The benchmark indices bounced back after hitting fresh intraday low in mid-morning trade. The Nifty traded above the crucial 11,900 level. At 11:23 IST, the barometer index, the S&P BSE Sensex, was up 17.26 points or 0.04% at 40,362.34. The Nifty 50 index was up 1.70 points or 0.01% at 11,915.15.
The S&P BSE Mid-Cap index was down 0.01%. The S&P BSE Small-Cap index was down 0.52%. The market breadth was positive. On the BSE, 983 shares rose and 1118 shares fell. A total of 131 shares were unchanged. In Nifty 50 index, 18 stocks advanced and 32 stocks declined.
Buzzing Index:
The Nifty IT index was up 0.16% to 15,333.20, reversing its two-day losing streak. The index fell 1.86% to 15,333.20 from a recent closing high of 15,624.40 on 7 November 2019.
Persistent Systems (up 0.66%), Oracle Financial Services Software (up 0.53%), HCL Technologies (up 0.43%), MphasiS (up 0.11%) advanced.
Hexaware Technologies (down 1.58%), Infosys (down 1.02%), MindTree (down 0.63%), Tech Mahindra (down 0.34%) and Wipro (down 0.23%) declined.
Earnings in Focus:
KEI Industries fell 1.26% to Rs 544. The company's consolidated net profit jumped 83.36% to Rs 76.01 crore on a 23.58% increase in revenues to Rs 1233.699 crore in Q2 September 2019 over Q2 September 2018.
Metropolis Healthcare advanced 0.65% to Rs 1409.85 after the company's consolidated net profit jumped 43.7% to Rs 43 crore in Q2 September 2019 from Rs 30 crore in Q2 September 2018.
The diagnostics company recorded 15.6% increase in revenue from operations to Rs 223 crore in Q2 September 2019 from Rs 193 crore in Q2 September 2018, the growth mainly being driven by volume growth through organic expansion.
Mahanagar Gas slipped 0.35% to Rs 966. The natural gas distribution company reported 98.6% increase in net profit to Rs 270.62 crore while net sales rose by 12.5% to Rs 783.58 crore in Q2 September 2019 over Q2 September 2018.
Stock in Spotlight:
Avanti Feeds fell 5.59% to Rs 479.40, as it extends losses. The scrip has fallen 13.52% in two sessions from a recent closing high of Rs 554.35 on 8 November 2019.
The manufacturer of prawn and fish feeds said in a exchange filing post trading hours on Monday that a search of premises of Avanti Feeds and its subsidiary Avanti Frozen Foods by the Income Tax authorities under Section 132 of the Income Tax Act, 1961 was conducted from November 7 to 11 November, 2019. The company and its officials have provided all requisite co-operation and responses.
Tata Consultancy Services (TCS) rose 3.16% to Rs 2163.30. TCS announced an expansion of its long-term partnership with Phoenix Group, Europe's largest life and pensions consolidator, to drive the growth and transformation of the Standard Life business and meet the future needs of its customers, workplace clients and their advisers.
The expanded partnership will result in the digital transformation of Standard Life's pensions and savings operations onto the TCS BFSI Digital Platform, powered by TCS BaNCS. The transformation is expected to take approximately three years to complete, with a number of Standard Life employees transferring to TCS by the end of that period.
Foreign Markets:
Overseas, Asian stocks were trading lower with stocks in Hong Kong declining the most as a recent escalation in violence amid ongoing protests weighed on investor sentiment. Investors also awaited clarity on the first phase of an agreement between the U.S. and China that would ease some tariffs.
The moves in Hong Kong came after political turmoil in the embattled city escalated this week. Leader Carrie Lam said Tuesday that protestors paralyzing the city were selfish. On Monday, protests that started nearly six months ago took another violent turn.
Hong Kong Senior Superintendent Kong Wing-cheung told reporters Tuesday that the city's society has been pushed to the brink of a total breakdown, according to media reports.
The US stock market finished modest higher on Tuesday, 12 November 2019, spurred by gains in trade-sensitive technology stocks, after President Donald Trump suggested signing a "phase one" trade deal with China could happen soon but did not offer clarity on a rollback of import tariffs.
Markets were keenly focused on trade negotiations between the U.S. and two of its major counterparts, Europe and China. At the Economic Club of New York, President Donald Trump gave an update Tuesday afternoon on trade negotiations with China, saying both sides are close to a "phase-one" deal, but that he would only accept it if the agreement worked to the advantage of U.S. workers and businesses. News reports also suggested Trump may put off for another six months a decision on whether to place tariffs of up to 25% on European auto imports, ahead of the Wednesday deadline.
US-China are looking to hammer out the first phase of an agreement that would ease some tariffs but details of a potential deal remain in flux. The U.S. is pushing for more open markets and the elimination of intellectual property theft. China, for its part, wants Washington to drop some $250 billion in tariffs imposed since the trade war began.
Attention now will shift to back-to-back testimony on Wednesday and Thursday by Federal Reserve Chairman Jerome Powell.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
