The benchmark indices were northbound in mid-morning trade. The Nifty maintained its momentum and marched towards the 11,750 mark. Auto stocks rallied. At 11:22 IST, the barometer index, the S&P BSE Sensex, was up 451.53 points or 1.15% at 39,701.73. The Nifty 50 index was up 129 points or 1.11% at 11,756.15.
The market breadth was positive. On BSE, 1177 shares rose and 820 shares fell. A total of 119 shares were unchanged. In Nifty 50 index, 38 stocks advanced and 12 stocks declined.
In the broader market, the BSE Mid-Cap index was up 0.66%. The BSE Small-Cap index was up 0.52%.
The media reports indicated that the tax rates on equity, debt, commodity and other equity products are being reviewed by the government and that it may look for one tax rate than multiple rates on equity products. The reports further state that the government is also reviewing current rates of long terms capital gains tax and securities transaction tax along with the proposal to abolish of dividend distribution tax.
FMCG major Marico fell 5.69% to Rs 369.35 after FMCG company's revenue for Q2 FY20 was almost flat on a YoY basis, with an underlying domestic volume growth of 1% and constant currency growth of 9% in the international business.
Marico's consolidated net profit rose 16.5% to Rs 247 crore in Q2 September 2019 over Q2 September 2018. Net sales during the quarter under review were down 0.44% to Rs 1829 crore as against Rs 1837 crore in the corresponding quarter of the previous fiscal.
A foreign brokerage has downgraded the stock to outperform from buy and cut target to Rs 450 from Rs 475 per share.
Edelweiss Financial Services hit 5% upper circuit at Rs 89.50. Edelweiss announced that US-based Arthur J. Gallagher & Co. (Gallagher) has acquired a minority stake by way of primary equity infusion in Edelweiss Insurance Brokers (EIBL), post approval from the Insurance Regulatory and Development Authority of India (IRDAI). The latter is a subsidiary of Edelweiss Financial Services.
NTPC slipped 0.29% to Rs 118.45. The electric power distribution company informed that it has entered into a joint venture & shareholders' agreement with the Ceylon Electricity Board for incorporation of 50:50 joint venture company for development of 300 MW 15% LNG power project at Kerawalapitiya, Sri Lanka.
Ujjivan Financial Services fell 1.28% to Rs 273.30 despite the firm offering a clarification on media articles titled RBI Flags Shortcomings at Ujjivan Small Finance Bank dated 28 October 2019.
The NBFC said RBI conducts financial inspections for banks annually for ensuring better processes and controls. Ujjivan Small Finance Bank's (USFB) performance, governance and operations continue to be robust.
Most of the RBI's observations are operational in nature and pertain to the RBI inspection for the financial year 2017-18. Ujjivan said that there has been no 'red flags' raised by the RBI in respect of USFB's operations as reported in the media.
The Nifty Auto index was up 3.18% to 8,359.60, extending its 1.12% rise on the muhurat trading session on 27 October 2019.
Tata Motors (up 13.32%), Ashok Leyland (up 5.79%), Mahindra & Mahindra (up 2.63%), Escorts (up 2.26%), Maruti Suzuki India (up 2.13%), Eicher Motors (up 2.02%), TVS Motor Company (up 1.32%), Bajaj Auto (up 1.09%) and Hero MotoCorp (up 1%) advanced.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
