhunjhunwala has purchased 1.29 crore shares of Yes Bank at Rs 67.10 per share in a bulk deal on BSE yesterday, 4 November 2019.

Sudarshan Chemical Industries advanced 3.4% after the company reported 87.77% rise in consolidated net profit to Rs 46.21 crore on 9.17% rise in total income to Rs 404.21 crore in Q2 September 2019 over Q2 September 2018.

Orient Refractories fell 2.15%. The company reported 16.73% rise in consolidated net profit to Rs 26.10 crore on 5.13% fall in total income to Rs 181.95 crore in Q2 September 2019 over Q2 September 2018.

Overseas, Asian stocks were trading higher Tuesday following record closes overnight on Wall Street. A private survey of China's services sector showed activity slowing to a eight month low in October. The Caixin/Markit services Purchasing Managers' Index (PMI) for October came in at 51.1 - its lowest reading since February. The 50-point level separates expansion from contraction in PMI readings.

In US, the Dow Jones Industrial Average joined other major indexes in record territory Monday, with stocks propelled higher as optimism about a near-term U.S.-China trade resolution and a third-quarter earnings season that has been better than feared buoyed sentiment on Wall Street.

On the trade front, China said Friday it reached a consensus with the U.S. in principle following talks last week. Last month, U.S. President Donald Trump said both sides had come to a very substantial phase one trade agreement that is expected to be signed later in November.

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