Key indices were trading in a narrow range near the day's low in early afternoon trade. The Nifty held above 11,550 mark. At 12:16 IST, the barometer index, the S&P BSE Sensex, was down 44.28 points or 0.11% at 38,976.28. The Nifty 50 index was down 12 points or 0.1% at 11,570.60.
In broader market, the S&P BSE Mid-Cap index was up 0.17% while the S&P BSE Small-Cap index was down 0.06%.
The market breadth was negative. On the BSE, 978 shares rose and 1100 shares fell. A total of 134 shares were unchanged. In Nifty 50 index, 26 stocks advanced and 24 stocks declined.
On the derivatives front, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 3.12% to 15.7325. The Nifty October 2019 futures were trading at 11,585.30, a premium of 15.5 points compared with the spot at 11,569.80.
On the options front, the Nifty option chain for 31 October 2019 expiry showed maximum call open interest (OI) of 38.98 lakh contracts at the 11,700 strike price. Maximum put OI of 31.13lakh contracts was seen at 11,500 strike price. The option chain indicates that Nifty will stay between 11,500 and 11,700 in October expiry.
On NSE, 25 stocks hit their 52-week high. Abbot India (up 2.38%), Adani Green (up 4.76%), Deepak Nitrite (up 2.07%), Galaxy Surfactants (up 0.36%), Granules India (up 1.85%), ICICI Bank (up 1.57%), Relaxo Footwear (up 0.75%) and Titan Company (up 0.49%) hit their 52-week today.
The Nifty Metal index was trading 0.45% higher at 2,430.45, snapping their three days losing streak.
Tata Steel (up 1.74%), Jindal Steel & Power (up 1.12%), Hindustan Zinc (up 0.9%), Steel Authority of India (up 0.87%), Hindalco Industries (up 0.3%), Vedanta (up 0.14%) and NMDC (up 0.05%) were the top gainers in metal segment.
Strides Pharma Science gained 6.33% after the company reported decent Q2 2019 numbers during market hours today. On consolidated basis, the company reported a net profit of Rs 141.91 crore in Q2 September 2019 as against a net loss of Rs 8.70 crore in Q2 September 2018. The company's total income rose 37.51% to Rs 728.08 crore in Q2 2019 over Q2 2018.
Westlife Development rose 2.21% to Rs 348.50 after consolidated net profit rose 15% to Rs 4.68 crore on a 14.2% rise in net sales to Rs 394.87 crore in Q2 September 2019 over Q2 September 2018. Consolidated EBITDA rose 30.9% to Rs 43.32 crore in Q2 September 2019 as against Rs 33.11 crore in Q2 September 2018. The company's adjusted restaurant operating margin also rose 32.8% to Rs 62.92 crore in Q2 2019 as compared to Rs 47.39 crore in Q2 2018.
On the political front, the BJP will make a comeback in Maharashtra with the help of its ally Shiv Sena. The BJP-Sena combine had won or was leading on 161 seats in the 288-member Maharashtra.
In Haryana, however, the BJP failed to cross the majority mark of 45 seats. The BJP won 40 seats while the Congress managed to bag 31. With no party getting the majority, Dushyant Chautala's Jannayak Janata Party, which won 10 seats, is likely to play a key role in determining who forms the government in Haryana.
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