Key indices are trading with strong gains in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 244.99 points or 0.63% at 39,303.82. The Nifty 50 index was up 62.80 points or 0.54% at 11,666.90.
The S&P BSE Mid-Cap index was up 0.25%. The S&P BSE Small-Cap index was up 0.47%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 701 shares rose and 367 shares fell. A total of 32 shares were unchanged.
On the political front, counting of votes of is under way for the 288-member Maharashtra and 90-member Haryana assembly. Trends showed that the BJP-led NDA is leading in Maharashtra and Haryana. Polling was held on 21 October 2019.
Among stocks, Larsen & Toubro (L&T) rose 1.32%. L&T reported 13.31% rise in consolidated net profit to Rs 2527.26 crore on 14.67% rise in total income to Rs 36143.65 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 23 October 2019.
Hero MotoCorp shed 0.81%. The company reported 9.98% fall in consolidated net profit to Rs 879.45 crore on 16.53% fall in total income to Rs 7838.83 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 23 October 2019.
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HCL Technologies advanced 3.85%. The company reported 19.4% rise in net income to Rs 2651 crore on 6.7% rise in revenue to Rs 17528 crore in Q2 September 2019 over Q1 June 2019. The board of directors also recommended issue of one bonus share for every one equity share held by the equity shareholders of the company. The announcement was made after market hours yesterday, 23 October 2019.
Biocon lost 4.72%. Biocon reported 39.19% fall in consolidated net profit to Rs 215.70 crore on 7.28% rise in total income to Rs 1678.10 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 23 October 2019.
Torrent Pharmaceuticals rose 0.99%. The company reported 36.31% rise in consolidated net profit to Rs 244 crore on 7.09% rise in total income to Rs 2039 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 23 October 2019.
MTNL was locked in 5% upper circuit at Rs 6.19. The Union Cabinet on Wednesday, 23 October 2019, approved the proposal for revival of BSNL and MTNL by administrative allotment of spectrum for 4G services, debt restructuring by raising of bonds with sovereign guarantee, reducing employee costs, monetisation of assets and in-principle approval of merger of BSNL & MTNL.
Meanwhile, the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi on Wednesday, 23 October 2019, approved the increase in the Minimum Support Prices (MSPs) for all mandated Rabi crops (the crop which are grown in winter and harvested in the spring) of 2019-20 to be marketed in Rabi Marketing Season (RMS) 2020-21.
The increase in MSP for Rabi Crops for RMS 2020-21 is in line with the principle of fixing the MSPs at a level of at least 1.5 times of the all India weighted average cost of production (CoP), which was announced in the Union Budget 2018-19.
This MSP policy whereby the farmers are assured of a minimum of 50% as margin of profit is one of the important and progressive steps towards doubling farmers' income by 2022 and improving their welfare substantively.
Overseas, Asian shares are trading higher on Thursday with corporate earnings buffeting trading as investors remained anxious about the business impact of the Sino-U.S. trade war while Brexit uncertainties kept overall sentiment in check.
U.S. stocks edged higher on Wednesday as investors shrugged off lackluster quarterly reports from industrial bellwethers Boeing Co and Caterpillar Inc.
EU member states on Wednesday delayed a decision on whether to grant Britain a three-month Brexit extension. Prime Minister Boris Johnson said if the deadline is deferred to the end of January, he would call an election.
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