Mid-Session: Sensex, Nifty hold gains; MSTC stock zooms 20%
07/11/2019 12:38

Indian benchmarks continued to trade in positive terrain during the noon trading session amid mixed global cues. Overseas, European stocks look set to open on a cautious note on Thursday after reports emerged that the United States and China might delay a meeting to formalize signing of "Phase 1" of their trade deal until December. Meanwhile, oil held losses after snapping a three-day winning streak on Wednesday as data from Energy Information Administration showed a much larger than expected increase in crude inventories in the week ended November 1.

Among key shares, shares of Max Financial Services gained 7.8 percent intraday on November 7 as brokerages remained bullish on the stock and expect 28-36 percent return in stock after Q2 earnings and terminating agreement with Mitsui.

Also, MSTC limited shares, a state-owned e-commerce firm was trading at its highest level since listing on March 29, 2019. In the past nine trading days, it soared 56 per cent, as compared to a four per cent rise in the S&P BSE Sensex. The stock has more than doubled from its recent low price of Rs 70, touched on August 14 in the intra-day deal.

At 12:23 hours, the 30-share benchmark index was trading at 40532.85 up by 63.07 points or by 0.16 per cent, while the NSE Nifty was at 11979.1 up by 13.05 points or by 0.11 per cent.

The BSE Sensex touched intraday high of 40676.44 and intraday low of 40476.12 The NSE Nifty touched intraday high of 12021.4 and intraday low of 11960.75.

The top gainers of the BSE Sensex pack were IndusInd Bank Ltd. (Rs. 1370.15,+2.08%), Infosys Ltd. (Rs. 720.60,+1.17%), Housing Development Finance Corporation Ltd. (Rs. 2244.55,+1.09%), ITC Ltd. (Rs. 263.95,+1.03%), Reliance Industries Ltd. (Rs. 1445.50,+0.94%), among others.

The top losers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 78.10,-2.80%), Tata Steel Ltd. (Rs. 393.90,-2.58%), Tata Motors Ltd. (Rs. 169.95,-2.52%), Hindustan Unilever Ltd. (Rs. 2137.75,-1.93%), Oil And Natural Gas Corporation Ltd. (Rs. 142.15,-1.83%), among others.

Among the sectors, Realty index was at 2119.05 up by 14.46 points or by 0.69%. Indiabulls Real Estate Ltd. (Rs. 70.05,+4.94%), Housing Development & Infrastructure Ltd. (Rs. 1.82,+4.60%), Sobha Ltd. (Rs. 442.45,+2.21%), Oberoi Realty Ltd. (Rs. 514.65,+1.88%), Phoenix Mills Ltd. (Rs. 708.00,+1.25%),.

On the flip side, Auto index was at 18363.97 down by -145.18 points or by -0.78%. Tata Motors Ltd. (Rs. 170.10,-2.44%), Eicher Motors Ltd. (Rs. 21279.10,-1.62%), Bosch Ltd. (Rs. 14998.75,-1.58%), TVS Motor Company Ltd. (Rs. 453.95,-1.49%), Hero MotoCorp Ltd. (Rs. 2650.95,-0.98%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2490 , shares advanced were 1260 while 1035 shares declined and 195 were unchanged.