The market bounced back after sliding in the past two trading sessions. Sentiment improved after the media reported that finance minister Nirmala Sitharaman will meet chiefs of public sector lenders today. FM is expected to brief media about the meeting at 4 pm.
The Nifty dropped below 10,900 mark in mid-morning trade, but recovered in the afternoon session and managed to close above 11,000 mark.
The barometer index, the S&P BSE Sensex, rose 263.8 points or 0.71% to 37,332.16, as per the provisional closing data. The Nifty 50 index rose 85.15 points or 0.78% to 11,033.95 as per the provisional closing data.
The S&P BSE Small-Cap index was up 0.84%. The S&P BSE Mid-Cap index was up 1.01%.
The market breadth was positive. On the BSE, 1404 shares rose and 1126 shares fell. A total of 167 shares were unchanged.
Among index pivotals, HDFC (up 1.81%), TCS (up 1.12%) and Reliance Industries (up 0.32%) advanced.
IndusInd Bank (up 3.1%), Sun Pharmaceuticals (up 3.06%), Yes Bank (up 2.96%) and Zee Entertainment Enterprises (up 2.61%) rose.
Bharti Infratel (down 3.19%), Power Grid Corporation of India (down 2.54%), Coal India (down 2.49%) and ONGC (down 1.95%) declined.
Metal stocks were in demand. NMDC (up 4.65%), National Aluminium Company (up 3.99%), Jindal Steel & Power (up 2.98%), Tata Steel (up 2.73%), Hindalco Industries (up 2.5%), Vedanta (up 2.39%) and Hindustan Zinc (up 1.62%) advanced.
HDFC Bank rose 0.15%. The bank has agreed to sell its entire stake of 10% in the equity share capital of Goods & Services Tax Network consisting of 10,00,000 equity shares of Rs 10 each, for a total consideration of Rs 1 crore to various State Governments and Union Territories. The announcement was made after market hours yesterday, 29 August 2019.
ICRA lost 3.3%. The board of directors of ICRA after due consideration and taking into account the best interests of the company and its various stakeholders, has decided to terminate the employment of Naresh Takkar as Managing Director and Group CEO of ICRA effective immediately. The ICRA Board will commence a search for a replacement. Vipul Agarwal, who was appointed Interim COO on 1 July 2019, remains responsible for the day-to-day operation of the company until a CEO is appointed. The announcement was made after market hours yesterday, 29 August 2019.
Adani Green Energy jumped 5.31%. Adani Green Energy signed a securities purchase agreement for acquisition of 205 MW operating solar assets of Essel Green Energy Private and Essel Infraprojects. The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long term Power Purchase Agreements (PPAs) with various state electricity distribution companies. The portfolio is relatively young with average remaining PPA life of approximately 22 years. The announcement was made after market hours yesterday, 29 August 2019.
Dilip Buildcon fell 1.98% to Rs 357.3 after the company reported a successful completion of the EPC Ageement with the Ministry of Road Transport & Highways, New Delhi, in the state of Kamataka. The company successfully completed the construction of extra-dosed bridge across Sharavathi Backwaters between Ambargodu and Kalasavalli of NH-3698 in the state of Karnaraka. The 360 crore project was completed in 36 months.
Larsen & Toubro fell 1.11% after joint venture company owned by Larsen & Tourbro and Mitsubishi Hitachi Power Systems secured a 'large' order from THDC India. The scope of work includes design, engineering, manufacture, supply, erection and commissioning of Steam Generator and associated packages, including site levelling, for THDC's 2x660 MW Khurja Super Thermal Power Project in Bulandshahar district, Uttar Pradesh. THDC India is a joint venture of Government of India and Government of Uttar Pradesh.
On the macro front, GDP and infrastructure output data will be closely watched. India's Q2 gross domestic product (GDP) growth data will be released after market hours today, 30 August 2019. The Indian economy advanced 5.8% year-on-year in the first quarter of 2019, slowing from a 6.6% expansion in the previous period. Infrastructure output data for July will also be unveiled after market hours today, 30 August 2019. India's infrastructure output grew 0.2% from a year earlier in June 2019.
Overseas, European markets advanced and Asian markets closed on a positive note after China struck an accommodating tone over its trade war with the US, while British opposition lawmakers plan to trigger an emergency debate to prevent a no-deal Brexit.
US stocks advanced Thursday after Beijing indicated it wasn't in a rush to respond to the latest round of tariffs imposed by Washington.
A spokesman for China's commerce ministry reportedly said the country wouldn't immediately respond to the latest round of tariff increases announced by President Donald Trump on Friday. Those increases came after Beijing announced a round of retaliatory tariffs.
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