Local stocks are trading higher in early trade on positive Asian stocks. The market sentiment was boosted by provisional data showing that domestic and foreign funds, both, were net buyers of Indian equities yesterday, 12 September 2019. Gains were also supported by data showing above average monsoon rains.
At 9:24 IST, the barometer index, the S&P BSE Sensex, was up 124.95 points or 0.34% at 37,395.77. The Nifty 50 index was up 37.05 points or 0.34% at 11,072.75.
The S&P BSE Mid-Cap index was up 0.41%. The S&P BSE Small-Cap index was up 0.39%. Both these indices outperformed the Sensex.
The market sentiment was boosted by provisional data showing that domestic and foreign funds, both, were net buyers of Indian equities yesterday, 12 September 2019. The trading activity showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 266.89 crore while domestic institutional investors (DIIs) bought shares worth a net Rs 1132.42 crore.
Monsoon rains in India were above average, the weather office said yesterday, 11 September 2019. The IMD said that for the country as a whole, cumulative rainfall during this year's monsoon from 1 June till 11 September was 3% above the Long Period Average (LPA). The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
India's retail inflation rate for August 2019 and industrial production data for July 2019 will be announced after market hours today, 12 September 2019.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 684 shares rose and 174 shares fell. A total of 26 shares were unchanged.
Shares of State Bank of India (SBI) rose 0.6%. SBI Life Insurance Company fell 0.68%. SBI said that the Executive Committee of Central Board (ECCB) has accorded approval for divestment of 3.50 crore + 1 crore equity shares constituting 3.5% with an oversubscription upto 1% of stake in SBI Life Insurance Company to achieve Minimum Public Shareholding of 25% (Part of Bank's share for MPS) through Offer for Sale process through Stock Exchange mechanism as per the regulatory prescription. The announcement was made after market hours yesterday, 11 September 2019.
HDFC has proposed to raise up to Rs 5000 crore through issue of secured redeemable non-convertible debentures. The announcement was made after market hours yesterday, 11 September 2019. The stock rose 0.78%.
Alkem Laboratories rose 1.08%. Alkem Laboratories said that US FDA has issued an Establishment Inspection Report (EIR) for the company's manufacturing facility located at St. Louis, Fenton Logistics Park , USA which was inspected from 16 August 2019 to 22 August 2019 and where the company received a Form 483 issued by the US FDA containing four observations. The inspection has now been closed by the US FDA. The announcement was made after market hours yesterday, 11 September 2019.
MSTC fell 1.32%. Adani Group has appointed MSTC as the selling agent to sell all surplus inventory and other equipments (excluding scrap) of entire Adani Group of companies. The agreement will remain valid till either party terminates the agreement by giving advance notice of three months to the other party. The announcement was made after market hours yesterday, 11 September 2019.
Greenlam Industries gained 3.81%. Greenlam Industries said the expanded capacity of laminates at Nalagarh unit is now operational. With this expansion, the installed capacity for laminates has become 15.62 million laminate sheets per annum. The expansion has the potential to generate revenue of Rs 125 crore per annum on full capacity utilization. The announcement was made after market hours yesterday, 11 September 2019.
Overseas, Asian stocks are trading higher on Thursday on hopes for a thaw in US-China trade frictions and expectations that the European Central Bank will kick off another wave of monetary easing by global central banks.
US stocks moved higher on Wednesday, led by tariff-sensitive technology and industrial stocks after China extended an olive branch ahead of next month's trade negotiations with the United States.
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