Key indices bounced back in the mid-afternoon trade led by recovery in banks stocks. The Nifty shrugged advanced towards 11,000 level while the Sensex regained the 37,000-mark.
At 14:26 IST, the barometer index, the S&P BSE Sensex, was up 171.78 points or 0.46% at 37,240.71. The Nifty 50 index was up 44.4 points or 0.4% at 10,992.9.
The market breadth turned positive. On the BSE, 1238 shares rose and 1134 shares fell. A total of 146 shares were unchanged. The S&P BSE Mid-Cap index was up 0.63%. The S&P BSE Small-Cap index was up 0.5%.
The media reported that finance minister Nirmala Sitharaman will meet chiefs of public sector lenders today. FM is expected to brief media about the meeting at 4 pm.
Among PSU banks, United Bank of India (up 7.92%), Bank of Maharashtra (up 7.05%), Syndicate Bank (up 6.78%), UCO Bank (up 6.42%), Andhra Bank (up 6.3%), Allahabad Bank (up 4.44%), Central Bank of India (up 4.21%), Punjab & Sind Bank (up 3.46%), IDBI Bank (up 0.96%) and Corporation Bank (up 0.81%), advanced.
Indian Bank (down 0.39%), Punjab National Bank (down 0.84%), Canara Bank (down 0.86%), Bank of Baroda (down 1.09%), Bank of India (down 1.52%), State Bank of India (down 1.64%) and Union Bank of India (down 2.01%) declined.
Pharma Stocks were in demand. Sun Pharmaceuticals (up 2.84%), Cadila Healthcare (up 1.84%), Glenmark Pharmaceuticals (up 1.58%), Aurobindo Pharma (up 1.4%), GlaxoSmithKline Pharmaceuticals (up 1.24%), Cipla (up 0.97%), Dr Reddy's Laboratories (up 0.56%), Piramal Enterprises (up 0.51%) and Alkem Laboratories (up 0.07%) surged.
IPCA Laboratories gained 1.82% after credit rating agency CRISIL re-affirmed its rating for the company's commercial paper worth Rs 50 crore at 'CRISIL A 1 +'.
Future Enterprises gained 2.93% after credit ratings agency, CARE, reaffirmed the credit rating assigned to the company's commercial paper at 'A1+'. The announcement was made after market hours yesterday, 29 August 2019.
Meanwhile, the yield on 10-year benchmark federal paper rose to 6.558% at 14:20 IST compared with 6.543% at close in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.5325, compared with its close of 71.8 during the previous trading session.
In the commodities market, Brent crude for November 2019 settlement was down 27 cents at $60.22 a barrel.
MCX Gold futures for 4 October 2019 settlement fell 0.25% at Rs 38,705.
Overseas, European markets advanced while Asian markets closed higher after China struck an accommodating tone over its trade war with the US, while British opposition lawmakers plan to trigger an emergency debate to prevent a no-deal Brexit.
US stocks advanced Thursday after Beijing indicated it wasn't in a rush to respond to the latest round of tariffs imposed by Washington.
A spokesman for China's commerce ministry reportedly said the country wouldn't immediately respond to the latest round of tariff increases announced by President Donald Trump on Friday. Those increases came after Beijing announced a round of retaliatory tariffs.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
