Fresh buying in index pivotals pushed the key equity benchmarks to intraday high in afternoon trade. At 13:40 IST, the barometer index, the S&P BSE Sensex, rose 186.87 points or 0.51% at 36,749.78. The Nifty 50 index also advanced 48.15 points or 0.45% at 10,844.70.
The S&P BSE Mid-Cap index was down 0.08%. The S&P BSE Small-Cap index fell 0.04%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, shares 928 rose and 1,182 shares fell. A total of 146 shares were unchanged.
Among Sensex stocks, HDFC Bank (up 2.38%), State Bank of India (up 2.31%) and Vedanta (up 2.12%) advanced.
Tata Motors (down 4.06%), Maruti Suzuki India (down 2.74%) and Asian Paints (down 2.28%) declined.
Sun Pharmaceutical Industries tanked 5.09%. As per reports, Securities and Exchange Board of India (Sebi) has ordered a forensic audit against Sun Pharmaceutical Industries to look into allegations of financial irregularities and lapses in corporate governance standards. The audit has been reportedly ordered based on allegations made by a whistleblower in a 150-page complaint to Sebi, accusing Sun Pharma of committing corporate governance and tax-related offences and securities market-related violations.
Maruti Suzuki India was down 2.78%. The company decided to shut down the passenger vehicle manufacturing operations in its Gurugram plant and Manesar plant in Haryana for two days, i.e., on 7 September 2019 and 9 September 2019. The automobile company has announced that both the days will be observed as no production days.
Lupin rose 0.22%. The pharmaceutical company and Boehringer Ingelheim will have a licensing, development and commercialization agreement for its MEK inhibitor compound as a potential targeted therapy for patients with difficult-to-treat cancers. The partnership aims to develop Lupin's lead MEK inhibitor compound in combination with one of Boehringer Ingelheim's KRAS inhibitors for patients with gastrointestinal and lung cancers allowing a broad range of oncogenic KRAS mutations.
Overseas, European stocks were trading higher. DAX (up 1.36%), CAC 40 (up 1.29%) and FTSE 100 (up 0.91%) rose. Meanwhile, a cross-party alliance defeated British Prime Minister Johnson in parliament in an effort to block a no-deal Brexit. The vote led Johnson to push for a snap election.
Asian stocks were mostly higher on Wednesday after a private survey showed China's services sector activity jumping to a three month high in August. The Caixin/Markit Services Purchasing Managers' Index came in at 52.1 in August, its highest since May.
Hong Kong's Legislative Assembly would formally withdraw the controversial bill which created the outrage for the last three months. This report comes ahead of China's 70th anniversary of Communist Party of China's victory in the civil war.
US stocks fell on Tuesday as investors worried about global growth prospects after a private survey showed US factory activity shrank in August for the first time since 2016 and the United States and China imposed new tariffs on each other over the weekend.
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