Key benchmark indices settled with strong gains on sustained buying demand in index pivotals. The barometer index, the S&P BSE Sensex, gained 317.72 points or 0.9% at 35,774.88, as per the provisional closing data. The Nifty 50 index gained 81.20 points or 0.76% at 10,763.40, as per the provisional closing data. Shares of index heavyweights Reliance Industries and ITC gained.
Domestic stocks opened on a firm note on buying demand in index pivotals. Stocks trimmed gains in morning trade. Indices hovered in a small range with positive bias in mid-morning trade. Key indices hovered with modest gains in early afternoon and afternoon trade. Firmness prevailed on the bourses in mid-afternoon trade. Indices extended gains in late trade.
The S&P BSE Mid-Cap index rose 0.35%. The S&P BSE Small-Cap index rose 0.36%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,331 shares rose and 1,272 shares fell. A total of 191 shares were unchanged.
Index heavyweight Reliance Industries gained 2% to Rs 1,150
Index heavyweight and cigarette major ITC advanced 2.81% to Rs 284
Yes Bank surged 7.68% after ICRA Ratings retained its overall long-term rating of 'ICRA AA+' on the bank. Yes Bank's overall long term issuer ratings have been retained by ICRA Ratings at AA+ with Rating watch with developing Negative Implications. The agency takes note that there has been no adverse impact on Yes Bank's deposit base and liquidity profile post recent developments, the bank said in a statement. The announcement was made on Saturday, 17 November 2018.
Infosys rose 0.21% after the company announced that it has completed the formation of a joint venture with Temasek, the global investment company headquartered in Singapore. Through this joint venture, Infosys will be a partner to Temasek in its digital transformation journey and further strengthen its footprint in South East Asia. The announcement was made after market hours on Friday, 16 November 2018.
The joint venture will provide Temasek and its other clients with solutions in advanced technologies including cloud, data and analytics, cybersecurity, digital experiences and AI. Additionally, employees of this joint venture will be able to access Infosys' world class education and training capabilities, to advance their technological skills.
Siemens fell 0.57% after net profit fell 55.24% to Rs 279.20 crore on 25.30% increase in total income to Rs 4015.60 crore in Q4 September 2018 over Q4 September 2017. The result was announced on 18 November 2018.
For the fourth quarter of financial year 2018, new orders grew by 38.1% to Rs 3720 crore compared to Rs 2694 crore in the fourth quarter of financial year 2017. New orders for the financial year 2018 were Rs 12740 crore. The order backlog as of 30 September 2018 stood at Rs 12352 crore.
On the political front, second phase of assembly elections will be held in Chhattisgarh tomorrow, 20 November 2018. Assembly elections in Madhya Pradesh and Mizoram will be held on 28 November 2018. Polling in Rajasthan and Telangana will be held on 7 December 2018. Counting of votes will be held across all the five states on 11 December 2018.
Overseas, European shares rose as signs of an easing in US-China trade war tensions boosted mining and technology stocks. In Europe, investors were closely watching developments in the UK, with Prime Minister Theresa May defiantly pledging her commitment to seeing Britain's exit from the European Union, despite several top-level resignations and growing doubts about her leadership.
Asian stocks settled higher as investors digested signs that US-China trade tensions are set to linger. On the data front, Japan's monthly balance of trade tumbled to a deficit of 449 billion yen ($3.95 billion) in October amid elevated trade tensions and ramped up pressure to cut its trade surplus with the US, data from the country's finance ministry showed Monday.
US stocks closed mostly higher on Friday, 16 November 2018 after comments from President Donald Trump once again sparked hopes that a trade dispute with China could be resolved in the near term. But the Nasdaq bucked the trend to finish lower as a decline in chip maker shares, led by Nvidia Corp., dented sentiment in the technology sector.
Industrial production rose just 0.1% in October, the Federal Reserve reported Friday. Compared to 12 months earlier, industrial production rose 4.1%.
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