Key indices were trading near the day's high in the morning trade. The Nifty hovered above 11,000 mark. Buying was observed in auto and metal stocks. At 10:17 IST, the barometer index, the S&P BSE Sensex, was up 130.12 points or 0.35% at 37,275.57. The Nifty 50 index was up 30.05 points or 0.27% at 11,033.1.
The S&P BSE Mid-Cap index was up 0.71%. The S&P BSE Small-Cap index was up 1.02%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1324 shares rose and 385 shares fell. A total of 77 shares were unchanged.
Metal stocks were in demand. Jindal Steel & Power (up 7.55%), Steel Authority of India (up 3.34%), Vedanta (up 3.26%), NMDC (up 2.99%), National Aluminium Company (up 2.59%), Tata Steel (up 2.35%), Hindustan Zinc (up 1.56%), Hindalco Industries (up 1.19%) and Hindustan Copper (up 0.73%) advanced.
The S&P BSE Metal was up 2.22% at 8,960.77.
Auto stocks zoomed. Tata Motors (up 3.77%), Bajaj Auto (up 2.14%), Mahindra and Mahindra (up 1.9%), TVS Motors Company (up 1.76%), Hero MotoCorp (up 1.69%), Eicher Motors (up 1.44%), Ashok Leyland (up 1.35%) and Maruti Suzuki India (up 1.12%) surged higher.
The S&P BSE Auto was up 1.68% at 16,370.13.
Larsen & Toubro (L&T) edged 0.35% higher after the company announced a 'significant' order win. The buildings and factories business of L&T Oman has been awarded the main works contract of The Mandarin Oriental, Muscat. The project involves the construction of the Mandarin Oriental Hotel and the residences at the Mandarin Oriental, Muscat.
Varun Beverages was down 0.68%. The company announced that it has planned to acquire 20% stake in Lunarmech Technologies. Post acquisition, Varun Beverages will hold 55% stake in Lunarmech Technologies. The acquisition comes at a cost of Rs 15 crore.
Goa Carbon advanced 14.18% after the company reported production numbers for the month of August 2019. The company produced 16,627 million tonne of Calcined Petroleum Coke in the month of August 2019.
Quess Corp announced that Competition Commission of India has approved the application made by Amazon.com NV Investment Holdings for investment in equity shares of the company by way of preferential allotment. Earlier, company's board approved the preferential issuance worth Rs 51 crore at Rs 676 per share to Amazon.com NV Investment. Quess Corp was trading 1.94% higher at Rs 464.1.
Strides Pharma Science gained 0.78% after the company announced that Strides Pharma Global (SPG), its step down subsidiary, has acquired a majority stake in Fairmed Healthcare AG. Fairmed Healthcare AG is a Switzerland based company with a portfolio of high‐quality generic products encompassing prescription and over‐the‐counter drugs across several therapeutic segments. The company added that under the terms of the agreement, SPG will hold 70% of the issued capital of Fairmed.
On domestic front, Fitch Ratings on Tuesday forecasted India's economic growth at 6.6% during the current year, down from 6.8% in the previous year, and said the government has only limited room to ease fiscal policy because of high debt. It said GDP growth is likely to rebound to 7.1% next year.
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