The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.3 percent and 0.6 percent, respectively. The market breadth remained strong as about 1188 shares advanced against 583 declining shares on the Bombay Stock Exchange.
10:55 am Market Update: The Sensex rose 116.47 points to 27049.35 and the Nifty gained 26.85 points at 8179.75. About 1475 shares have advanced, 649 shares declined, and 91 shares are unchanged on the BSE.
10:50 am Gold update: Gold rose towards its highest in nearly two weeks today, as more sluggish US economic data supported views that the Federal Reserve would delay a rate hike to next year.
Spot gold had risen 0.1 percent to USD 1,148.16 an ounce. The metal climbed to USD 1,151.20 in the previous session, its highest since September 24. Liquidity was thin in Asian hours with top consumer China out on a holiday.
Data on Tuesday showed that US exports took a hit from an ailing global economy in August and imports from China surged, fuelling the largest expansion of America's trade deficit in five months.
The data, following a weak nonfarm payrolls report last week, has triggered a drop in the dollar and pushed expectations of a rate hike to next year.
10:35 am Buzzing: Shares of Redington (India) rallied more than 10 percent intraday as its step down subsidiary acquired 70 percent stake in Turkey-based company.
"Redington Gulf FZE, a step down subsidiary of the company has entered into a definitive agreement to acquire 70 percent of Linkplus Bilgisayar Sistemleri Sanayi ve Ticaret AS, Turkey," said the supply chain solution provider in its filing.
This proposed acquisition is subject to regulatory approvals of authorities in Turkey, it added.
Linkplus, a leading ORACLE distributor in Turkey, has been valued around 6 times its future earnings. Redington said the balance 30 percent will be acquired over a 3-year period.
10:20 am FII View: The Indian equity market looks attractive for multiple reasons, says HSBC's Head of Equity Strategy Herald Van Der Linde.
Speaking to CNBC-TV18, Linde says the fall in interest rates, relatively better earnings growth and a large exposure to commodity prices is making the country a good place to bet on.
But the overweight stance most FIIs have on India, is its biggest risk.
On IMF's downward revision of China growth rates, Linde says the media is making a big deal out of it and the situation is not as bad as its being portrayed.
Also read - Bet on rupee-sensitive stocks; growth missing: Jaipuria
10:00 am Market Check
The market continued to consolidate after rising in previous five consecutive sessions. The Sensex rallied 77.13 points to 27010.01 and the Nifty rose 15.05 points to 8167.95.
The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.3 percent and 0.6 percent, respectively. The market breadth remained strong as about 1188 shares advanced against 583 shares declined on the Bombay Stock Exchange.
ONGC gained 3 percent and Cairn India surged 4.5 percent after further upside in oil prices. Brent crude climbed 1 percent to USD 52.44 a barrel and Nymex crude rose 1.6 percent to USD 49.31 a barrel on hopes the crude supply glut may ease and the Federal Reserve may hold rate hike.
Vedanta spiked 3.5 percent followed by HDFC, Maruti Suzuki, Lupin, SBI, Bajaj Auto, GAIL, Coal India and Hindalco with 1-2 percent upside while ICICI Bank, Bharti Airtel and Wipro declined 1-1.5 percent.The Great Diwali Discount!
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