Key equity benchmarks were trading with modest gains in afternoon trade. At 13:30 IST, the barometer index, the S&P BSE Sensex jumped 281.82 points or 0.73% at 38,875.34. The Nifty 50 index also rose 94.65 points or 0.83% at 11,534.85.
The S&P BSE Mid-Cap index was up 0.73%. The S&P BSE Small-Cap index rose 0.14%.
The market breadth was almost even. On the BSE, shares 1,169 rose and 1,167 shares fell. A total of 162 shares were unchanged.
Finance Minister Nirmala Sitharaman will reportedly meet private sector banks, NBFCs and Housing finance companies on Thursday. Liquidity, rate cut, credit disbursal are likely to be part of the discussion between the Minister and the lenders and financiers, reports added.
Mahindra & Mahindra (up 4.11%), IOCL (up 3.55%), Hindalco Industries (up 3.08%), BPCL (up 3.08%) and ONGC (up 2.81%) advanced.
Hindustan Unilever (down 1.41%), Infosys (down 0.76%), HDFC (down 0.54%), TCS (down 0.40%) and HCL Technologies (down 0.36%) declined.
ICICI Bank advanced 2.88% to Rs 446.95. The stock hit an intraday high of Rs 458.45, which is also an all-time high for the counter, on nearing towards a total of Rs 3 lakh crore market capitalization.
Axis Bank gained 1.01% after it announced that it has approved the issuance of 19.87 crore equity shares at Rs 629 per share on its closed QIP.
Cipla was down by 0.35%. The drug major and its subsidiary Cipla USA, Inc., (hereafter referred to as Cipla) announced the launch of Daptomycin for Injection, 500mg/vial, single-dose vial, AP-rated generic equivalent of Cubicin for Injection in the United States. According to IQVIA (IMS Health), Cubicin for Injection (daptomycin for injection) had U.S. sales of approximately $606 million for the 12-month period ending June 2019. The product is available for shipping immediately. The announcement was made after market hours yesterday, 25 September 2019.
Dr Reddy's Laboratories was up 0.13% after media reports suggested that the drug major has won an approval from a Chinese pharmaceutical giant, which also happens to be the world's second largest pharma market, to export a key drug for treating schizophrenia and bipolar disorders in China.
NTPC rose 1.20% after media houses reported that it has signed a deal to construct 540MW hydro projects in the state of Himachal Pradesh.
Zee Entertainment Enterprises (ZEEL) advanced 4.58% after media sources reported that a research house has maintained its 'buy' rating on the stock due to its growing business and proper valuation. The research firm, however, cut its target price from Rs 515 per share to Rs 450 per share, slashing its ad revenue by 5% for the FY 2020-22.
Larsen & Toubro (L&T) advanced 2%. A global brokerage and research firm maintained its outperform call on the stock at Rs 1,750 per share, citing a strong order inflow in the domestic market over the years.
Yes Bank fell 3.45% at Rs 51.85. The stock hit an intraday low of Rs 50.85, which is also a 52-week low for the counter. The bank awaits RBI's approval for a fund raising plan to boost its authorized share capital.
Overseas, European markets were trading higher while Asian stocks were mixed on Thursday as hopes the United States and China may soon end their year-long trade war boosted demand for riskier assets.
US stocks rose on Wednesday as investors shrugged off the news of an impeachment inquiry into President Donald Trump, while Nike shares jumped on upbeat quarterly results.
Trump reportedly said at the United Nations in New York on Wednesday that a deal between the U.S. and China could come sooner than you think. The two largest economies of the world have attempted to find a deal to end their protracted trade dispute which has lasted for more than a year and rattled financial markets globally.
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