Benchmark indices were trading near day's high in morning trade. The Nifty was trading near 11,350 level. Buying was broad based with metals stocks at the fore. At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 136.92 points or 0.36% at 38,264. The Nifty 50 index was up 39 points or 0.34% at 11,344.05.

The broader market outperformed the key benchmarks. The S&P BSE Mid-Cap index was up 0.88%. The S&P BSE Small-Cap index was up 0.53%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 985 shares rose and 744 shares fell. A total of 144 shares were unchanged. In Nifty 50 index, 41 stocks advanced and 9 stocks declined.

On the macro front, India's industrial production (base year 2011-12=100) declined 1.1% in August 2019, while snapping consistent growth for last 25 straight months. Also, the pace of decline in industrial production was highest in August 2019 for 2011-12 base year data. As per the revised data for industrial production of July 2019, the growth is higher at 4.6% compared with 4.3% growth reported provisionally. The data was announced after market hours on Friday, 11 October 2019.

India's growth rate is projected to fall to 6% in this fiscal year, the World Bank said. In 2018-19, the growth rate of the country stood at 6.9%. However, the bank in its latest edition of the South Asia Economic Focus said the country was expected to gradually recover to 6.9% in 2021 and 7.2% in 2022 as it assumed that the monetary stance would remain accommodative, given benign price dynamics.

Moody's Investors Service on Thursday, 10 October 2019, cut India's gross domestic product (GDP) growth forecast for 2019-20 to 5.8% from the earlier estimate of 6.2%. It attributed the deceleration to an investment-led slowdown that has broadened into consumption, driven by financial stress among rural households and weak job creation. It expects growth to pick up to 6.6% in FY21 and around 7% over the medium term.

On the equity front, Hindustan Unilever (up 1.05%), Delta Corp (up 1.15%) and GTPL Hathway (up 13.5%) will announce their Q2 September 2019 results today.

Shares of IRCTC made a sensational debut on the bourses today, 14 October 2019. The stock was trading at Rs 692.45 at 10:25 IST on BSE, premium of 116.39% over the initial public offer (IPO) price of Rs 320. The stock debuted at Rs 644, premium of 101.25% to the IPO price. So far the stock hit a high of Rs 698 and low of Rs 625.

The IPO which was subscribed 112 times had opened for subscription on 30 September 2019 and closed on 3 October 2019. The price band for IPO was Rs 315 to Rs 320 per share.

Pharma major, Cadila Healthcare rose 0.5%. The company announced that it has received no observations from USFDA on its Active Pharmaceutical Ingredients (API) manufacturing facility at Dabhasa.

Adani Gas surged 13.5% to Rs 156.25 after the company signed definitive agreements with French multinational oil integrated company, Total. The definitive agreement will deepen their existing partnership as the companies will work together in exploring synergies in gas distribution, fuel retail and LNG. Total S.A. will purchase 37.4% shares in Adani Gas through a tender offer to public shareholders to acquire up to 25.2% shares, with an intention to acquire control of Adani Gas, subject to applicable regulations and purchase the residual shares from Adani Family. Accordingly, Total Holdings SAS will acquire up to 27.71 crore shares of Adani Gas, representing 25.2% of the voting share capital, at the price of Rs 149.63 per share, payable in cash. The partnership and equity support from the partners will help Adani Gas accelerate project executions in all its new geographical areas.

Metal stocks were in demand. The Nifty Metal index was up 1.82% at 2,379.75, extending Friday's 2.35% gains.

Jindal Steel & Power (up 3.75%), Tata Steel (up 3.57%), NMDC (up 3.21%), Vedanta (down 3.13%), Steel Authority of India (up 2.33%), Hindustan Copper (up 2.17%), National Aluminium Company (up 2.07%), Hindalco Industries (up 0.56%) and Hindustan Zinc (up 0.46%) advanced.

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