The Sensex and the Nifty came off day's high in mid-afternoon trade. The Nifty hovered near 11,850 levels. At 14:23 IST, the barometer index, the S&P BSE Sensex, was up 255.49 points or 0.64% at 40,087.33. The Nifty 50 index was up 58.9 points or 0.5% at 11,845.75.
In broader markets, the S&P BSE Mid-Cap index was up 0.54%. The S&P BSE Small-Cap index was up 0.4%.
The market breadth was positive. On the BSE, 1345 shares rose and 1048 shares fell. A total of 167 shares were unchanged. In Nifty 50 index, 31 stocks advanced and 19 stocks declined.
Sentiment was upbeat amid speculations that the government is mulling over changes in income tax implications on equity investment. The media reported Tuesday that existing structures of long-term capital gains (LTCG) tax, the securities transaction tax (STT) and dividend distribution tax (DTT) are being reviewed by the Prime Minister's Office in consultation with the Finance Ministry's Revenue Department and NITI Aayog. The steps are likely to be announced before or in the February Union Budget.
A recent strong set of quarterly earnings from some frontline companies like ICICI Bank, Tata Motors and State Bank of India also underpinned sentiment.
Graphite India declined 3.66% to Rs 282 after the company announced poor Q2 numbers during market hours today. On consolidated basis, company's net profit tanked 83.8% to Rs 185 crore on a 62.39% drop in revenue from operations to Rs 882 crore in Q2 September 2019 as against Q2 September 2018.
Indoco Remedies surged 9.32% to Rs 168.35 after the drug maker reported a consolidated net profit of Rs 7.3 crore in Q2 September 2019 over a net loss of Rs 7.8 crore in Q2 September 2018. Net revenues rose 21.07% to Rs 285.6 crore in Q2 September 2019 as against Rs 235.9 crore in Q2 September 2018. Consolidated EBIDTA jumped 172.03% to Rs 32.1 crore in Q2 September 2019 as against Rs 11.8 crore in Q2 September 2018.
The Ramco Cements advanced 5.24% after announcing Q2 numbers during market hours. On consolidated basis, the net profit jumped 43.18% to Rs 172.26 crore on a 11.32% increase in revenue to Rs 1,332.08 crore in Q2 September 2019 over Q2 September 2018.
Meanwhile, the yield on 10-year benchmark federal paper rose to 6.784% at 14:11 IST compared with 6.679% in the previous trading session.
In the foreign exchange market, the Indian rupee edged lower against the dollar in mid afternoon trade. In the spot currency market, the Indian unit was last seen trading at 70.9575. The Indian rupee on Tuesday closed at 70.8425 against the US dollar.
In the commodities market, Brent crude for December 2019 settlement was down 8 cents at $61.51 a barrel. The contract rose 0.03% to settle at $61.59 a barrel during the previous trading session.
MCX Gold futures for 5 December 2019 settlement edged 0.17% higher to Rs 37,980.
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