The Sensex and the Nifty advanced further and hit fresh intraday high in mid-afternoon trade. Sentiment improved after China confirmed phase-one trade deal with the US. Geng Shuang, spokesman of China's Foreign Ministry, reportedly said US statement on partial trade deal is accurate and there is no difference with the US on the trade agreement.
The Nifty crossed 11,450 level. At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 392.34 points or 1.03% at 38,606.81. The Nifty 50 index was up 114.9 points or 1.01% at 11,456.05.
In broader market, the S&P BSE Midcap was up 0.92% and the S&P BSE Smallcap was up 0.09%, lagging the main stock indices.
The market breadth continued to be negative. On the BSE, 1077 shares rose and 1281 shares fell. A total of 169 shares were unchanged. In Nifty 50 index, 44 stocks advanced while 6 stocks declined.
TV18 Broadcast was trading 0.23% lower after the company announced its Q2 September 2019 results during market hours today, 15 October 2019. On a consolidated basis, TV18 Broadcast's net profit rose 41.4% to Rs 23.60 crore on a 5.94% decline in revenue from operations to Rs 1127.13 crore in Q2 September 2019 over Q2 September 2018. Consolidated operating EBITDA fell 3% to Rs 105 crore in Q2 September 2019 over Q2 September 2018.
Shares of Coal India were trading 0.84% higher at Rs 191.7. Coal India in an exchange filing stated that Government of India through Ministry of Coal has sold 1.28 crore shares of the company. The Government owned 69.26% in Coal india before the disposal. Post sale, the Government now owns 69.05% stake in Coal India.
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Berger Paints India was up 0.6% after the company approved the acquisition of STP, which is engaged in carrying out the business of manufacturing and supplying of a wide range of construction chemicals, concrete admixtures, waterproofing .chemicals, flooring compounds, bitumen and coal tar based products. Berger Paints aims to acquire 95.53% stake in STP at a consideration of Rs 167.5 crore.
Meanwhile, the yield on 10-year benchmark federal paper fell to 6.662% at 14:13 IST compared with 6.670% in the previous trading session.
In the foreign exchange market, the partially convertible rupee edged lower and was hovering at 71.375, compared with its close of 71.235, during the previous trading session.
In the commodities market, Brent crude for December 2019 settlement was down 31 cents at $59.04 a barrel. The contract fell 1.92% to settle at $59.35 a barrel during the previous trading session.
MCX Gold futures for 5 December 2019 settlement edged 0.04% higher at Rs 38,240.
Overseas, European stocks advanced while Asian stocks ended on a mixed note on Tuesday, following the previous day's rally, as new doubts emerged overnight about the US-China partial trade deal. China wants another round of talks before signing what U.S. President Donald Trump last week called a very substantial phase one deal between the two countries.
As part of the phase one deal on Friday, the U.S. postponed a planned tariff increase on $250 billion in Chinese imports from 25% to 30%, originally set to take effect Tuesday, in exchange for Chinese promises to buy $40 to $50 billion in American agricultural products annually though that would be double the $24 billion China bought in 2017.
U.S. Treasury Secretary Steven Mnuchin reportedly expects the mid-December round of tariffs to take effect if no deal is reached between the countries.
In Europe, European Union negotiator Michel Barnier reportedly said a Brexit deal between the bloc and the U.K. is still possible this week.
US stocks edged lower on Monday as investors turned their focus on the third-quarter earnings season, which begins in earnest on Tuesday.
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