Key market barometers were trading in a narrow range in mid-morning trade. The Nifty was trading below the crucial 11,900 level. At 11:19 IST, the barometer index, the S&P BSE Sensex, was down 86.36 points or 0.21% at 40,237.25. The Nifty 50 index was down 29.90 points or 0.25% at 11,878.25.
The S&P BSE Mid-Cap index was up 0.45%. The S&P BSE Small-Cap index was up 0.29%. Both these indices outperformed the Sensex.
The market breadth was positive. On the BSE, 1077 shares rose and 949 shares fell. A total of 126 shares were unchanged. In Nifty 50 index, 23 stocks advanced while 27 stocks declined.
Investors will keep an eye on India's industrial production data for September 2019 that will be announced on today, 11 November 2019. Manufacturing production data for September 2019 will also be announced today.
Buzzing Index:
The Nifty Auto index fell 0.06% to 8,165.05, ahead of SIAM's announcement of the automobile industry sales figures for October 2019. The society of indian automobile manufacturers (SIAM) is the apex national body representing all major vehicle and vehicular engine manufacturers in India.
The Nifty Auto index has fallen 3.37% in six sessions to 8,165.05, from a recent closing high of 8,449.50 high of 31 October 2019.
Maruti Suzuki India (down 0.91%), Eicher Motors (down 0.81%), TVS Motor Company (down 0.65%), Hero MotoCorp (down 0.43%) and Bajaj Auto (down 0.25%) declined.
Tata Motors (up 0.89%), Ashok Leyland (up 0.46%), Escorts (up 0.45%) and Mahindra & Mahindra (up 0.11%) advanced.
Stocks in Spotlight:
Real estate developer Sobha fell 1.52% to Rs 435.20. The real estate development company's consolidated net profit rose 9.1% to Rs 67 crore on a 19% increase in net sales to Rs 783.90 crore in Q2 September 2019 over Q2 September 2018.
Akzo Nobel India slumped 7.90% to Rs 1984.75. The global paints and coatings company's consolidated net profit increased by 34% to Rs 49.25 crore in Q2 September 2019 from Rs 36.75 crore in Q2 September 2018. Net sales, however, fell to Rs 633.82 crore in Q2 September 2019, down by 11.2% from 713.80 crore in Q2 September 2018.
Amara Raja Batteries surged 7.43% to Rs 702.60. The battery maker reported 81.8% increase in consolidated net profit to Rs 218.61 crore in Q2 September 2019 over Q2 September 2018. The company's net sales recorded a de-growth of 3.3%, falling to Rs 1,695.31 crore in Q2 September 2019 from Rs 1753.05 crore in Q2 September 2018.
Laurus Labs rose 1.37% to Rs 371. The pharmaceutical company informed about the completion of US Food and Drug Administration (USFDA) inspection of its unit-2, located at APSEZ, Atchutapuram, Visakhapatnam, Andhra Pradesh, with two observations which are procedural in nature. The inspection is a product pre-approval audit by USFDA and was carried out from 4 to 8 November 2019.
JSW Steel advanced 1.14% to Rs 252.85. the steel maker said that India Ratings has reaffirmed long-term issuer rating to "IND AA" for non-convertible debenture programme of the company.
The outlook on the long-term rating has been revised to 'negative' from 'stable'. The outlook revision reflects the rating agency's view of fall in per tonne margins and its impact on the company's credit profile in FY20.
Foreign Markets:
Overseas, Asian stocks were trading lower on Monday led by slide in Hong Kong shares after two protesters were shot by police during the morning commute.
In Hong Kong, the Hang Seng index declined 2.25% as political turmoil in the city worsened. At least two protesters were said to be injured when local police opened fire on Monday at mass demonstrations. Over the weekend, three pro-democracy lawmakers were arrested.
In US, the three major stock indexes posted record closing highs on Friday as investors brushed aside worries over the progress of U.S.-China trade talks, and as Walt Disney shares rose.
Meantime, Saudi Aramco will allow investors to start bidding for shares starting on November 17. The firm said it'll provide the number and percentage of shares sold at a later stage, with book-building kicking off this week.
In Europe, U.K.'s sovereign credit rating was placed on negative outlook by Moody's Investors Service, which said the country's ability to set policy has weakened in the Brexit era along with its commitment to fiscal discipline.
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