The key indices firmed up once again in mid-afternoon session, supported by gains in IT and metal shares. The Nifty crossed its 200 day simple moving average placed at 11,270.61 and traded above the 11,300-mark. At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 273.75 points or 0.72% at 38,154.15. The Nifty 50 index was up 78.45 points or 0.7% at 11,313.
In the broader market, the S&P BSE Mid-Cap index was up 0.53%. The S&P BSE Small-Cap index was up 0.49%.
The market breadth was negative. On the BSE, 1063 shares rose and 1295 shares fell. A total of 190 shares were unchanged. In Nifty 50 index, 34 stocks advanced and 16 stocks declined.
Meanwhile, Chinese President Xi Jinping has touched down in Chennai for a two-day informal summit with Prime Minister Narendra Modi and received a grand cultural welcome with traditional dance performances at the airport. After landing in Chennai, Modi expressed the wish that the summit will further strengthen ties between India and China.
On the equity front, Indiabulls Real Estate was locked in an upper circuit of 5% at Rs 43.40. The board of directors of Indiabulls Real Estate approved a proposal to buyback upto 5 crore fully paid-up equity shares, or 11% equity, at Rs 100 each. The total buyback size is Rs 500 crore.
Indiabulls Ventures was up 6.17% at Rs 105.75. The board of directors of Indiabulls Ventures approved a proposal to buyback upto 6.66 crore fully paid-up equity shares, or 12.61% equity, at Rs 150 each. The total buyback size is Rs 1,000 crore.
Metal stocks advanced. Hindustan Zinc (up 1.88%), Tata Steel (up 1.61%), Vedanta (up 1.59%), Hindalco Industries (up 1.45%), NMDC (up 1.25%), Hindustan Copper (up 1.01%), Steel Authority of India (up 0.47%) and Jindal Steel & Power (up 0.42%) advanced. The S&P BSE Metal index was up 1.16% at 8,595.
IT stocks were buzzing. Hexaware Technologies (up 1.6%), Tech Mahindra (up 1.5%), HCL Technologies (up 1.23%), Zensar Technologies (up 1.2%), MindTree (up 1.09%), Oracle Financial Services Software (up 0.6%) and L&T Infotech (up 0.51%) edged higher.
IT major, Infosys was up 2.81% ahead of its Q2 September 2019 result today.
TCS was down 0.97%. The IT major reported 1.09% fall in consolidated net profit to Rs 8,042 crore on 1.23% rise in total income to Rs 40,338 crore in Q2 September 2019 over Q1 June 2019. The result was announced after market hours yesterday, 10 October 2019.
The company's board declared a second interim dividend of Rs 5 and a special dividend of Rs 40 per equity share of the company. The record date for the dividend is Friday, 18 October 2019.
Revenue growth in Q2 September 2019 was led by Life Sciences & Healthcare (+16%) and Communications & Media (+11.8%). All the other verticals including BFSI (+8%), Manufacturing (+7.8%), Technology & Services (+5.6%) and Retail & CPG (+4.8%) continued to grow.
Growth in Q2 September 2019 was led by Europe (+16%) and UK (+13.3%). North America and Asia Pacific grew 5.3% and 6.5% respectively. Emerging markets showed steady growth including India (+7.7%), MEA (+7.3%) and Latin America (+7.3%).
Commenting on the Q2 performance, Rajesh Gopinathan, chief executive officer and managing director, TCS said the company ended Q2 September 2019 with steady growth despite increased volatility in the financial services and retail verticals.
Meanwhile, the yield on 10-year benchmark federal paper rose to 6.706% at 14:21 IST compared with 6.679% at close in the previous trading session.
In the foreign exchange market, the partially convertible rupee edged higher and was hovering at 71.005, compared with its close of 71.0725, during the previous trading session.
In the commodities market, Brent crude for December 2019 settlement was up $1.16 at $60.26 a barrel. The contract rose 1.34% to settle at $59.1 a barrel during the previous trading session.
Crude oil prices flared up amid reports of an explosion in an Iranian tanker that has set the National Iranian Oil Company-owned vessel on fire near the Saudi port city of Jeddah. The explosion is said to have caused heavy damages to the vessel and oil is spilling into the Red Sea. The report further added that the reason for the explosion is still under investigation but reports suggested that it may be a terrorist attack.
MCX Gold futures for 5 December 2019 settlement edged 0.07% higher at Rs 38,187.
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