Key indices are trading higher in early trade amid initial volatility on follow-up buying in index pivotals. Domestic shares logged sharp gains for second day yesterday, 23 November 2019 after government slashed corporate tax rates for domestic companies. The surprise decision by the government is seen boosting corporate earnings significantly. Mostly positive Asian stocks also boosted sentiment.
At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 166.61 points or 0.43% at 39,256.64. The Nifty 50 index was up 51.45 points or 0.44% at 11,651.65.
In the past two days, the Sensex surged 8.30% from its close of 36,093.47 on Thursday, 19 September 2019. The Nifty soared 8.75% from 10,670.25 on Thursday, 19 September 2019. The Nifty Bank index rallied 14.17% from its close of 26,757.65 on Thursday, 19 September 2019.
Coming back to today's trade, the S&P BSE Mid-Cap index was up 0.32%. The S&P BSE Small-Cap index was up 0.59%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 742 shares rose and 451 shares fell. A total of 51 shares were unchanged.
Among stocks, Wipro announced the successful launch of the first phase of noomis, the new online platform of FEBRABAN, an industry association that represents the financial services sector in Brazil. Wipro has partnered with FEBRABAN on this project development journey, which has so far included the design and delivery of the first phase of the online platform. The company was also responsible for creation of workflows and the editorial publisher module for content management in the platform. Shares of Wipro are trading higher by 0.29% after the company made this announcement after market hours yesterday, 23 September 2019.
Axis Bank rose 0.49%. The rating committee of ICRA has assigned ICRA MAAA (Stable) rating to the Fixed Deposit Programme of Axis Bank. The announcement was made after market hours yesterday, 23 September 2019.
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Aurobindo Pharma dropped 1.7%. Sebi on Monday imposed a penalty of over Rs 22 crore on Aurobindo Pharma, its promoter PV Ramprasad Reddy and other connected entities for violating insider trading norms. Sebi asked Aurobindo and its promoters to pay the penalty within 45 days of the receipt of the order.
Zensar Technologies rose 0.14% after the company announced a new larger office in Cape Town, South Africa. The new office is in Century City. The new office can seat many more people with interactive spaces to encourage collaboration as well as serve as the center for the Skills Development Program initiatives in Cape Town. The announcement was made after market hours yesterday, 23 September 2019.
Manappuram Finance gained 1.57%. The board of directors of Manappuram Finance approved the issuance of the Private Placement of Rated, Secured, Redeemable Non-Convertible Debentures having face value of Rs 10 lakh each for the amount of Rs 215 crore with an option to retain over subscription up to Rs 250 crore aggregating to Rs 465 crore. The announcement was made after market hours yesterday, 23 September 2019.
Overseas, most Asian stocks were trading higher. Investors continue to monitor for developments on the trade war after US Treasury Secretary Steven Mnuchin reportedly said US-China trade talks will resume in early October.
U.S. stocks closed mixed, but largely unchanged Monday after investors weighed downbeat data on eurozone manufacturing activity with news that Chinese officials played down the significance of last week's cancellation of visits to U.S. farm states.
In eurozone, manufacturing activity contracted more sharply in September, posting its worst reading in nearly seven years. The flash eurozone manufacturing purchasing managers index (PMI) fell to 45.6 in September, down from 47 in August.
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