Local stocks extended their four-day gains in early trade on buying demand in index pivotals, pushing the key indices at striking distance to their record highs. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 165.24 points or 0.41% at 40,217.11. The Nifty 50 index was up 48.15 points or 0.41% at 11,892.25.
The S&P BSE Mid-Cap index was up 0.42%. The S&P BSE Small-Cap index was up 0.51%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 811 shares rose and 280 shares fell. A total of 38 shares were unchanged.
Among stocks, Container Corporation of India (Concor) gained 2.25%. Concor reported consolidated net loss to Rs 331.95 crore in Q2 September 2019 as compared with net profit of Rs 335.10 crore in Q2 September 2018. Total income fell 5.14% to Rs 1800.45 crore in Q2 September 2019 over Q2 September 2018. The announcement was made after market hours yesterday, 30 October 2019.
TVS Motor Company rose 0.62%. The company announced their partnership with Cadisa, one of the largest, respected business groups across Guatemala and El Salvador. As a part of this association, Cadisa will facilitate the opening of 15 flagship outlets for TVS Motor Company in a phase-wise manner. The announcement was made after market hours yesterday, 30 October 2019.
Lakshmi Machine Works dropped 4.36%. The company reported 71.31% fall in consolidated net profit to Rs 12.16 crore on 48.71% rise in total income to Rs 433.20 crore in Q2 September 2019 over Q2 September 2018. The announcement was made after market hours yesterday, 30 October 2019.
Quess Corp gained 3.39%. The company reported 1.89% fall in consolidated net profit to Rs 60.64 crore on 26.42% rise in total income to Rs 2666.19 crore in Q2 September 2019 over Q2 September 2018. The announcement was made after market hours yesterday, 30 October 2019.
RPG Life Sciences jumped 20%. The company reported 352.31% rise in net profit to Rs 9.77 crore on 8.92% rise in total income to Rs 98.64 crore in Q2 September 2019 over Q2 September 2018. The announcement was made after market hours yesterday, 30 October 2019.
Ramco Industries rose 2.13%. Consolidated net profit rose 39.66% to Rs 50.60 crore on 0.49% fall in total income to Rs 243.67 crore in Q2 September 2019 over Q2 September 2018. The announcement was made after market hours yesterday, 30 October 2019.
Balaji Amines rose 1.7%. The company reported 7.23% fall in consolidated net profit to Rs 28.74 crore on 5.07% rise in total income to Rs 228.72 crore in Q2 September 2019 over Q2 September 2018. The announcement was made after market hours yesterday, 30 October 2019.
Overseas, most Asian stocks are trading higher after the US Federal Reserve decided to cut rates for the third time this year but signaled its rate-cut cycle might be at a pause.
Factory activity in China shrank for the sixth straight month in October, official data showed. The official Purchasing Managers' Index (PMI) was at 49.3 in October, dipping from 49.8 in September.
US markets ended higher with the S&P 500 closing at a record for the second time in three sessions, after the U.S. Federal Reserve decided to cut interest rates by a quarter of a percentage point.
The Federal Reserve slashed interest rates for the third time this year to help sustain U.S. growth despite a slowdown in other parts of the world but signaled that there would be no further reductions unless the economy takes a turn for the worse. The U.S. central bank announced its decision to cut its key overnight lending rate by a quarter of a percentage point to a target range of between 1.50% and 1.75%.
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