Amid a divergent trend among various index constituents, the key benchmark indices provisionally settled with small gains. The barometer index, the S&P BSE Sensex, rose 40.99 points or 0.12% at 34,991.91, as per the provisional closing data. The Nifty 50 index rose 6 points or 0.06% at 10,530, as per the provisional closing data.
The Sensex provisionally settled a tad below the psychological 35,000 level after moving above and below that level amid volatility in intraday trade. Domestic stocks saw a positive opening led by buying demand in index pivotals. Stocks trimmed gains in morning trade. Key indices hovered in positive zone in mid-morning trade. Stocks gyrated in a small range with positive bias in early afternoon trade. Indices firmed up in afternoon trade. Key indices dipped in negative zone in mid-afternoon trade. Stocks regained positive zone in late trade.
The S&P BSE Mid-Cap index fell 0.62%. The S&P BSE Small-Cap index fell 0.06%.
The market breadth, indicating the overall health of the market, was just about positive. On the BSE, 1281 shares rose and 1273 shares fell. A total of 158 shares were unchanged.
Index heavyweight Reliance Industries gained 1.37% to Rs 1,103.45
Power Grid Corporation of India rose 1.1%. The company's net profit rose 7.9% to Rs 2309.49 crore on 14.2% increase in net sales to Rs 8283.03 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 5 November 2018.
Wipro shed 0.29%. The company announced a new partnership with Check Point Software Technologies, a leading provider of cyber security solutions globally, to deliver Check Point's advanced and dynamic cloud security solution, CloudGuard IaaS. This strategic worldwide partnership will further accelerate demand for the CloudGuard comprehensive suite of cloud security products, which are focused on advanced threat prevention and safeguarding enterprise cloud applications, infrastructure, and data against the most sophisticated fifth-generation cyber-attacks threatening organizations today. The announcement was made after market hours yesterday, 5 November 2018.
HCL Technologies rose 0.96%. Deutsche Bank and HCL Technologies (HCL) announced a strategic partnership to transform the bank's global cheque processing operations. Under the terms of the agreement, HCL will build a cloud-based digital and fully scalable cheque processing platform for the bank. The new IT-platform is expected to go live in 2019. The announcement was made after market hours yesterday, 5 November 2018.
The new cloud-based IT-platform will enable Deutsche Bank to further reduce the complexity of its IT landscape, decrease cost, increase straight-through processing capabilities and efficiencies in cheques processing. Moreover, through advanced data analytics, the bank will enable its corporate and institutional clients to use data generated out of the platform, to better manage business flows and working capital.
Coal India rose 0.82%. The company said that the Government of India reduced its stake in the company by 3.19% to make its holding stand at 75.13% of the equity share capital of the company. The announcement was made after market hours yesterday, 5 November 2018.
Meanwhile, domestic stock markets will remain closed tomorrow, 7 November 2018 on account of Diwali Laxmi Pujan and again on Thursday, 8 November 2018 on account of Diwali Balipratipada. However, markets will remain open for special Muhurat trading session between 17:15 IST and 18:30 IST on 7 November 2018.
Overseas, European stocks were trading lower while Asian stocks were mixed as investors looked to the US midterm elections set for later in the day. US stocks logged a mixed performance yesterday, 5 November 2018, ahead of an updated policy statement from the Federal Reserve and midterm elections that could alter the balance of power in Washington.
Midterm congressional elections, which are expected to see Democrats take control of the House and Republicans maintain a grip on the Senate, take place Tuesday. On Thursday, the Fed concludes a two-day policy meeting, which isn't expected to deliver a change in rates, but may offer fresh insights to investors about the pace of coming rate increases and the effects of trade clashes between the US and China on the domestic economy.
In US economic data, the ISM services index slipped to 60.3 in October, down from 61.6 in September.
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