Key equity indices bounced back from the day's low in morning trade, backed by strength in IT shares. At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 99.52 points or 0.29% at 34,166.92. The Nifty 50 index was up 27 points or 0.26% at 10,277.85. The Sensex regained the 34,000 mark after slipping below that level in early trade.
Among secondary barometers, the BSE Mid-Cap index was up 1.03%. The BSE Small-Cap index was up 1.07%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1384 shares rose and 567 shares fell. A total of 111 shares were unchanged.
Most IT shares rose. HCL Technologies (up 2.68%), Tech Mahindra (up 2.66%), Hexaware Technologies (up 2.64%), Infosys (up 2.63%), TCS (up 1.16%), MindTree (up 0.89%) and Wipro (up 0.58%), edged higher. Oracle Financial Services Software (down 0.05%), Persistent Systems (down 0.06%) and MphasiS (down 1.45%), edged lower.
Most pharmaceuticals shares advanced. Divi's Laboratories (up 2.38%), Piramal Enterprises (up 1.55%), Cadila Healthcare (up 1.35%), Wockhardt (up 1.16%), IPCA Laboratories (up 0.74%), Glenmark Pharmaceuticals (up 0.71%), Dr Reddy's Laboratories (up 0.63%), GlaxoSmithKline Pharmaceuticals (up 0.02%) and Alkem Laboratories (up 0.01%), edged higher. Lupin (down 0.1%), Sun Pharmaceutical Industries (down 0.18%), Strides Shasun (down 0.24%), Aurobindo Pharma (down 0.36%) and Cipla (down 0.65%), edged lower.
BPCL lost 3.36% after net profit dropped 48.3% to Rs 1218.71 crore on 34.56% rise in total income to Rs 72829.83 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 29 October 2018.
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BPCL's average gross refining margin (GRM) was $5.57 per barrel in Q2 September 2018, compared with $5.57 per barrel in Q2 September 2017.
Just Dial advanced 7.12% after net profit rose 29.15% to Rs 48.38 crore on 11.62% rise in total income to Rs 239.44 crore in Q2 September 2018 over in Q2 September 2017. The result was announced after market hours yesterday, 29 October 2018.
Total operating revenue rose 13.7% to Rs 221 crore in Q2 September 2018 over in Q2 September 2017. Operating EBITDA rose 45% to Rs 57.5 crore. Adjusted operating EBITDA margin, excluding ESOP expenses, stood at 28.6%, up 650 bps YoY. Traffic (Unique Visitors) for the quarter stood at 131.3 million, up 25% YoY. 76.6% traffic originated on mobile platforms, 16.6% on desktop/ PC and 6.8% on our voice platform. Total Active Listings stood at 23.8 million as on 30 September 2018, an increase of 20% YoY. Cash and investments stood at Rs 1358.5 crore as on 30 September 2018 compared to Rs 1045.3 crore as on 30 September 2017 and Rs 1288.8 crore as on 30 June 2018.
On the economic front, India and Japan signed a bilateral currency swap agreement on Monday, 29 October 2018, for up to $75 billion during Prime Minister Narendra Modi's visit to Tokyo. Under the arrangement, India can acquire dollars from Japan in exchange for rupees. The agreement would help bring greater stability to foreign exchange and capital markets in India. This arrangement would also further help India tap foreign capital for the country's development needs. This facility will enable the agreed amount of foreign capital being available to India for use as and when the need arises.
Overseas, most Asian shares were trading higher. US stocks closed lower Monday in a volatile session as concerns about global growth resurfaced following a news report that suggested that the US is about to intensify its trade war with China.
President Donald Trump's administration is prepared to announce tariffs on remaining Chinese imports if talks next month between Trump and Xi Jinping do not yield results, the media reported. Such a move is expected to hurt the global economy.
On the US data front, consumer spending rose 0.4% in September. Incomes rose a smaller 0.2%, the smallest rise in 13 months, while inflationary pressures appeared to slacken. The personal-consumption expenditures inflation index, the Federal Reserve's favorite price gauge, rose 0.1% in September, while the 12-month rate slipped to 2% from 2.2%.
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