Indices traded in a narrow range near day's high in early afternoon trade. The Sensex came off its fresh record high of 40,344.99. At 12:25 IST, the barometer index, the S&P BSE Sensex, was up 171.17 points or 0.43% at 40,223.04. The Nifty 50 index was up 56.65 points or 0.48% at 11,900.75.
The market sentiment was boosted as data showed that foreign institutional investors were net buyers of Indian stocks. The trading activity showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 7192.42 crore yesterday, 30 October 2019, as per data released by the stock exchanges.
The broader markets registered higher gains than benchmark index. The S&P BSE Mid-Cap index was up 0.75% and S&P BSE Small-Cap index was up 1.02%.
The market breadth was strong. On the BSE, 1382 shares rose and 874 shares fell. A total of 121 shares were unchanged. In Nifty 50 index, 30 stocks advanced and 20 stocks declined.
NSE F&O:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 1.39% to 16.4250. The October 2019 F&O contracts expire today, 31 October 2019.
On the options front, the Nifty option chain for 31 October 2019 expiry showed maximum call open interest (OI) of 57.56 lakh contracts at the 12,000 strike price. Maximum put OI of 55.89 lakh contracts was seen at 11,800 strike price. The option chain indicates that Nifty will stay between 11,800 and 12,000 in October expiry.
Stocks in focus:
Dhanlaxmi Bank jumped 9.52% to Rs 17.83 after net profit rose 81.65% to Rs 22.07 crore on a 22.11% increase in total income to Rs 276.85 crore in Q2 September 2019 over Q2 September 2018. Net interest income rose 15.12% to Rs 100.65 crore in Q2 September 2019 as against Rs 87.43 crore in Q2 September 2018.
Shares of Caplin Point Laboratories jumped 7.71% to Rs 425.5 and continued their gaining streak after announcing decent Q2 numbers during market hours yesterday. The pharma company's net profit rose 32% to Rs 57.30 crore in Q2 September 2019 over Q2 September 2018. On year on year basis, consolidated revenue from operation jumped 45.77% in September 2019 quarter to Rs 227.20 crore. Consolidated EBITDA rose 24% to Rs 78 crore in Q2 September 2019 from Rs 62.8 crore in Q2 September 2018. The stock has advanced 13.51% in four trading to its current market price of Rs 425.5.
Cadila Healthcare was up 1.24%. The firm informed that its formulations manufacturing facility located at Baddi in Himachal Pradesh has received an Establishment Inspection Report (EIR) from the US drug regulator. Shares of the pharma company rose 2.74% to Rs 256.80. The US Food and Drug Administration (FDA) had conducted an inspection at the facility from 15th to 19th July 2019. The EIR report stated that the classification of the facility is 'no action indicated (NAI)'. The announcement was made during market hours today, 31 October 2019.
Buzzing sector
Most auto stocks were trading firm ahead of October 2019 sales data tomorrow. Tata Motors (up 3.26%), SML Isuzu (up 1.35%), Hero MotoCorp (up 0.68%) and Bajaj Auto (up 0.54%), Eicher Motors (up 0.32%), TVS Motors Company (up 0.24%) and Maruti Suzuki India (up 0.01%) edged higher.
Escorts (down 1.82%), Mahindra and Mahindra (down 0.96%), Atul Auto (down 0.95%) and Ashok Leyland (down 0.32%) edged lower.
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