A bout of volatility was witnessed in mid-morning trade. The benchmark came off day's low and were trading with small gains. The Nifty Bank index reversed early gains and turned negative. The Nifty 50 index slipped below 11,300 mark. At 11:29 IST, the barometer index, the S&P BSE Sensex, was up 166.48 points or 0.44% at 38,046.88. The Nifty 50 index was up 38.25 points or 0.34% at 11,272.80. The broader market trimmed gains. The S&P BSE Mid-Cap index was up 0.16%. The S&P BSE Small-Cap index was up 0.22%. The market breadth, indicating the overall health of the market, turned negative. On the BSE, 969 shares rose and 1056 shares fell. A total of 146 shares were unchanged. In Nifty 50 index, 30 stocks advanced and 20 stocks declined. Pharma stocks tumbled. Aurobindo Pharma (down 2.39%), Glenmark Pharmaceuticals (down 1.85%), Cipla (down 1.01%), Cadila Healthcare (down 0.9%), Sun Pharmaceuticals (down 0.89%), GlaxoSmithKline Pharmaceuticals (down 0.5%), Piramal Enterprises (down 0.4%) and Dr Reddy's Laboratories (down 0.2%) tumbled. The Nifty Pharma Index was trading 0.51% lower at 7,199.05. Bandhan Bank jumped 9.59% while Gruh Finance surged 7.92%. The National Company Law Tribunal (NCLT) recently cleared the scheme of amalgamation between Kolkata-based Bandhan Bank and Ahmedabad-based Gruh Finance. Thursday, 17 October 2019 has been fixed as the record date following the effectiveness of scheme for determining shareholders of the merged entity. Meanwhile, the MSCI has reportedly included Bandhan bank to MSCI India largecap index. The combined free float market capitalisation of Bandhan Bank will increase to above $2.5 billion after its merger with Gruh Finance, which made it eligible for largecap index. Indiabulls Ventures surged 4.92% to Rs 104.50 after the company announced a buyback of upto 6,66,66,666 fully paid-up equity shares at Rs 150 each. Arvind SmartSpaces rose 1.63% to Rs 87.50 after the company announced a strategic partnership with HDFC Capital Affordable Real Estate Fund. HDFC Capital Affordable Real Estate Fund is a fund managed by HDFC Capital Advisors, a wholly owned subsidiary of HDFC. Arvind SmartSpaces said that the partnership will focus on the development of affordable and mid-income housing projects in India while ensuring quality and timely delivery of finished units. The proposed developments will be undertaken by a special purpose vehicle Arvind Homes set up with an initial investment of Rs. 250 crore. NCC fell 2.72% to Rs 48.20. India Ratings ard Research (Ind-Ra) has placed NCC's long-term issuer rating of 'IND A' on rating watch negative (RWN). The outlook on the earlier rating was stable. The announcement was made after trading hours yesterday, 10 October 2019. Powered by Capital Market - Live News |