Key indices are trading higher in early trade on positive Asian stocks. At 9:23 IST, the barometer index, the S&P BSE Sensex, was up 123.24 points or 0.32% at 39,020.70. The Nifty 50 index was up 35.50 points or 0.31% at 11,632.40. The Sensex regained the psychological 39,000 mark in opening trade.
The S&P BSE Mid-Cap index was up 0.16%. The S&P BSE Small-Cap index was up 0.17%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 618 shares rose and 398 shares fell. A total of 49 shares were unchanged.
Overseas, Asian stocks were trading higher on Friday, as comments from a US Federal Reserve official cemented expectations of a US interest rate cut later this month.
U.S. stocks closed higher Thursday, after New York Federal Reserve President John Williams said the central bank's wisest strategy is to cut interest rates at the first sign of economic distress when interest rates are already low. The Fed is widely expected to cut interest rates at the conclusion of its two-day July 30-31 policy meeting.
Back home, index heavyweight Reliance Industries (RIL) rose 0.1% ahead of its Q1 result today, 19 July 2019.
ACC gained 3.81%. On a consolidated basis, ACC reported 38.62% rise in net profit to Rs 455.64 crore on 8.33% rise in total income to Rs 4206.18 crore in Q2 June 2019 over Q2 June 2018. The result was announced after market hours yesterday, 18 July 2019.
Tata Motors fell 0.31%. Tata Motors said that the company has incorporated a wholly owned subsidiary company named Brabo Robotics and Automation with effect from 17 July 2019. Brabo Robotics and Automation is engaged in manufacture of machinery and equipment relating to factory automation and robotics. The announcement was made after market hours yesterday, 18 July 2019.
Thermax advanced 2.14%. Thermax has concluded an order of Rs 471 crore from an Indian government power company to set up two flue gas desulphurisation (FGD) systems at their thermal power plant in the state of Jharkhand. The announcement was made after market hours yesterday, 18 July 2019.
Sterlite Technologies slipped 0.09%. On a consolidated basis, Sterlite Technologies reported 17.12% rise in net profit to Rs 141.38 crore on 62.95% rise in total income to Rs 1440.73 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 18 July 2019.
Rallis India jumped 7.01%. On a consolidated basis, Rallis India reported 23.79% rise in net profit to Rs 67.76 crore on 9.21% rise in total income to Rs 631.22 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 18 July 2019.
Hatsun Agro Product surged 8.26%. Hatsun Agro Product reported 35.21% rise in net profit to Rs 51.19 crore on 15.82% rise in total income to Rs 1431.92 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 18 July 2019.
Meanwhile, market regulator Sebi yesterday, 18 July 2019, proposed stricter disclosures, including detailed reasons, on resignation of auditors, amid rising instances of auditors quitting companies. Besides, an auditor would have to provide appropriate disclaimer in case of auditor's resignation is due to non-receipt of information from the company concerned. The regulator also proposed to further strengthen and clarify the role of audit committees of the listed firms.
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