Key equity benchmarks hit a fresh intraday high in afternoon trade. At 13:30 IST, the barometer index, the S&P BSE Sensex jumped 233.89 points or 0.61% at 38,832.88. The Nifty 50 index advanced 50.15 points or 0.44% at 11,514.15.
The S&P BSE Mid-Cap index was up 0.88%. The S&P BSE Small-Cap index rose 0.46%.
The market breadth was positive. On the BSE, shares 1,156 rose and 1,094 shares fell. A total of 175 shares were unchanged.
Zee Entertainment Enterprises was up 1.27% ahead of its Q2 results today, 17 October 2019.
Yes Bank (up 11.45%), IndusInd Bank (up 3.82%) and Britannia Industries (up 2.07%) advanced.
Vedanta (down 3.07%), Grasim Industries (down 1.80%) and Hindalco (down 1.70%) declined.
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Shares of Housing Development Finance Corporation (HDFC) advanced 1.19% to Rs 2,074.50. HDFC announced the issue of debentures worth Rs 500 crore, with an over-subscription option of Rs 5,500 crore. HDFC said that it will issue secured redeemable non-convertible debentures under Series W-003 to augment the long term resources of the corporation. The proceeds of the issue would be utilized for financing/refinancing the housing finance business requirements of the corporation. The coupon payment date would be 22 October every year up to redemption date which is 22 October 2029. The tenor for the same is 10 years. The issue will open and close on 18 October 2019. The announcement was made after trading hours yesterday, 16 October 2019.
Eicher Motors gained 4.13% to Rs 20,030.95. The stock is up 10.91% in five trading sessions from its previous closing low of Rs 18,060.05 on 10 October 2019.
Overseas, shares in Europe and Asia were mixed on Thursday following cautious trade overnight in the US.
European leaders look to hammer out a withdrawal agreement between the U.K. and the EU during a two-day summit in Brussels. Any prospective deal will need approval from the 27 European leaders who meet on Thursday, before requiring ratification from the British parliament.
US stocks fell on Wednesday as weak US economic data and simmering geopolitical tensions spooked buyers away from the equities market, despite a string of generally positive third-quarter earnings reports.
US President Donald Trump on Wednesday reportedly said Washington was in talks with some new people in Europe about trade issues and he hoped the discussions would be successful, as Italy's president urged Trump to avoid counterproductive tariffs.
Meanwhile, US and Chinese trade negotiators are reportedly working on nailing down a Phase 1 trade deal text for their presidents to sign next month. US Treasury Secretary Steven Mnuchin was quoted as saying that he was prepared to travel to Beijing for more meetings if necessary.
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