Key equity barometers further pared gains in mid-afternoon trade. At 14:28 IST, the S&P BSE Sensex, rose 184.50 points or 0.44% at 41,784.22. The Nifty 50 index gained 56.25 points or 0.46% at 12,313.05.
Buying was wide spread amid positive global cues, easing crude oil prices and strengthening rupee. The S&P BSE Mid-Cap index was up 0.76% while the S&P BSE Small-Cap index was up 0.79%.
The market breadth was strong. On the BSE, 1474 shares rose and 943 shares fell. A total of 195 shares were unchanged. In Nifty 50 index, 33 stocks advanced while 17 declined.
Buzzing Index:
The Nifty Realty index rose 1.88% to 316.50, outperforming other sectoral indices on the NSE.
Indiabulls Real Estate (up 4.95%), Peninsula Land (up 4.86%), Sobha (up 4.57%), Prestige Estates Projects (up 4.18%), DLF (up 2.72%), Housing Development and Infrastructure (HDIL) (up 2.22%), D B Realty (up 1.7%), Godrej Properties (up 1.68%), Parsvnath Developers (up 1.49%), Unitech (up 1.05%), Sunteck Realty (up 0.74%), Oberoi Realty (up 0.54%) and Omaxe (up 0.35%) advanced.
Anant Raj (down 3.31%), Phoenix Mills (down 0.97%) and Mahindra Lifespace Developers (down 0.29%) declined.
Stocks in Spotlight:
Adani Enterprises rose 2.68% to Rs 214.30. Media reports suggested that the German engineering firm, Siemens AG, has reaffirmed plans to support the controversial Adani coal mine project in Australia. Siemens has come under fire for the project's climate implications, with bushfires currently raging across the island nation.
Tata Elxsi jumped 4.03% to Rs 881.5 after the company announced a robust Q3 2019 result. On standalone basis, Tata Elxsi reported a 51.43% jump in net profit to Rs 75.42 crore in Q3 December 2019 as against Rs 49.80 crore reported in Q2 September 2019. Revenue from operations rose 9.75% to Rs 423.43 crore on QoQ basis.
JSW Steel rose 0.18% to Rs 578.50. The company said that its crude steel output fell 4.9% to 4.02 million tonnes (MT) in Q3 December 2019 from 4.23 MT recorded in the year-ago period.
Tata Power advanced 0.42% to Rs 59.20. The company said that Tata Power Solar Systems, a wholly owned subsidiary, has received a Letter of Award (LoA) from NTPC for a 250 MW solar project under the CPSU scheme. The total value of the order is Rs 1,505 crore and the completion period is 20 months.
Tata Chemicals rose 1.67% to Rs 701.20 while Tata Global Beverages added 2.62% to trade at Rs 350.22. Both the stocks have hit their respective 52-week highs in intraday trade today.
The National company Law Tribunal (NCLT), Mumbai Bench, vide its order dated 10 January 2020 had sanctioned the Scheme of Arrangement between Tata Chemicals and Tata Global Beverages and their respective shareholders and creditors for the demerger of the consumer products business consisting of the business of sourcing, packaging, marketing, distribution and sales of vacuum evaporated edible common salt for human consumption, spices, protein foods and certain other food and other products from Tata Chemical to Tata Global Beverages.
In May last year, Tata Group had decided to demerge consumer business of Tata Chemicals and merge it with Tata Global Beverages. Tata Global Beverages will be renamed as Tata Consumer Products. The management said the combination of the two consumer-focused businesses will benefit both sets of shareholders who will be able to participate in a larger business poised to grow their share of the foods & beverages market with a broader exposure to the attractive and fast growing FMCG sector.
Numbers to Track:
The yield on 10-year benchmark federal paper rose to 6.619% at 14:20 IST compared with 6.585% in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was trading at 70.835, compared with its previous closing low of 70.94.
In the commodities market, Brent crude for March 2020 settlement was up 1 cent a barrel at $64.99 per barrel. The contract declined 39 cents or 0.59% to settle at $64.98 a barrel in Friday's session.
MCX Gold futures for 5 February 2019 settlement declined 0.62% to Rs 39,624.
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