Key benchmark indices were trading higher in early trade amid falling crude oil prices. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 145.06 points or 0.41% at 35,289.55. The Nifty 50 index was up 46.90 points or 0.44% at 10,629.40.
Among secondary barometers,the BSE Mid-Cap index was up 0.62%. The BSE Small-Cap index was up 0.57%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 861 shares rose and 292 shares fell. A total of 35 shares were unchanged.
In the global commodities markets, Brent for January 2019 settlement was up 13 cents at $65.60 a barrel. The contract fell $4.65 a barrel or 6.63% to settle at $65.47 a barrel during the previous trading session.
India imports majority of its crude requirements and a decline in crude eases concerns on fiscal deficit, inflation and gives more room for the government to boost growth through spending on infrastructure.
Overseas, most Asian shares edged lower as investors worry about slowing global growth with crude oil prices sinking on worries about weakening world demand and oversupply.
US stocks closed mostly lower after a volatile session Tuesday as oil prices tumbled, dragging the energy sector sharply lower, and a resolution of the US-China trade war remained elusive.
On the US data front, the National Federation of Independent Business small-business optimism index declined 0.5 points to a seasonally adjusted 107.4 in October, a four-month low. Further, the US ran a $100 billion deficit in October, wider than the $63 billion deficit recorded in October 2017 as spending rose by double digits and receipts only increased by 7%, according to the Treasury Department.
In Europe, the United Kingdom and European Union agreed on the text for a Brexit divorce deal on Tuesday. Prime Minister Theresa May will present the draft withdrawal agreement to her senior ministers on Wednesday for discussion and then decide on the next steps.
Back home, Tata Steel was up 2.35%. The company's consolidated net profit jumped 206.18% to Rs 3116.20 crore on 34.82% rise in total income to Rs 44175.53 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 13 November 2018.
Sun Pharmaceuticals Industries was down 1.90%. The companyreported consolidated net loss of Rs 108.84 crore in Q2 September 2018 as compared to net profit of Rs 1001.79 crore in Q2 September 2017. Total income rose 5.56% to Rs 7288.78 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 13 November 2018.
Glenmark Pharmaceuticals was up 0.09%. The company consolidated net profit advanced 93.35% to Rs 414 crore on 26.33% rise in total income to Rs 2888.39 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 13 November 2018.
Ashok Leyland was down 6.64%. The company's net profit surged 37.49% to Rs 459.58 crore on 24.53% rise in total income to Rs 7636.13 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 13 November 2018.
The board of directors of the company have taken note of the resignation of Vinod K Dasari CEO & MD from the company with effect from 31 March 2019. Dheeraj Hinduja, chairman will take over as executive chairman with immediate effect.
Sasken Technologies was up 5.62%. The company said that as a matter of abundant caution, the company has received an assessment order under Section 143(3) of the Income Tax Act, 1961 for the Assessment Year 2016-17 wherein a sum of about Rs 68 crore including interest was raised as tax demand on the company. However, the company stand by the position taken in the Income Tax Return filed for the year and is in the process of filing an appeal against the order. The announcement was made after market hours yesterday, 13 November 2018.
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