Key benchmark indices came off the day's low and were trading almost flat in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was down 29.10 points or 0.07% at 38,991.29. The Nifty 50 index was down 9.30 points or 0.08% at 11,573.30.
In broader market, the S&P BSE Mid-Cap index was up 0.23% while the S&P BSE Small-Cap index was down 0.05%.
The market breadth turned negative. On the BSE, 931 shares rose and 976 shares fell. A total of 126 shares were unchanged. In Nifty 50 index, 28 stocks advanced and 22 stocks declined.
The Nifty Auto index was down 0.20% to 7,996.25. Among the auto makers, Ashok Leyland (down 2.11%), Tata Motors (down 1.76%), Hero MotoCorp (down 1.08%), Mahindra & Mahindra (down 0.7%) and Bajaj Auto (down 0.51%) edged lower.
Meanwhile, Eicher Motors (up 1.18%), TVS Motor Company (up 1.03%) and Maruti Suzuki India (up 0.5%) edged higher.
Sterlite Technologies slumped 10.22% to Rs 130.45. Consolidated net profit rose 21.6% to Rs 159.56 crore on a 25.4% increase in net sales to Rs 1359.69 crore in Q2 September 2019 over Q2 September 2018.
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IDFC First Bank rose 7.46% to Rs 41.75. The bank reported a net loss of Rs 679.50 crore in Q2 September 2019 over a net loss of Rs 369.69 crore in Q2 September 2018. Total income jumped 78% to Rs 4367.12 crore in Q2 September 2019 over Q2 September 2018.
The bank's chairman, V. Vaidyanathan, was quoted by the media saying that the net interest margin was expanding by 15 bps every quarter.
Bandhan Bank rose 3.15% to Rs 588.40. The bank's board approved the proposal for increase in the shareholding limits for foreign portfolio investors (FPIs) and foreign institutional investors (FIls) from 24% to 49% of the paid-up share capital of the Bank under the overall permissible foreign limit in the Bank of 49% of its total paid-up share capital.
Further, the bank's board will seek approval from shareholders to reduce authorized share capital to Rs 3,200 crore from Rs 5,200 crore.
Tata Steel rose 1.86% to Rs 366.55. The steel maker offered clarification w.r.t. news article titled "Tata Steel subsidiary bags Misrilall Chrome mine in e-auction in Odisha" dated 23 October 2019. Tata Steel clarified that the company and its subsidiary had participated in the e-auction in response to the notice inviting tender (NIT) by Government of Odisha for the Misrilall Chrome Mine. The company and the subsidiary are awaiting the outcome of the e-auction in the form of a formal communication from the Government of Odisha.
Shriram Transport Finance Co. was up 3.60% to Rs 1108.20. Consolidated net profit rose 25.4% to Rs 768.29 crore on a 6.9% increase in total income to Rs 4219.82 crore in Q2 September 2019 over Q2 September 2018.
Overseas, Asian shares were mixed on Friday as positive earnings offset economic growth concerns.
The US stock market finished session slight higher on Thursday, 24 October 2019, as better than expected quarterly results from technology companies offset weak results from 3M Co and Twitter Inc. Traders have braced for weaker results this earnings season amid concerns about the costly trade war between the U.S. and China, and increased signs of slowing economic growth worldwide.
In economic news, US durable goods orders tumbled by 1.1% in September after rising by a revised 0.3% in August, a report released by the Commerce Department on Thursday showed.
US initial jobless claims dipped to 212,000 in the week ended October 19th, a decrease of 6,000 from the previous week's revised level of 218,000, the Labor Department reported on Thursday.
In Europe, the European Central Bank (ECB) kept rates unchanged on Thursday. The central bank also kept its forward guidance unchanged, suggesting that its main interest rates will remain at their current or lower levels until there's strong evidence of a pick up in prices.
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