Key barometers sharply pared losses in mid-afternoon trade, supported by firmness in State Bank of India after Q2 results. The Nifty reclaimed 11,550 level. At 14:29 IST, the barometer index, the S&P BSE Sensex, was down 15.18 points or 0.04% at 39,005.21. The Nifty 50 index was down 11.08 points or 0.1% at 11,570.80.
In broader market, the S&P BSE Mid-Cap index was down 0.11% and the S&P BSE Small-Cap index was down 0.35%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 941 shares rose and 1357 shares fell. A total of 152 shares were unchanged. In Nifty 50 index, 22 stocks advanced and 28 stocks declined.
State Bank of India jumped 5.22% to Rs 276.40 after the bank's net profit rose 218.75% to Rs 3011.73 crore on a 9.37 increase in total income to Rs 72,850.78 crore in Q2 September 2019 over Q2 September 2018. The result was announced during market hours today, 25 October 2019. Gross slippages fell by 17.91% YoY and 45.69% QoQ to Rs 8,805 crore in Q2 September 2019.
Strides Pharma Sciences advanced 6.36% to Rs 366.35 after the company announced decent Q2 earnings during market hours today. The company reported a consolidated net profit of Rs 141.91 crore in Q2 September 2019 as against a net loss of Rs 8.70 crore in Q2 September 2018. The pharma company's total income rose 37.51% on YoY basis and 4.6% QoQ to Rs 728.08 crore in Q2 September 2019.
Textile firm, Arvind was up 1.54% to Rs 46.30 after the company announced decent Q2 earnings during market hours today. On standalone basis, the net profit rose 33.58% to Rs 60.79 crore on a 9.1% rise in total income to Rs 1644.10 crore in Q2 September 2019 over Q2 September 2018. The company expected the revenue to grow by about 9-10% and maintain EBITDA margin at around 10% for the full year.
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Atul fell 1.19% after the company reported Q2 2019 earnings during market hours today. On a consolidated basis, the company's net profit rose 70.05% to Rs 210.02 crore on a 0.97% increase in total income from operations to Rs 1,045.63 crore in Q2 September 2019 over Q2 September 2018.
Meanwhile, the yield on 10-year benchmark federal paper rose to 6.781% at 14:23 IST compared with 6.678% in the previous trading session.
In the foreign exchange market, the Indian rupee edged higher against the dollar in mid afternoon trade. In the spot currency market, the Indian unit was last seen trading at 70.9550. The Indian rupee on Wednesday closed at 71.0250 against the US dollar.
In the commodities market, Brent crude for December 2019 settlement was down 25 cents at $61.42 a barrel. The contract rose 0.82% to settle at $61.67 a barrel during the previous trading session.
MCX Gold futures for 5 December 2019 settlement edged 0.07% higher to Rs 38,379.
On the political front, the BJP will make a comeback in Maharashtra with the help of its ally Shiv Sena. The BJP-Sena combine had won or was leading on 161 seats in the 288-member Maharashtra.
In Haryana, however, the BJP failed to cross the majority mark of 45 seats. The BJP won 40 seats while the Congress managed to bag 31. With no party getting the majority, Dushyant Chautala's Jannayak Janata Party, which won 10 seats, is likely to play a key role in determining who forms the government in Haryana.
Meanwhile, Haryana Lokhit Party chief Gopal Kanda claimed that all the Independent candidates would extend their "unconditional support" to BJP.
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