Key barometers were trading near day's high in morning trade. At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 154.69 points or 0.4% at 38,369.16. The Nifty 50 index was up 49.05 points or 0.43% at 11,390.20. The Nifty was trading near its 100-day simple moving average placed at 11,407.74.
The S&P BSE Mid-Cap index was up 0.32%. The S&P BSE Small-Cap index was up 0.03%.
The market breadth was positive. On the BSE, 865 shares rose and 830 shares fell. A total of 125 shares were unchanged. In Nifty 50 index, 38 stocks advanced while 12 stocks declined.
Wipro (down 0.86%), ACC (up 0.05%), MCX (up 2.14%), SBI Life Insurance (up 0.93%) and TV 18 Broadcast (up 0.68%) will announce Q2 earnings today.
The Nifty Metal index was down 0.89% at 2,339.25. The index witnessed profit booking after rising 3.37% in previous two trading sessions.
Among metal shares, Jindal Steel & Power (down 2.71%), JSW Steel (down 2.46%), Steel Authority of India (down 1.68%), Vedanta (down 1.56%), Hindalco Industries (down 1.03%), Tata Steel (down 0.54%) and Hindustan Zinc (down 0.22%) declined.
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IT major Infosys was down 1.88%, extending its recent losses. The stock tumbled over 5% in two trading session from its closing high of Rs 815.70 on 11 October 2019. The stock surged 4.19% on Friday ahead of Q2 earnings.
On a consolidated basis, Infosys' net profit rose 4.55% to Rs 3,971 crore on a 3.78% increase in total revenue from operations to Rs 22,629 crore in Q2 September 2019 over Q1 June 2019. The company's operating margin stood at 21.7% in Q2 September 2019 as against 20.5% in Q1 June 2019. The firm increased lower end of FY 2020 revenue guidance. Revised guidance is 9%-10% in constant currency. It maintained FY 2020 operating margin guidance range of 21%-23%.
GTPL Hathway fell 4.32% to Rs 89.35 after the company announced its result for Q2 September 2019 after trading hours yesterday, 14 October 2019. On a consolidated basis, the broadband service provider's net profit rose 97.2% to Rs 28.87 crore on a 94.9% increase in net sales to Rs 608.99 crore in Q2 September 2019 over Q2 September 2018. The company's consolidated EBITDA for Q2 September 2019 rose 41% to Rs 127.1 crore over Q2 September 2018. The company reported that it added 15,000 net broadband subscribers during Q2 and 11,000 FTTX subscribers. Total subscribers as on September 30, 2019 were 355,000 of which 75,000 are FTTX subscribers. The broadband average revenue per user (ARPU) for Q2 FY20 was maintained at Rs 415.
Delta Corp was down 0.91% to Rs 169.2 after the company reported weak Q2 earnings. On standalone basis, the company's net profit dropped 29.3% to Rs 44.92 crore in Q2 September 2019 as compared to Q2 September 2018. The net sales dropped 0.8% in Q2 September 2019 as compared to Q2 September 2018.
Lemon Tree Hotels was up 1.08% after the company unveiled a 142 room hotel in New Town, Kolkata. The company announced that the new hotel is in close proximity to the business and IT hub of New Town, SEZs, Rajarhat and Salt Lake. With opening of this hotel, the company presently operates 58 hotels across 35 cities in India.
On the domestic front, the general consumer price index (CPI) inflation rose to 3.99% in September 2019, compared with 3.28% in August 2019. The corresponding provisional inflation rate for rural area was 3.24% and urban area 4.78% in September 2019 as against 2.25% and 4.49% in August 2019. The core CPI inflation eased to 3.99% in September 2019 compared with 4.20% in August 2019. The cumulative CPI inflation has declined to 3.27% in April-September FY2020 compared with 4.32% in April-September FY2019.
The Reserve Bank of India (RBI) aims to achieve the medium-term target for CPI inflation of 4% within a band of +/-2%, while supporting growth. RBI on 4 October reduced repo rate by 25 basis points (bps) to 5.15%. It was the fifth straight rate cut from the RBI, resulting in an overall decline of 135 bps or 1.35 percentage point in the key lending rate. The next meeting of the MPC is scheduled during 3-5 December 2019.
The Wholesale Price Index (WPI)-based inflation, base year 2011-12, dipped further down to 39-months low of 0.3% in September 2019 from 1.1% in August 2019. The WPI based inflation has been moderating consistently for last five straight months from 3.2% in April 2019. The data was unveiled during trading hours on Monday, 14 October 2019.
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