Key equity barometers trimmed gains in mid-afternoon trade. The Nifty traded above 11,600 level. Auto stocks were buzzing in trade. At 14:24 IST, the barometer index, the S&P BSE Sensex, was up 122.30 points or 0.31% at 39,086.14. The Nifty 50 index was up 29.40 points or 0.25% at 11,617.75.
The S&P BSE Mid-Cap index was down 0.07%. The S&P BSE Small-Cap index was up 0.28%.
The market breadth was tilted in favor of the seller. On the BSE, 1178 shares rose and 1215 shares fell. A total of 185 shares were unchanged.
The Nifty Auto index was up 1.30% to 8,039.45, reversing the losses incurred in the previous session.
Among the auto stocks, Eicher Motors (up 2.83%), TVS Motor Company (up 2.63%), Maruti Suzuki India (up 2.35%) , Hero MotoCorp (up 1.61%), Escorts (up 1.46%), Tata Motors (up 0.23%) advanced.
Mahindra & Mahindra (down 0.5%) and Ashok Leyland (down 1.25%) declined.
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Bajaj Auto rose 2.29% to Rs 3194.85 after the company's consolidated profit after tax rose 22% to Rs 1,402 crore on a 4% decline in revenue from operations to Rs 7,707 crore in Q2 September 2019 over Q2 September 2018. EBITDA fell 9% to Rs 1,305 crore in Q2 September 2019 over Q2 September 2018. EBITDA margin fell to 16.9% in Q2 September 2019 as against 17.9% in Q2 September 2018.
Bajaj Auto reported a 12% decline in the total sales volume to 11.73 lakh units for the quarter ended on 30 September 2019 as compared to the corresponding quarter last financial year.
HDFC Life Insurance Company rose 0.40% to Rs 614. The company's consolidated net profit rose 7.27% to Rs 308.98 crore on 9.99% increase in net premium income to Rs 7456.87 crore in Q2 September 2019 over Q2 September 2018. The result was announced during market hours today, 23 October 2019.
Dishman Carbogen Amcis fell 2.66% to Rs 148. The drug development and commercialization services provider's consolidated net profit fell 6.47% to Rs 41.16 crore on a 4.37% increase in total income from operations to Rs 467.31 crore in Q2 September 2019 over Q2 September 2018. The result was announced during market hours today, 23 October 2019.
GHCL surged 4.12% to Rs 221. The company's consolidated net profit rose 72.40% to Rs 116.84 crore on a 1% increase in revenue from operations to Rs 835.52 crore in Q2 September 2019 over Q2 September 2018. The result was announced during market hours today, 23 October 2019.
Kajaraia Ceramics fell 1.83% to Rs 546.25 after the company's consolidated net profit surged 83.82% to Rs 93.07 crore on a 1.46% decline in revenue from operations to Rs 714.68 crore in Q2 September 2019 over Q2 September 2018.
Hatsun Agro Product fell 1.51% to Rs 615. The company's board approved setting up of ice cream plant at Govindapur, Sangareddy District, about 110 kms from Hyderabad near Mumbai Highway, in Telangana, having a production capacity of 1 lakh kgs per day and is expected to be commissioned by the end of Q3 of FY 2021. The announcement was made after market hours yesterday, 22 October 2019.
Meanwhile, the yield on 10-year benchmark federal paper rose to 6.792% at 14:21 IST compared with 6.7% in the previous trading session.
In the foreign exchange market, the Indian rupee edged slightly higher against the dollar in early afternoon trade on Wednesday, 23 October 2019. In the spot currency market, the Indian unit was last seen trading at 70.9350. The Indian rupee on Tuesday had closed at 70.94 against the US dollar.
In the commodities market, Brent crude for December 2019 settlement was down 20 cents at $59.50 a barrel. The contract rose 74 cents or 1.25% to settle at $ 59.70 a barrel during the previous trading session.
MCX Gold futures for 5 December 2019 settlement edged 0.55% higher to Rs 38,090.
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