Key benchmark indices rebounded from the day's low and hit fresh intraday high in morning trade. The Nifty headed towards the 11,650 level. At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 128.72 points or 0.33% at 39,092.56. The Nifty 50 index was up 38.95 points or 0.34% at 11,627.30.
The S&P BSE Mid-Cap index was down 0.06%. The S&P BSE Small-Cap index was up 0.30%.
The market breadth was positive. On the BSE, 939 shares rose and 786 shares fell. A total of 93 shares were unchanged.
Asian Paints rose 0.14% to Rs 1782.30. The paint manufacturer's consolidated net profit rose 67.5% to Rs 823.41 crore on 9.43% rise in net sales to Rs 5,050.66 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 22 October 2019.
Bajaj Finserv rose 2.65% to Rs 8214.55. On a consolidated basis, the financial services company's net profit rose 71% to Rs 1203.72 crore on a 46.7% increase in total income to Rs 14224.22 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 22 October 2019.
IndiaMART InterMESH rose 1.57% to Rs 2062.80. On a consolidated basis, the e-commerce company's net profit fell 57.4% to Rs 8.70 crore on a 27.8% increase in net sales to Rs 156.60 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 22 October 2019.
Oriental Bank of Commerce rose 3.18% to Rs 51.85. The Bank's net profit rose 23.7% to Rs 125.90 crore on a 14.8% increase in total income to Rs 5702.34 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 22 October 2019.
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Ceat slipped 0.91% to Rs 951.60. On a consolidated basis, the tyre maker's net profit fell 31% to Rs 44.46 crore on a 4.6% decline in net sales to Rs 1691.55 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 22 October 2019.
Overseas, Asian stocks were trading lower on Wednesday as investors continued to monitor geopolitical developments and watch earnings reports for signs of health in the global economy. The Asian indices reacted very little to a report that the Chinese government is drafting a plan to replace Carrie Lam, the current Chief Executive of Hong Kong since 2017.
Brexit was back in the spotlight, after U.K. lawmakers voted Tuesday to let Prime Minister Boris Johnson's Brexit plan to proceed to the next step in Parliament, but rejected his rapid timetable for approval, saying that more time was needed to scrutinize the bill. The defeat in parliament made it unlikely that Britain would finalize its exit by Prime Minister Boris Johnson's 31 October target. Johnson said it was up to the EU to decide whether it wanted to delay Brexit and for how long.
The US stock market finished session down after erasing early gains on Tuesday, 22 October 2019, amid concerns over impact of U.K. lawmakers' rejection of the government's proposed timetable for passing legislation to ratify its deal to exit the European Union by Oct. 31 and uncertainties about global financial and economic conditions. Market losses were limited, thanks to a torrent of corporate earnings reports and a new bill to make it easier for social media users to migrate away from industry heavyweights Facebook, Snap and Twitter to rival platforms.
On the Sino-US trade front, President Donald Trump said that talks between Washington and Beijing are going 'very well.' Top trade negotiator Robert Lighthizer also said that the U.S. aims to finish the first phase of talks by mid-November when the two countries meet in Chile.
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