Key equity benchmarks continued to trade on a firm note in afternoon trade. At 13:35 IST, the barometer index, the S&P BSE Sensex jumped 269.92 points or 0.67% at 40,321.79. The Nifty 50 index also advanced 84.55 points or 0.71% at 11,928.65.
The S&P BSE Mid-Cap index was up 1.11%. The S&P BSE Small-Cap index rose 1.03%.
The market breadth was strong. On the BSE, shares 1,380 rose and 873 shares fell. A total of 124 shares were unchanged.
Investors awaited India's fiscal deficit data for April-September period and infrastructure output for September 2019 later today, 31 October 2019.
Yes Bank surged 26.76% to Rs 72 after the bank said it received a binding offer from a global investor for an investment of $1.2 billion in the bank through fresh issuance of equity shares.
Zee Entertainment Enterprise (up 9.91%), State Bank of India (up 7.33%), Infosys (up 4.87%), Grasim Industries (up 4.14%) and Tata Motors (up 3.34%) advanced.
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Tech Mahindra (down 1.95%), Mahindra & Mahindra (down 1.39%), Axis Bank (down 1.38%), PowerGrid Corporation of India (down 0.45%) and Britannia Industries (down 0.37%) declined.
Reliance Industries (RIL) was down 0.63% at Rs 1,469.35. The Sensex heavyweight's subsidiary, Reliance Brands, has increased its equity shareholding in Future101 Design by 2.5% stake for a total consideration of Rs 2 crore. With this acquisition, Reliance Brands' total stake has risen to 17.5% from 15% stake held earlier. The announcement was made after market hours yesterday, 30 October 2019.
Reports also say that its telecom wing, Reliance Jio has objected to telecom companies from seeking relief from Department of Telecommunication (DoT) after the AGR judgement.
Bharti Airtel rose 0.88% to Rs 371.50. Media houses have said that a rating agency has put 'BBB-' on long-term foreign currency issuer default rating placing a 'negative' watch on Supreme Court's ruling on 24 October 2019.
Housing Development Finance Corporation (HDFC) gained 0.56% to Rs 2,118.60. The company held 28.05 crore shares of GRUH Finance as on record date, 17 October 2019. Hence, the firm has been allotted 15.93 crore equity shares or 9.898% of the total shareholding capital of Bandhan Bank, as per the Scheme of Merger. The announcement was made after trading hours yesterday, 30 October 2019.
Overseas, European stocks opened mixed while most Asian stocks traded higher after the US Federal Reserve cut rates for the third time this year but signaled its rate-cut cycle might be at a pause.
The Bank of Japan announced Thursday that it would be keeping monetary policy steady, but signaled in its forward guidance a readiness to cut rates if required.
Factory activity in China shrank for the sixth straight month in October, official data showed. The official Purchasing Managers' Index (PMI) was at 49.3 in October, dipping from 49.8 in September.
The US stock market ended at record high after swinging between gains and losses on Wednesday, 30 October 2019, on the back of the policy statement by the U.S. Federal Reserve that cut interest rates by a quarter of a percentage point. However, market gains capped as the APEC summit in Chile was canceled, removing hopes for Trump to sign a trade deal there with Xi Jinping.
The Fed announced its widely expected decision to lower the target range for the federal funds rate by 25 basis points to 1.5% and 1.75%, but dropped a previous reference in its statement to "act as appropriate" to support the economic expansion, which could signal the Fed may hold off on future rate cuts.
The Commerce Department said Wednesday that gross domestic product - the broadest measure of the U.S. economy - grew at an annualized rate of 1.9% in the third quarter ended September 2019, decelerating slightly from the 2% pace in the second quarter, owing to a decline in business investment and smaller increases in consumer and government spending.
U.S. private payrolls increased by 125,000 in October, according to ADP and Moody's Analytics. However, September payrolls were trimmed down by 42,000 to 93,000.
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