Key benchmark indices came off the day's high in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 26.31 points or 0.07% at 38,625.30. The Nifty 50 index was down 14.2 points or 0.12% at 11,449.80.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index was up 0.34%. The S&P BSE Small-Cap index was up 0.16%.
The market breadth turned negative. On the BSE, 978 shares rose and 983 shares fell and a total of 158 shares remained unchanged. In Nifty 50 index, 20 stocks advanced while 30 stocks declined.
Shares of HDFC were trading 0.67% higher at Rs 2063.85. HDFC announced the issue of debentures worth Rs 500 crore, with an over-subscription option of Rs 5,500 crore. HDFC said that it will issue secured redeemable non-convertible debentures under Series W-003 to augment the long term resources of the corporation. The proceeds of the issue would be utilized for financing/refinancing the housing finance business requirements of the corporation. The coupon payment date would be 22 October every year up to redemption date which is 22 October 2029. The tenor for the same is 10 years. The issue will open and close on 18 October 2019.
Bajaj Consumer Care was up 10.59%, rising for a second day. The stock advanced 32.83% in two trading sessions from its close of Rs 195.55 on 15 October 2019. Bajaj Consumer Care's promoter, Bajaj Resources, sold 3.22 crore shares, representing 22% stake, of Bajaj Consumer Care at an average price of Rs 194.56 on Tuesday, 15 October 2019.
Shares of Exide Industries were trading 5.77% lower at Rs 172.4. Exide Industries announced its entry into e-rickshaw market with the launch of "Exide Neo". The company in an exchange filing stated that the e-vehicle will be launched in selective markets across the country and will be available through its exclusive network of dealers.
Shares of PNB Housing Finance rallied 9.39% to Rs 415.80 after the company issued Q2 business update after trading hours yesterday, 16 October 2019. During Q2 September 2019, the company disbursed loans amounting to Rs 4,970 crore. The retail disbursements during the quarter stood at Rs 4,718 crore and corporate disbursements were Rs 252 crore.
The asset under management (AUM) of the company was worth Rs 89,471 crore and loan asset amounted to Rs 74,353 crore as on 30 September 2019. The gross non-performing assets (NPA) stood at 0.73% of the AUM as on 30 September 2019. At loan asset level, the gross NPA is 0.84%. During Q2 September 2019, the firm securitized loans amounting to Rs 3,580 crore through direct assignment route. During Q2 September 2019, the company raised $175 million through ECB route. It also raised non-convertible debentures (NCDs) worth Rs 500 crore.
The cash and bank balances (including liquid investments) as on 30 September 2019, stands at Rs 4,279 crore with exposure in commercial paper reduced to Rs 4,506 crore as on 30 September 2019 from Rs 6,475 crore as on 30 June 2019.
In a separate notification, the company said it plans to raise Rs 10,000 crore through secured and unsecured non-convertible debentures. The company's board will meet on 24 October to take into account Q2 results and the fund-raising programme.
Overseas, Asian stocks were trading mixed on Thursday following cautious trade overnight in the US.
US stocks fell on Wednesday as weak US economic data and simmering geopolitical tensions spooked buyers away from the equities market, despite a string of generally positive third-quarter earnings reports.
US President Donald Trump on Wednesday reportedly said Washington was in talks with some new people in Europe about trade issues and he hoped the discussions would be successful, as Italy's president urged Trump to avoid counterproductive tariffs.
Meanwhile, US and Chinese trade negotiators are reportedly working on nailing down a Phase 1 trade deal text for their presidents to sign next month. US Treasury Secretary Steven Mnuchin was quoted as saying that he was prepared to travel to Beijing for more meetings if necessary.
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