Key equity barometers ended with decent gains on Wednesday, supported by strong gains in index heavyweight Reliance Industries. The Nifty ended just below the 12,000 level. The benchmark S&P BSE Sensex hit fresh record high of 40,816.38 in morning today.

The barometer index, the BSE Sensex, rose 181.94 points or 0.45% to 40,651.64. The Nifty 50 index rose 59 points or 0.49% to 11,999.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.25% while the S&P BSE Small-Cap index rose 0.07%.

The market breadth was tilted in the favor of sellers. On the BSE, 1204 shares rose and 1349 shares fell. A total of 204 shares were unchanged.

Crude & Currency:

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.88, compared with its close of 71.715 during the previous trading session.

In the commodities market, Brent crude for January 2020 settlement fell 4 cents at $60.87 a barrel. The contract fell $1.52 or 2.44% to settle at $60.74 a barrel during the previous trading session.

Overseas:

European stocks continued to trade lower while most Asian stocks declined in the absence of progress in US-China trade talks.

The United States Senate unanimously passed a bill Tuesday that would require an annual review of the special treatment Hong Kong receives under US law following almost six months of unrest in the Asian financial hub. The vote will be seen as boost for Hong Kong's pro-democracy protesters, and a challenge to the Chinese government at a time of strained US-China relations.

US stocks closed mostly lower Tuesday, with the Dow and S&P 500 retreating from records, on disappointing earnings results and doubts about a US-China trade deal. The Nasdaq, however, notched a record finish on the strength of technology shares.

The United States would raise tariffs on Chinese imports if no deal is reached with Beijing to end a trade war, U.S. President Donald Trump reportedly said on Tuesday, threatening an escalation of the spat that has damaged economic growth worldwide.

In U.S. economic data, U.S. home building rose in October and permits for future home construction jumped to a 12-year high. Housing starts increased 3.8% to a seasonally adjusted annual rate of 1.314 million units last month. Housing starts rose 8.5% on a year-on-year basis in October.

Buzzing Index:

The Nifty Pharma index rose 3.26% to 8,107.60, extending gains for fourth straight session. The index has risen 6.80% from a recent closing low of 7591.45 on 14 November 2019.

Sun Pharmaceutical Industries (up 5.73%), Strides Pharma (up 4.14%), Lupin (up 4.03%), Aurobindo Pharma (up 3.24%), Dr Reddy's Laboratories (up 2.98%), Glenmark Pharmaceuticals (up 2.48%), Cadila Healthcare (up 2.22%), Cipla (up 1.96%), Divi's Laboratories (up 1.58%), GlaxoSmithKline Pharmaceuticals (up 1.31%), Piramal Enterprises (up 0.75%) and Ipca Laboratories (up 0.63%) advanced.

The Nifty FMCG index rose 0.38% at 31,089.35, snapping its seven-day losing streak. The index shed 4.45% in seven trading sessions from its closing high of 32535.90 on 7 November 2019.

Dabur India (up 3.31%), Godrej Consumer Products (up 1.34%), Tata Global Beverages (up 1.34%), Nestle India (up 0.87%), Bajaj Consumer Care (up 0.86%), Jyothy Laboratories (up 0.59%) and Procter & Gamble Hygiene and Health Care (up 0.30%) rose from the FMCG pack.

Stocks in Spotlight:

Reliance Industries (RIL) advanced 2.47% to Rs 1,547.05. The stock hit a record high of Rs 1,571.85 in intraday today. Reliance Jio Infocomm (Jio), a subsidiary of RIL, on Tuesday said it will increase in tariffs in next few weeks in a manner that does not adversely impact data consumption or growth in digital adoption and sustains investments.

A foreign brokerage raised the target price for the shares of RIL to Rs 1,400 from Rs 1,210 per share as it continued to maintain neutral rating on the scrip.

According to the research house, Jio's tariff increase could bring an annual cash flow of more than $1.5 billion, which will help the company achieve zero net debt target by FY21.

The Telecom Regulatory Authority of India (TRAI) data showed that Reliance Jio added 69.83 lakh mobile subscribers in September this year to take its subscriber base to 35.52 crore.

Vodafone Idea soared 17.44% to Rs 7.07. The stock rallied 139.66% in the past four trading sessions to its current market price of Rs 7.22, from its recent closing of low of Rs 2.95 on Thursday, 14 November 2019.

Vodafone Idea lost 25.76 lakh users in September to take its total user base to 37.24 crore.

Bharti Airtel fell 0.46% to Rs 437.25. The stock reversed trend after hitting a 52-week high of Rs 452.95 today.

