Key indices turned range bound in the mid-afternoon trade. The Nifty continued to hover around 11,600 level. At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 46.09 points or 0.12% at 39,136.12. The Nifty 50 index was down 6.60 points or 0.06% at 11,593.60.
The S&P BSE Mid-Cap index was down 0.47%. The S&P BSE Small-Cap index was up 0.22%.
The market breadth was negative. On the BSE, 1064 shares rose and 1365 shares fell. A total of 148 shares were unchanged. On Nifty 50 index, 22 stocks advanced while 28 stocks declined.
Finance Minister Nirmala Sitharaman on Friday, 20 September, slashed corporate tax rate to 22% without exemptions. The effective corporate tax rate after surcharge will stand at 25.17%. To further attract investment in manufacturing, local companies incorporated after October 2019 will pay tax at 15%. The government will give MAT relief for those opting to continue paying surcharge and cess at 22%. MAT has been reduced to 15% from 18.5% for companies who continue to avail exemptions and incentives. The step has significant positive implications for corporates' profitability, broader economy and market valuations.
Multi-category retailer, Trent was up 1.32% after the company informed that it has acquired 51% share in Booker India for a sum of Rs 22 crore. Booker India operates in 6 stores and the acquisition will help Trent in business expansion.
Shares of Trent hit an intraday high of Rs 523.20 which is also a 52-week high for the counter.
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MCX India was up 5.96%. A foreign brokerage firm upgraded the stock to 'Overweight' from 'Equal-weight' with a price target of Rs 1,260 in the next 12 months. The stock hit a 52-week high of Rs 1,030.50 in intraday today.
Muthoot Finance (up 4.7%), Bharat Petroleum Corporation (up 2.73%), Balrampur Chini (up 1.94%), ICICI Securities (up 0.6%), JK Cement (up 0.59%) and KEI Industries (up 0.05%) hit 52-week high today.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 70.885, compared with its close of 70.94 during the previous trading session.
Meanwhile, the yield on 10-year benchmark federal paper rose to 6.774% at 14:24 IST compared with 6.739% at close in the previous trading session.
In the commodities market, Brent crude for November 2019 settlement was fell 57 cents at $64.20 a barrel. The contract edged 0.76% lower to settle at $64.77 a barrel in the previous trading session.
MCX Gold futures for 4 October 2019 settlement fell 0.09% at Rs 37,889.
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