Key equity indices were hovering near day's high in mid-morning trade. At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 570.14 points or 1.66% at 35,002.11. The Nifty 50 index was up 176 points or 1.70% at 10,556.45. Strength in index pivotals, HDFC, HDFC Bank and Reliance Industries boosted indices higher. Trading sentiment got a boost amid fall in global crude prices and rising rupee. Positive global cues also triggered buying. The Sensex was trading above the psychologically important 35,000 mark.
Among secondary barometers, the BSE Mid-Cap index was up 1.58%. The BSE Small-Cap index was up 1.40%.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1672 shares rose and 594 shares fell. A total of 101 shares were unchanged.
HDFC (up 1.95%) and HDFC Bank (up 1.24%), edged higher.
Bajaj Auto advanced 3.39% after the company reported 32% growth in its total vehicles sales to 5.06 lakh units in October 2018 over October 2017. The announcement was made during market hours today, 2 November 2018.
Bajaj Auto's total domestic sales rose 29% to 3.19 lakh units, while total exports rose 38% to 1.86 lakh units in October 2018 over October 2017.
Metal shares were in demand. Jindal Steel & Power (up 7.23%), Vedanta (up 5.75%), Steel Authority of India (up 4.78%), Tata Steel (up 4.2%), JSW Steel (up 3.08%), Hindustan Copper (up 2.68%), Hindalco Industries (up 2.58%), NMDC (up 1.93%), National Aluminium Company (up 1.59%) and Hindustan Zinc (up 1.16%), edged higher.
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Oil sector stocks rose. Among oil exploration and production firms, ONGC (up 1.75%), Oil India (up 1.74%) and Reliance Industries (up 1.48%), edged higher.
Among state-run oil marketing companies, BPCL (up 4.92%) and Indian Oil Corporation (up 4.60%), edged higher.
Hindustan Petroleum Corporation (HPCL) was up 1.55%. The company reported 37.05% fall in net profit to Rs 1091.98 crore on 41.4% rise in total income to Rs 67931.38 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 1 November 2018.
Lower crude oil prices could reduce under-recoveries of public sector oil marketing companies (PSU OMCs) on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
In the global commodities markets, Brent for January 2019 settlement was up 32 cents at $73.21 a barrel. The contract had fallen $2.15 a barrel or 2.87% to settle at $72.89 a barrel during the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 72.835, compared with its close of 73.455 during the previous trading session.
Overseas, Asia shares were trading higher on Friday on the back of Wall Street gains and comments from US President Donald Trump indicating potential progress in his trade negotiations with China.
US stocks rallied to close higher Thursday, with the S&P 500 gaining for its third straight session for the first time in six weeks, on cautious optimism that US-China trade tensions could ease in the near term.
Stocks added modestly to their gains after President Donald Trump, in a Thursday morning tweet, hinted at progress in early trade talks with China. The president also said in his morning tweet that trade "discussions are moving along nicely" and meetings between the two leaders at the upcoming G-20 summit are being scheduled.
On the US data front, the ISM manufacturing index fell to a six-month low of 57.7%. Respondents cited rising costs as a concern. The IHS Markit final US Manufacturing Purchasing Managers' Index printed at 55.7 for October, up slightly from 55.6 in September. A reading of at least 50 indicates improving conditions.
Nonfarm productivity growth grew at a 2.1% annualized rate in the third quarter. Unit labor costs rose by 1.2%.
The number of newly unemployed Americans seeking jobless benefits fell in the seven days ended 27 October to 212,000.
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