Bharti Airtel lost 23.8 lakh users in September to take its total user base to 32.55 crore.

On 18 November 2019, both Bharti Airtel and Vodafone Idea proposed to raise tariffs from 1 December 2019.

Yes Bank rose 2.65% to Rs 65.85. Yes Bank said divergence in gross NPAs as of 31 March 2019 was at Rs 3,277 crore and divergence in net NPAs was at Rs 2,299 crore. The bank clarified that the incremental Gross NPA of Rs 2,018 crore is across four accounts of which exposure of Rs 1,041 crore across 3 accounts was internally rated and disclosed as 'BB&Below' as on 30 September 2019. Bank intends to convene board meeting by end of November to finalise capital raising, it said.

Siemens fell 2.28%. The company reported 18.28% rise in consolidated net profit to Rs 333.90 crore on 6.38% rise in total income to Rs 4,290.10 crore in Q4 September 2019 over Q4 September 2018.

NBCC (India) rose 1.08%. The firm said it has received Rs 500 crore order from Ministry of Environment, Forest and Climate, Government of India to provide Principle Project Consultancy and Executing agency for the Development of the National Museum of Natural History at Bhairon Marg, New Delhi.

Shree Cement rose 1.38% to Rs 20,298.95 after the company announced the commencement of the qualified institutions placement (QIP) of equity shares from 19 November 2019. The company's qualified institutions placement committee approved and set the floor price for QIP at Rs 19,806.46 per equity share based on the pricing formula as per Sebi norms. The said decisions were taken at the company's board meeting held on 19 November 2019.

Ultratech Cement rose 0.26%. The company is considering a proposal to raise funds by issuance of 2,500 rated, listed, non-convertible, redeemable, unsecured NCDs of Rs. 10 lakh each aggregating to Rs. 250 crore on private placement basis, including the terms and conditions of the issue, on or after 22nd November 2019.

Central Bank of India fell 3.52%. The bank reported Rs 2,565 crore divergence in Net Non-Performing Assets, where RBI assessed a net NPA of Rs 13,898.24 crore as against Rs 11,333.24 crore reported by the bank as on 31 March 2019.

Bandhan Bank fell 1.99% on reports that some women borrower groups staged protests in Assam, seeking a ban on microfinance companies.

SpiceJet rose 1.60% after the domestic airline company announced the signing of Memorandum of Understanding (MoU) with Gulf Air for exploring cooperation. The MoU will be focused in the area of interlining and code sharing agreement, coordinating cargo services and pilot training.

The benchmark indices ended with decent gains after a volatile session on Tuesday. Media updates on the PSU disinvestment front led to heavy buying momentum in the last hour of trade. Telecom shares shot up on proposals to raise tariffs from December. Bharti Airtel hit 52-week high. Index heavyweight Reliance Industries hit a record high.

The barometer index, the BSE Sensex, rose 185.51 points or 0.46% to 40,469.70. The Nifty 50 index rose 55.60 points or 0.47% to 11,940.10.

In the broader market, the S&P BSE Mid-Cap index fell 0.05% while the S&P BSE Small-Cap index rose 0.31%.

The market breadth was negative. On the BSE, 1158 shares rose and 1385 shares fell. A total of 189 shares were unchanged.

Media reports suggested that the proposal to lower government stake in the public sector units (PSUs) below 51% may come up in the next cabinet meeting. The group of ministers (GoM) on divestment are likely to approve a list of PSUs where the government's stake will go below 51%.

Crude & Currency:

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.795, compared with its close of 71.845 during the previous trading session.

In the commodities market, Brent crude for January 2020 settlement was fell 38 cents at $62.06 a barrel. The contract fell $1.16 or 1.83% to settle at $62.26 a barrel during the previous trading session.

Overseas:

European stocks edged higher while Asian stocks ended mixed on Tuesday as investors awaited clarity on the progress of trade negotiations between the two major economies.

US stocks eked out fresh all-time highs on Monday, notching slight gains as progress toward a so-called phase-one US-China trade agreement remained elusive.

The Trump administration on Monday issued a 90-day extension of a license allowing US companies to continue doing business with Chinese telecom giant Huawei Technologies Co.

Chinese Vice Premier Liu He, the country's top trade negotiator, reportedly held a phone conversation with U.S. Trade Rep. Robert Lighthizer and Treasury Secretary Steven Mnuchin on Saturday, describing the discussions as constructive.

Buzzing Index:

The Nifty Auto index fell 0.68% to 8,063.95, extending decline for third straight session. The index has fallen 1.55% in three sessions from a recent closing high of 8,190.90 on 14 November 2019.

