Key indices traded sideways with marginal gains in mid-morning trade. The Nifty received support at 11,970 level. At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 66.59 points or 0.16% at 40,536.37. The Nifty 50 index was up 12.6 points or 0.11% at 11,978.65.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index was up 0.42%. The S&P BSE Small-Cap index was up 0.43%.
The market breadth was positive. On the BSE, 1139 shares rose and 903 shares fell. A total of 138 shares were unchanged. In Nifty 50 index, 20 stocks advanced and 30 stocks declined.
Buzzing index:
The Nifty Metal was down 1.05% at 2,605.70 amid profit booking after yesterday's rally.
NMDC (down 3.3%), Hindustan Copper (down 1.58%), Tata Metaliks (down 1.51%), Steel Authority of India (down 1.27%), National Aluminium Company (down 1.18%), Vedanta (down 0.76%) and Hindustan Zinc (down 0.26%) were top losers in metal segment.
Tata Steel was down 3.23%. The firm announced its Q2 earnings after market hours yesterday. On consolidated basis, the steel major reported a 6% rise in net profit to Rs 3,302.31 crore on the back of one time deferred tax gain of Rs 4365.33 crore in Q2 September 2019. Adjusted profit after extra-ordinary item fell 10.88% to Rs 3,123.65 crore in Q2 September 2019 over Q2 September 2018. Net sales fell 15.77% to Rs 33,953.75 crore during the period under review. Adjusted EBITDA dropped 46% to Rs 3817 crore on YoY basis. The company had a favorable tax impact of Rs 4,233 crore of which Rs 2,425 crore was on adoption of the new corporate tax rate by Tata Steel Standalone and some subsidiaries in India and Rs 1,808 crore was on account of recognition/reversal of deferred tax assets and liabilities in offshore subsidiaries.
Stocks in spotlight:
Kalpataru Power Transmission was trading 0.76% lower at Rs 434.95. The company announced its Q2 2019 earnings after market hours yesterday. On consolidated basis, company net profit rose 16% to Rs 137 crore on a 29% rise in revenue to Rs 3216 crore in Q2 September 2019 over Q2 September 2018. The company also posted a 30% rise in EBITDA to Rs 420 crore on YoY basis.
Shares of Voltas were trading 1.69% lower at Rs 661.4. On a consolidated basis, the company's year-on-year profit after tax was flat at Rs 107 crore in Q2 September 2019. Total income inched up 1.91% at Rs 1495 crore in Q2 September 2019 over Q2 September 2018. PBT rose 7.14% to Rs 150 crore in Q2 September 2019 over Q2 September 2018. The company reported a 8.53% decline in employees expense to Rs 157.60 crore during the period under review. The result was announced after market hours yesterday, 7 November 2019.
Prataap Snacks rose 2.91% to Rs 966.55 after the company announced a decent Q2 2019 earnings. On consolidated basis, net profit rose 6.52% to Rs 11.98 crore on a 35.03% rise in revenue from operations to Rs 385.87 crore. The company's operating EBITDA was at Rs 31.15 crore, translating to a margin of 8%.
Global markets:
Asian markets were trading lower as investors awaited new developments that might scale back a bruising trade war between the US and China.
US stocks ended little changed on Wednesday as a report the U.S.-China trade deal could be delayed until December was offset by gains in healthcare shares.
A meeting between U.S. President Donald Trump and Chinese President Xi Jinping to sign a long-awaited interim trade deal could be delayed until December as discussions continue over terms and venue.
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