Key benchmark indices came off the day's high in mid-morning trade. The Nifty slipped below 10,900 mark. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 71.42 points or 0.19% at 36,853.40. The Nifty 50 index was up 40.95 points or 0.38% at 10,885.80. Barring realty stocks, all sectors were trading higher.
The S&P BSE Mid-Cap index was up 0.32%. The S&P BSE Small-Cap index was up 0.78%.
The market breadth, indicating the overall health of the market, remained strong. On the BSE, 1323 shares rose and 601 shares fell. A total of 96 shares were unchanged.
Realty stocks witnessed selling. Prestige Estates Projects (down 3.22%), The Phoenix Mills (down 2.88%), Godrej Properties (down 0.77%), DLF (down 0.67%), Anant Raj (down 0.59%), Oberoi Realty (down 0.4%) and Sunteck Realty (down 0.36%) declined.
The S&P BSE Realty declined 0.73% at 1983.91.
Punjab National Bank surged 2.42% after foreign credit rating agency Moody's affirmed bank's credit rating. Moody affirmed bank's credit ratings from Stable outlook to Positive. The rating was affirmed after anticipating that the bank's customer account's (BCA) will likely improve after the capital infusion from the government, along with improving its financial metrics.
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State-run ONGC jumped 5.59%. The company said that an unfortunate accident took place at Uran oil and gas processing plant in Mumbai on 3 September 2019. The accident occurred near demineralized water plant (oily water sewage pit) and outside CISF security cabin which was near the main process area. All out efforts were made to control the situation and fire was brought under control within a short span of time with the internal safety provisions aided by MARG (Mutual Aid Resource Group).
ONGC added that gas processing was restricted to maintain supplies to internal power generation and also to meet the requirements of Mahanagar Gas and the remaining gas quantities are diverted to the other processing unit of the company at Hazira plant. However, the offshore crude supply remains unaffected and the impact of fire in local vicinity is NIL, ONGC added
Adity Birla Capital rose 1.66% to Rs 91.9 after the company said it raised Rs 2100 crore through preferential allotment of equity. The board of directors of Aditya Birla Capital approved to raise equity capital aggregating to Rs 2100 crore through preferential issue of equity shares to certain marquee investors and promoter group entities. The equity capital will be raised at Rs 100 per share, subject to regulatory and shareholder approvals. The extraordinary general meeting of shareholders is scheduled on 5 October 2019.
As per the proposal, the company will issue 7.70 crore fully paid-up equity shares at Rs 100 each, aggregating to Rs 770 crore on a preferential basis to Grasim Industries (up 1.22%), the promoter of the company. The company will also issue 2.30 crore fully paid-up equity shares at Rs 100 each, aggregating to Rs 230 crore on a preferential basis to Surya Kiran Investments, IGH Holdings and Pilani Investment and Industries Corporation, members of promoter group of the company.
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