Key indices are trading higher in early trade, reversing initial losses amid volatility. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 89.49 points or 0.22% at 40,611.59. The Nifty 50 index was up 21.75 points or 0.18% at 11,911.15.
The S&P BSE Mid-Cap index was up 0.36%. The S&P BSE Small-Cap index was up 0.38%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 920 shares rose and 616 shares fell. A total of 79 shares were unchanged.
Stocks in news:
Bharti Airtel jumped 7.45%. The company reported a net loss of Rs 763.20 crore in Q2 September 2020, lower than net loss of Rs 23,045 crore in Q2 September 2019. Consolidated revenues jumped 22% to Rs 25,785 crore in Q2 September 2020 over Q2 September 2019. Pre-tax profit (before exceptional items) stood at Rs 567 crore in Q2 September 2020 as against a pre-tax loss (before exceptional items) of Rs 623 crore in Q2 September 2019.
Hero MotoCorp gained 2.84%. Hero MotoCorp on Tuesday said that it will sell and service Harley-Davidson motorcycles, and sell parts & accessories and general merchandise riding gear and apparel through a network of brand-exclusive Harley-Davidson dealers and Hero's existing dealership network in India. It added that as part of a licensing agreement, Hero MotoCorp will develop and sell a range of premium motorcycles under the Harley-Davidson brand name.
Tata Motors rose 1.44%. Tata Motors reported a consolidated net loss of Rs 314.45 crore in Q2 September 2020, higher than net loss of Rs 216.56 crore in Q2 September 2019. Net sales during the quarter declined 18.4% year-on-year (YoY) to Rs 52,839.02 crore.
ICICI Bank slipped 0.48%. ICICI Bank said it has via its legal counsel received a communication from the United States Securities and Exchange Commission (SEC) that they have concluded their investigation into the Bank's loan impairment provisions under US GAAP and that the SEC does not intend to take any enforcement action against the Bank.
ICICI Prudential Life Insurance Company rose 0.07%. The company reported 0.21% rise in consolidated net profit to Rs 302.46 crore on 102.08% rise in total income to Rs 17,005.64 crore in Q2 September 2020 over Q2 September 2019.
Nippon Life India Asset Management rose 0.95%. The company reported 6.21% rise in consolidated net profit to Rs 145.31 crore on 0.07% fall in total income to Rs 322.36 crore in Q2 September 2020 over Q2 September 2019.
Castrol India surged 5.7%. The company reported 8.6% rise in net profit to Rs 204.60 crore on 3.95% rise in total income to Rs 894.80 crore in Q2 September 2020 over Q2 September 2019.
Global Markets:
Overseas, Asian stocks are trading lower on Wednesday as worries about a surge in coronavirus cases and dwindling hopes for a U.S. stimulus package kept investors gloomy.
In US, the Dow Jones Industrial Average and S&P 500 fell on Tuesday as concerns about the rising number of coronavirus cases dented investor sentiment once again. The Nasdaq Composite bucked the negative trend as tech shares gained broadly.
Senate Majority Leader Mitch McConnell adjourned the Senate until November 9, further diminishing the prospects of a deal being reached before the election.
US consumer confidence dipped slightly in October as a new wave of coronavirus cases appeared across the country. The Conference Board reported Tuesday that its consumer confidence index fell to a reading of 100.9, from 101.8 in September, but still remains well below pre-pandemic levels. This month's moderate decline follows a sharp rise in September.
Back home, key barometers ended with strong gains on Tuesday, supported by private banks and financial stocks. The barometer index, the S&P BSE Sensex gained 376.60 points or 0.94% at 40,522.10. The Nifty 50 index surged 121.65 points or 1.03% at 11,889.40.
Foreign portfolio investors (FPIs) bought shares worth Rs 3,514.89 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,570.80 crore in the Indian equity market on 27 October, provisional data showed.
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