Key indices hovered in positive zone in mid-morning trade. At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 120.77 points or 0.35% at 35,071.69. The Nifty 50 index was up 25.65 points or 0.24% at 10,549.65. IT stocks rose.
The Sensex was currently trading above the psychological 35,000 level after regaining that level in opening trade. Domestic stocks saw a positive opening led by buying demand in index pivotals. Stocks trimmed gains in morning trade.
The S&P BSE Mid-Cap index was off 0.06%. The S&P BSE Small-Cap index was up 0.37%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1228 shares rose and 914 shares fell. A total of 132 shares were unchanged.
IT stocks rose. TCS (up 2.19%), Infosys (up 0.94%), Tech Mahindra (up 0.56%) and MindTree (up 2.01%) gained. Oracle Financial Services Software (down 0.73%) and Mphasis (down 3.98%) fell.
HCL Technologies rose 0.26%. Deutsche Bank and HCL Technologies (HCL) announced a strategic partnership to transform the bank's global cheque processing operations. Under the terms of the agreement, HCL will build a cloud-based digital and fully scalable cheque processing platform for the bank. The new IT-platform is expected to go live in 2019. The announcement was made after market hours yesterday, 5 November 2018.
The new cloud-based IT-platform will enable Deutsche Bank to further reduce the complexity of its IT landscape, decrease cost, increase straight-through processing capabilities and efficiencies in cheques processing. Moreover, through advanced data analytics, the bank will enable its corporate and institutional clients to use data generated out of the platform, to better manage business flows and working capital.
Wipro rose 0.11% after the company announced a new partnership with Check Point Software Technologies, a leading provider of cyber security solutions globally, to deliver Check Point's advanced and dynamic cloud security solution, CloudGuard IaaS. This strategic worldwide partnership will further accelerate demand for the CloudGuard comprehensive suite of cloud security products, which are focused on advanced threat prevention and safeguarding enterprise cloud applications, infrastructure, and data against the most sophisticated fifth-generation cyber-attacks threatening organizations today. The announcement was made after market hours yesterday, 5 November 2018.
Suven Life Sciences rose 0.36% after the company announced securing the grant of one product patent from Israel and one product patent from Japan corresponding to the new chemical entities for the treatment of disorders associated with Neurodegenerative diseases. Patents are valid through 2036 and 2034 respectively. The announcement was made during trading hours today, 6 November 2018.
Overseas, Asian stocks were mixed as investors looked to the US midterm elections set for later in the day. US stocks logged a mixed performance yesterday, 5 November 2018, ahead of an updated policy statement from the Federal Reserve and midterm elections that could alter the balance of power in Washington.
Midterm congressional elections, which are expected to see Democrats take control of the House and Republicans maintain a grip on the Senate, take place Tuesday. On Thursday, the Fed concludes a two-day policy meeting, which isn't expected to deliver a change in rates, but may offer fresh insights to investors about the pace of coming rate increases and the effects of trade clashes between the US and China on the domestic economy.
In US economic data, the ISM services index slipped to 60.3 in October, down from 61.6 in September.
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