Key benchmarks bounced back and hit fresh intraday high in morning trade. The Nifty held above 11,200 level. At 10:23 IST, the barometer index, the S&P BSE Sensex, was up 197.18 points or 0.52% at 37,870.49. The Nifty 50 index was up 41.35 points or 0.43% at 11,216.10.
The broader market edged lower. The S&P BSE Mid-Cap index was down 0.14%. The S&P BSE Small-Cap index was down 0.03%.
The market breadth, indicating the overall health of the market, was almost even. On the BSE, 851 shares rose and 830 shares fell. A total of 128 shares were unchanged. In Nifty 50 index, 26 stocks advanced and 24 stocks declined.
HDFC Bank rose 2.53%. The bank offered business update for the quarter ended on 30 September 2019. The bank's advances rose 19% to approximately Rs 897000 crore as of 30 September 2019 as compared to Rs 750800 crore as of 30 September 2018 (Rs 829700 crore as of 30 June 2019).
The bank's deposits rose 22% to approximately Rs 1021500 crore as of 30 September 2019 as compared to Rs 833400 crore as of 30 September 2018 (Rs 954600 crore as of 30 June 2019).
The bank's CASA ratio stood at around 39.2% as of 30 September 2019, as compared to 42% as of 30 September 2018 and 39.7% as of 30 June 2019.
During the quarter ended 30 September 2019, the bank purchased loans aggregating Rs 7160 crore through the direct assignment route under the home loan arrangement with Housing Development Finance Corporation.
Bajaj Finance gained 0.31%. The NBFC offered business update for the quarter ended on 30 September 2019. The company's assets under management (AUM) rose 38.25% at approximately Rs 135,500 crore as of 30 September 2019 as compared to Rs 98,013 crore as of 30 September 2018.
Customer franchise as of 30 September 2019 stood at approximately 38.7 MM as compared to 30.1 MM as of 30 September 2018. During the quarter, the company acquired 1.9 MM new customers. New loans booked during Q2 FY20 was 6.5 MM as compared to 5.3 MM in Q2 FY19.
During the quarter, the company has entered into facility agreement with various banks toavail ECB loans of $575 million in one or more tranches. The company has not yet drawn any amount from these facilities.
Auto stocks witnessed selling pressure. The S&P BSE Auto index was down 0.48%. TVS Motor Company (down 1.85%), Hero MotoCorp (down 1.19%), Eicher Motors (down 0.80%) and Maruti Suzuki India (down 0.44%) were some of the biggest losers.
Ashok Leyland fell 3.08%. The company said its plants will observe non-working days ranging from 2-15 days in October 2019 to align production.
Tata Motors added 0.63%. The auto major said it won a tender of 300 electric buses from Ahmedabad Janmarg.
V.S.T. Tillers Tractors rose 1.62%. The company's tractor sales rose 5.46% to 2201 units during the quarter ended September 2019 as against 2087 units during the quarter ended September 2018. The announcement was made after market hours on Friday, 4 October 2019.
Edelweiss Financial Services slipped 3.91%. The company informed that CRISIL had re-affirmed the credit rating of 'CRISIL A1+' assigned to the short term borrowing programmes of the company. The announcement was made on Saturday, 5 October 2019.
Overseas, Asian markets were trading mixed on Monday as investors awaited a fresh round of U.S.-China trade negotiations set to begin later this week.
Principal-level trade negotiations between the United States and China are reportedly set to begin on Thursday in Washington. Tariffs on $250 billion worth of Chinese goods are scheduled to rise to 30% on 15 October 2019. Both countries have slapped tariffs on billions of dollars worth of each other's goods, which has roiled global markets, created uncertainty and dampened economic growth outlooks around the world.
US markets rallied on Friday after data showed the U.S. unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world's largest economy.
U.S. jobs data released Friday showed moderate growth as the jobless rate in September fell to a 50-year low while nonfarm payrolls rose by 136,000 in September.
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