A bout of volatility was seen in early trade as the key indices regained positive zone soon after a negative start. At 9:26 IST, the barometer index, the S&P BSE Sensex, was up 57 points or 0.15% at 38,655.99. The Nifty 50 index was up 5 points or 0.04% at 11,469. Gains in Asian stocks underpinned sentiment on domestic bourses.
The market sentiment was also boosted as data showed that foreign and domestic funds, both, were net buyers of Indian stocks. The trading activity showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 686.33 crore yesterday, 16 October 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1576.73 crore yesterday, 16 October 2019, as per provisional data.
The S&P BSE Mid-Cap index was up 0.05%. The S&P BSE Small-Cap index was up 0.12%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 561 shares rose and 477 shares fell. A total of 58 shares were unchanged.
Overseas, Asian stocks were trading higher on Thursday as negotiations on a Brexit deal continued.
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.
Back home, Shree Cement fell 1.69%. Shree Cement said that the board meeting to be held on 19 October 2019 will also consider the raising of funds by way of issuance of equity shares, in one or more tranches, at such price or prices as may be permissible under applicable law by way of a qualified institutions placement. The announcement was made after market hours yesterday, 16 October 2019.
National Aluminium Company (Nalco) lost 3.6%. Nalco said that short supply of coal has severely impacted aluminium production of the company and also the cost of power, as the power purchased from the grid is costly as compared to the power produced by it at its CPP. The announcement was made after market hours yesterday, 16 October 2019.
Quess Corp rose 1%. The company has signed the Settlement cum Share Purchase Agreement with Trimax Smart Infraprojects (TSIPL) and Trimax IT Infrastructure and Services (Trimax IT). The announcement was made after market hours yesterday, 16 October 2019.
Edelweiss Financial Services rose 1.02%. Edelweiss Financial Services informed that Kora Master Fund LP has received the approval of the Competition Commission of India for its proposed investments in Edelweiss Securities, a wholly owned subsidiary of the company. The announcement was made after market hours yesterday, 16 October 2019.
Zuari Agro Chemicals dropped 2.06% after the company informed that the NPK Plant has been shut down due to non availability of raw material. The announcement was made after market hours yesterday, 16 October 2019.
Transformers and Rectifiers (India) jumped 11.23% after the company received orders for supply of transformers aggregating to Rs 158 crore. The announcement was made at fag end of the day's trading session yesterday, 16 October 2019.
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