Key benchmark indices were trading near day's high in early afternoon trade. The Nifty continued to face a stiff resistance at 11,375 level. At 12:22 IST, the barometer index, the S&P BSE Sensex, was up 213.31 points or 0.56% at 38,340.39. The Nifty 50 index was up 67.8 points or 0.6% at 11,372.85. The S&P BSE Mid-Cap index was up 0.86%. The S&P BSE Small-Cap index was up 0.43%. The market breadth was tilted towards the buyers. On the BSE, 1164 shares rose and 1016 shares fell. A total of 193 shares were unchanged. In Nifty 50 index, 40 stocks advanced and 10 stocks declined. On the macro front, the annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 0.33% (provisional) for September 2019 (over September 2018) compared with 1.08% (provisional) in the previous month and 5.22% during the corresponding month of the previous year. The data was unveiled during trading hours today, 14 October 2019. India's industrial production (IIP) 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 derivatives front, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.95% to 17.4750. The Nifty October 2019 futures were trading at 11,373.95, a premium of 12.35 points compared with the spot at 11,361.60. On the options front, the Nifty option chain for 31 October 2019 expiry showed maximum call open interest (OI) of 24.49 lakh contracts at the 12,000 strike price. Maximum put OI of 29.42 lakh contracts was seen at 11,000 strike price. The option chain indicates that Nifty will stay between 11,000 and 12,000 in October expiry. In the spot market, Aurobindo Pharma gained 1.76% to Rs 445.80 after HDFC mutual fund hiked its stake in the pharmaceutical company by 2.01% to 7.12% on 9 October 2019. HCL Technologies was up 1.31% after the IT firm completed the acquisition of Sankalp Semiconductors. The company on 9 September 2019 announced the acquisition of Sankalp Semiconductors. The company addressed that this acquisition would enable HCL to further expand into newer market-domains, especially in analog and mixed signal design. Birlasoft advanced 9.02% to Rs 64.05 after the company signed $240 million multi‐year agreement to deliver IT‐as‐a‐ Service (ITaaS) to US-based Invacare. Birlasoft will build a new analytics platform and move the Invacare data centre to the cloud. The company will also implement a new product lifecycle management system and Invacare customers will benefit from a new ecommerce portal to access products, spares and supplies. State run MSTC surged 4.25% after the company reported that it has been appointed as a 'selling agent' for disposal of scrap or rejected plant and machinery, vehicles, surplus stores or chemical waste by Northern Coalfields. Powered by Capital Market - Live News |