Mahindra & Mahindra (down 2.19%), Tata Motors (down 1.35%), Hero MotoCorp (down 1.06%), TVS Motor Company (down 0.96%), Maruti Suzuki India (down 0.78%) and Ashok Leyland (down 0.24%) declined.

While Eicher Motors, Escorts and Bajaj Auto rose by between 0.34% to 1.41%.

The Federation of Automobile Dealers Associations (FADA) disclosed that vehicle registrations in October showed a positive momentum due to festivals. Attractive offers boosted the overall positive mood of the buyer.

Vehicles registrations rose by 4% to 17,09,610 units in October 2019 as against 16,38,832 units in October 2018. 2-wheeler registration was up by 5% while 3-wheeler registration was up by 4% on YoY basis.

Commercial Vehicle segment continued to witness a slow down as registration in October 2019 fell by 23% to 67,060 units on YoY basis.

FADA continues its recommendation to its members to tread with caution, especially with regards to inventory and costs during this dynamic time of fluctuating consumer sentiment due to overall weak economic situation and BS6 transition. FADA will also continue to engage with all the stakeholders for a smooth transition into the BS6 Regime for its members.

The Nifty FMCG index fell 0.62% to 30,972.95, extending losses for seventh straight session. The index has fallen 4.8% in seven sessions from a recent closing high of 32,535.90 on 7 November 2019.

Among the sectoral components, Godrej Consumer Products (down 1.8%), Procter & Gamble Hygiene and Health Care (down 1.17%), Tata Global Beverages (down 0.97%), Hindustan Unilever (down 0.96%), GlaxoSmithKline Consumer Healthcare (down 0.72%), Colgate-Palmolive (India) (down 0.63%), Britannia Industries (down 0.5%) and Dabur India (down 0.18%) declined.

Marico, Bajaj Consumer Care and Nestle India advanced by between 0.18% to 0.56%.

The BSE Telecom index surged 8.52% to 1,082.63. Telecom major Bharti Airtel advanced 7.36% to Rs 439.25. The scrip hit 52-week high of Rs 445.45 in intraday today.

In an exchange filing, Bharti Airtel said that it will appropriately increase price offerings in December 2019. While continuing to provide affordable tariffs to customers, it would balance the needs of the company to remain viable and thereby continue to invest in the much needed digital infrastructure and maintain the quality standards required by its customers.

Vodafone Idea spurted 34.68% to Rs 6.02. The company reiterated its commitment to play its due role in realising the vision of Digital India by continuing to provide seamless mobile services to customers across India. To ensure that its customers continue to enjoy world class digital experiences, Vodafone Idea will suitably increase the prices of its tariffs effective 1 December 2019.

Index pivotal Reliance Industries (RIL), which controls Reliance Jio Infocomm, rose 3.52% at Rs 1509.80. It hit a record high of Rs 1514.95 in intraday today.

Stocks in Spotlight:

Tata Steel fell 2.02% to Rs 401.90. Tata Steel outlined proposals for a transformation programme in Europe. The programme is focused on improving financial performance by increasing sales of higher-value steels, efficiency gains by optimising production processes, lowering employment costs, and reduction of procurement costs.

TCS declined 2.02% to Rs 2108.30. TCS announced the setting up of a new Microsoft Business Unit (MBU). Offering a full complement of services and solutions around Microsoft technologies, and catering to all stakeholders in the enterprise, the new unit will work with customers worldwide to accelerate their Business 4.0 transformation journeys.

TCS in a seperate exchange filing said that it has expanded its partnership with Virgin Atlantic for creating and innovating new customer experience.

Accelya Solutions India surged 11.80% to Rs 1195.50 after the company announced that it is being acquired by Vista Equity Partners (Vista), a leading investment firm focused on enterprise software, data and technology-enabled businesses.

Zee Entertainment Enterprises slipped 2.82% to Rs 285.75 after credit rating agency, Brickwork Ratings, downgraded the firm's 6% cumulative redeemable non-convertible preference shares and issuer rating to 'BWR AA+' from 'BWR AAA', with outlook as credit watch with negative implications.

Siemens rose 1.53% to 1576.90, ahead of its Q4 earnings today.

Key equity barometers reversed early gains and ended with small losses on Monday. The indices traded in a narrow range for most part of the session. Gains in metals and pharma offset losses in FMCG and auto stocks. Despite hitting an intraday high of 11,946.20, the Nifty 50 index closed below the 11,900 mark. Weakness in index pivotals Reliance Industries, HDFC Bank and TCS weighed on bourses.

