Key benchmark indices extended gains and hit fresh intraday high in mid-morning trade. The Nifty continued to trade above the 11,950 level. Gains in Infosys and ICICI Bank outpaced the losses in TCS and Maruti Suzuki. At 11:23 IST, the barometer index, the S&P BSE Sensex, was up 290.48 points or 0.72% at 40,455.51. The Nifty 50 index was up 95.65 points or 0.80% at 11,986.25.
The S&P BSE Mid-Cap index was up 0.62%. The S&P BSE Small-Cap index was up 0.86%.
The market breadth was strong. On the BSE, 1435 shares rose and 745 shares fell. A total of 150 shares were unchanged. In Nifty 50 index, 34 stocks advanced and 16 stocks declined.
Buzzing sector:
The S&P BSE Auto index fell 27.4 points or 0.15% to 18775.6, extending its decline for second consecutive session. Auto stocks continued to witness some selling pressure on the back of weak monthly vehicle sales in October.
Among the auto stocks, TVS Motor Company (down 1.2%), Ashok Leyland (down 1.05%), Bajaj Auto (down 0.67%), Tata Motors (down 0.34%), Escorts (down 0.3%) declined.
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Mahindra & Mahindra (up 0.42%) and Eicher Motors (up 0.27%) advanced.
Hero MotoCorp fell 1.47% to Rs 2666.70. The two-wheeler maker reported 18.43% decline in total sales at 5.99 lakh units in October 2019 as against 7.34 lakh units in October 2018.
Tata Motors slipped 0.31% to Rs 174.35. The auto maker's total sales in the domestic & international market fell by 33.58% to 41,354 units in October 2019 as compared to 62,264 units during October 2018.
On a month-on-month basis, Tata Motors witnessed 13.68% increase in auto sales from 36,376 units in September 2019.
Stocks in focus:
Infosys jumped 5.94% to Rs 728.90. ICICI Bank rose 1.45% to Rs 468.80.
TCS was down 0.39% to Rs 2193.50. Maruti Suzuki India declined 1.29% to Rs 7517.75.
JK Lakshmi Cement surged 7.95% to Rs 313. The cement company reported a consolidated net profit of Rs 48.67 crore in Q2 September 2019 over a consolidated net loss of Rs 4.80 crore in Q2 September 2018. Net sales rose 5.6% to Rs 1012.36 crore in the quarter ended on 30 September 2019 as compared to the corresponding quarter in last fiscal.
MOIL rose 1.04% to Rs 140.25. The manganese-ore mining company has slashed prices of all grades of manganese ore having manganese 37% and above have by about 20% while the prices of the ores having manganese less than 37% and below have been decreased by about 25% on the prevailing prices since 01 October 2019.
Coal India advanced 0.75% to Rs 208.85. The coal mining and refinery company registered a de-growth of 20.9% in its total coal production to 39.35 million tonnes while the total coal offtake decreased by 18.9% to 40.50 million tonnes in October 2019 over October 2018.
Foreign markets:
Overseas, Asian stocks were trading higher as growing optimism over US-China trade talks and upbeat US job data boosted global investors' appetite for riskier assets.
US stocks gained on Friday as the S&P 500 set a closing record for the third time in five days after an upbeat U.S. jobs report and data on Chinese manufacturing eased concerns about slowing global growth.
The United States and China both said on Friday that they had made progress in talks aimed at defusing their protracted 16-month-long trade war, and US officials reportedly said a deal could be signed this month.
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