Indian benchmarks continued to trade in green during the late morning deals on the back of mixed Asian peers and gain in PSU Banks stocks. Gold prices slipped in early futures trade on October 18 but the loss for the yellow metal was capped by steady global cues. In the global markets, gold prices held steady after the Brexit deal while a sluggish dollar provided support to the metal.
Among shares, share prices of TVS Motor Company was trading higher by over 3 percent intraday on October 18 after the company posted better numbers for the quarter ended in September. The company has reported 20 percent jump in its Q2FY20 standalone net profit at Rs 255 crore against Rs 211.31 in the same quarter in 2018. The revenue of the company was down 13 percent at Rs 4,347.8 crore versus Rs 4,993.47 crore.
Among others, shares of Reliance Industries (RIL) touched a 52-week high of Rs 1,428, rising more than 2 percent ahead of their September quarter numbers to be announced late on October 18. The company crossed the total market capitalisation of Rs 9 lakh crore and is now the most valued Indian company in terms of market cap. RIL is expected to report a good set of earnings for the July-September quarter with gross refining margin rising 17 percent compared to the June quarter.
At 11:14 hours, the 30-share benchmark index was trading at 39212.7 up by 160.64 points or by 0.41 per cent and then NSE Nifty was at 11630.65 up by 44.3 points or by 0.38 per cent.
During the day’s trade so far, the BSE Sensex touched intraday high of 39261.2 and intraday low of 38963.6 The NSE Nifty touched intraday high of 11645.9 and intraday low of 11553.15
The top gainers of the BSE Sensex pack were YES Bank Ltd. (Rs. 50.25,+6.01%), Larsen & Toubro Ltd. (Rs. 1452.35,+1.97%), Reliance Industries Ltd. (Rs. 1418.70,+1.62%), Vedanta Ltd. (Rs. 150.50,+1.59%), Tata Consultancy Services Ltd. (Rs. 2056.05,+1.25%), among others.
Whereas, IndusInd Bank Ltd. (Rs. 1320.55,-1.44%), Mahindra & Mahindra Ltd. (Rs. 584.90,-1.39%), Tata Motors Ltd. (Rs. 61.30,-1.05%), Bharti Airtel Ltd. (Rs. 381.75,-1.04%), ICICI Bank Ltd. (Rs. 437.30,-0.74%), among others were the top losers.
Among the sectors, CGS index was at 18602.78 up by 392.11 points or by 2.15%. Bharat Heavy Electricals Ltd. (Rs. 56.40,+26.60%), NBCC (India) Ltd. (Rs. 36.55,+6.56%), Finolex Cables Ltd. (Rs. 366.00,+2.81%), Bharat Electronics Ltd. (Rs. 116.30,+2.78%), Kalpataru Power Transmissions Ltd. (Rs. 449.00,+2.16%),.
On the flip side, Bankex index was at 32734.92 down by -44.44 points or by -0.14%. IndusInd Bank Ltd. (Rs. 1320.00,-1.48%), ICICI Bank Ltd. (Rs. 437.30,-0.74%), Axis Bank Ltd. (Rs. 706.15,-0.62%), Federal Bank Ltd. (Rs. 84.15,-0.30%), RBL Bank Ltd. (Rs. 289.00,-0.29%),.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2195 , shares advanced were 1412 while 643 shares declined and 140 were unchanged.