Key indices continued trading in a narrow range in afternoon trade. At 13:31 IST, the barometer index, the S&P BSE Sensex, was up 216.46 points or 0.54% at 40,502.94. The Nifty 50 index was up 58.05 points or 0.49% at 11,930.15.
In the broader market, the S&P BSE Mid-Cap index was up 0.63%. The S&P BSE Small-Cap index rose 0.04%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 1100 shares rose and 1288 shares fell. A total of 136 shares were unchanged.
Buzzing Index:
The Nifty Metal index was down 0.26% to 2,500.20, extending losses for the fifth session. The index has fallen 5.97% to 2,500.20 from a recent closing high of 2659.05 on 7 November 2019.
Hindustan Copper (down 3.1%), National Aluminium Company (down 0.47%), JSW Steel (down 0.31%), Hindalco Industries (down 0.08%) and Hindustan Zinc (down 0.05%) declined.
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Jindal Steel & Power (up 0.89%), Tata Steel (up 0.7%) and NMDC (up 0.51%) advanced.
Stocks in Spotlight:
ONGC rose 0.15% to Rs 136.45. The company reported 36.21% fall in consolidated net profit to Rs 5,275.51 crore on 11.19% fall in total income to Rs 103,237.18 crore in Q2 September 2019 over in Q2 September 2018.
Vedanta was down 1.15% to Rs 142.30. As per media reports, the company has lowered the capex guidance by $200 million to $1.2 billion for the financial year ending March 2020 with an optionality to spill into the next fiscal.
Steel Authority of India fell 2.68% to Rs 36.25. The steel maker reported a net loss of Rs 248.08 crore in Q2 September 2019 as against a net profit of Rs 609.76 crore in Q2 September 2018. Total income slumped 15.56% to Rs 14128.96 crore in Q2 September 2019 over Q2 September 2018.
MOIL declined 4.68% to Rs 140.45. The manganese-ore mining company reported 15.72% fall in consolidated net profit to Rs 8,859.21 crore after revenue from operations fell 29.25% to Rs 25,311.37 crore in Q2 September 2019 over Q2 September 2018.
The reduction in the company's turnover and profit during the current reporting period is mainly due to changes in product mix containing higher proportion of medium and low grade ore available for sale as compared with corresponding quarter and fall in prices of manganese ore in international market, resulting in price correction by MOIL
Foreign Markets:
European market opened lower while Asia markets were mostly trading higher on Friday, as investors digested recent developments on US-China trade.
The US stock market finished session mixed on Thursday, 14 November 2019, as risk sentiments subdued amid mixed global economic data and mounting uncertainty over the state of U.S.-China trade negotiations after talks between the economic powerhouses have reportedly hit a snag over agricultural purchases.
In economic news, US initial jobless claims climbed to 225,000, an increase of 14,000 from the previous week's unrevised level of 211,000, a report released by the Labor Department on Thursday showed.
The Labor Department released a report on Thursday showing US producer prices rebounded by 0.4% in October after falling by 0.3% in September. The bigger than expected increase in producer prices came amid a substantial rebound in energy prices, which surged up by 2.8% in October after tumbling by 2.5% in each of the two previous months. Excluding food and energy prices, core producer prices still rose by 0.3% in October as against an expectation of 0.2% and following a 0.3% drop in September.
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