Key market barometers were trading near the day's high in the mid-morning trade. The Nifty flirted with 10,900 level and was trading below that mark. At 11:22 IST, the barometer index, the S&P BSE Sensex, was up 188.17 points or 0.51% at 36,832.59. The Nifty 50 index was up 49.75 points or 0.46% at 10,897.65.
In the broader market, the S&P BSE Mid-Cap index was up 0.31%. The S&P BSE Small-Cap index was up 0.40%.
The market breadth was strong. On the BSE, 1229 shares rose and 751 shares fell. A total of 112 shares were unchanged.
A foreign brokerage has lowered its target on the Sensex to 40,000 from 45,000 citing weaker global backdrop. The brokerage also cut its EPS growth for the current financial year to 13% from 19%.
Hinduja Global Solutions jumped 7.34%. The IT service management company announced it has recovered $1 billion in denied insurance payments on behalf of healthcare systems, a major milestone in what are some of providers' toughest claims.
Adani Ports and Special Economic Zone gained 0.12%. The company's buyback offer begins today, 6 September 2019 and will close on Friday, 20 September 2019.
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Oriental Bank of Commerce rose 0.46%. The bank informed that India Ratings has placed the long-term issuer rating of the bank on "Rating Watch Evolving (RWE)" following the Ministry of Finance's announcement regarding the proposed amalgamation of Oriental Bank of Commerce and United Bank of India with Punjab National Bank.
Meanwhile, United Bank of India slipped 0.20% while Punjab National Bank gained 0.65%.
The S&P BSE Bankex rose 1.24% to 30,614.10.
NDTV rose 0.78%. The company informed that the Bombay High Court has ruled in favour of New Delhi Television in a writ petition filed by the company. The writ petition challenged the orders passed by SEBI rejecting settlement applications filed by the company in the alleged delayed disclosure of a Rs. 450 crore disputed tax demand and other alleged nondisclosures. The High Court has condoned the delay in filing the settlement applications and has directed Sebi to decide the said applications on merits.
Mukta Arts rose 2.39%. The Indian film production company informed that Mukta A2 Cinemas, subsidiary of Mukta Arts has launched its new property in Bhilai, Chhattisgarh. With this launch, the company will expand its network of cinema houses to 32 locations and 68 screens that includes a 6-screen multiplex in the Kingdom of Bahrain.
On the domestic front, India's total foreign direct investment inflows increased by 28% over year to $16.33 billion in first quarter of FY2020, according to latest data from the Department for Promotion of Industry and Internal Trade. In last fiscal, the FDI inflow during the first quarter was $12.75 billion in the comparable period.
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