The barometer index, the BSE Sensex, fell 72.50 points or 0.18% to close at a 40,284.19. The Nifty 50 index fell 1.20 points or 0.01% to close at a 11,894.25.

In the broader market, the S&P BSE Mid-Cap index rose 0.44% while the S&P BSE Small-Cap index rose 0.27%. Both these indices outperformed the Sensex.

The market breadth was negative. On the BSE, 1154 shares rose and 1404 shares fell. A total of 213 shares were unchanged.

Domestic Macro:

India's services exports rose 7.1% in September 2019. As per the data released by the Reserve Bank of India, India's services exports increased 7.1% to US$ 17.54 billion in September 2019 over September 2018. Meanwhile, India's services imports jumped 11.5% to US$ 11.10 billion in September 2019.

Crude & Currency:

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.8425, compared with its close of 71.7875 during the previous trading session.

In the commodities market, Brent crude for January 2020 settlement was rose 7 cents at $63.37 a barrel. The contract rose $1.05 or 1.68% to settle at $63.42 a barrel during the previous trading session.

Overseas:

Most European stocks were trading lower while most stocks in Asia ended higher Monday as investors look for further developments on US-China trade.

The US stock market finished session at fresh record highs on Friday on revived hopes for a US-China trade deal after White House Economic Adviser Larry Kudlow statement that the US and China were getting closer to reaching a resolution.

Chinese Vice Premier Liu He had a phone call Saturday morning with U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer regarding a 'phase-one' trade deal, Chinese state media outlet Xinhua reported.

The two sides had constructive discussions about each other's core concerns and agreed to remain in close contact. The call came at the request of Mnuchin and Lighthizer, according to Xinhua.

Buzzing Sectors:

The Nifty Metal index rose 1.79% to 2,543.50, buoyed by the positive developments on the US-China trade front. The index tumbled 6.02% in five sessions to end at 2498.80 on Friday from a recent closing high of 2659.05 on 7 November 2019.

Hindalco Industries (up 2.98%), Steel Authority of India (up 2.61%), JSW Steel (up 2.04%), Jindal Steel & Power (up 1.22%), Hindustan Zinc (up 1.18%), Hindustan Copper (up 1.07%), Vedanta (up 0.91%), NMDC (up 0.7%) and Nalco (up 0.59%) advanced.

Tata Steel rose 4.01%. The steel maker's long-term rating has been reportedly affirmed by S&P at 'BB-'. The outlook has been revised to 'stable' from 'positive'.

The company, in an exchange filing post trading hours on Friday, informed about the completion of stake sale in NatSteel Vina Co (NSV). NatSteel Holdings (NSH), a step-down subsidiary of Tata Steel, signed an agreement with the Vietnam-based Thai Hung Trading joint stock company to divest its entire equity stake held in NSV (56.5%).

The S&P BSE Telecom index rose 3.42% at 997.61. Shares of telecom companies spurted after Finance Minister Nirmala Sitharaman assured that the government does not want any telecom companies to shut down on account of Supreme Court's AGR verdict. FM also said that the government is looking for ways to support the debt laden telecom sector.

FM Nirmala Sitharaman on Friday said, I want no company to shut operations. I want all companies to flourish & serve their customers.

Vodafone Idea advanced 21.47% to Rs 4.47. Bharti Airtel rose 4.06% at Rs 409.15.

Bharti Infratel fell 0.44% at Rs 226.70. It hit an intraday high of Rs 233.60.

Reliance Communications (RCom) fell 3.39% to Rs 0.57, reversing from the day's high of Rs 0.61. RCom in a filing on Saturday said that Anil Ambani, Chhaya Virani, Ryna Karani, Manjari Kacker and Suresh Rangachar have tendered their resignation from the office of directors.

Further, Manikantan V also tendered his resignation as director and chief financial officer (CFO) of the company, which is pending for approval before the committee of creditors (COC).

The announcement came a day after RCom reported net loss of Rs 28,909.82 crore in Q2 September 2019, higher than net loss of Rs 285 crore in Q2 September 2018. Net sales tumbled 69.08% to Rs 302 crore in Q2 September 2019 over Q2 September 2018. The result was declared after market hours on Friday, 15 November 2019.

RCom set aside Rs 28,314 crore on account of provisioning after a recent Supreme Court verdict on calculation of annual adjusted gross revenue (AGR) of telecom companies.

Stocks in Spotlight:

Among index pivotals, HDFC Bank (down 1.28%), TCS (down 1.06%) and Reliance Industries (down 0.74%), declined.

Glenmark Pharmaceuticals spurted 21.35% to Rs 365.50 after a foreign brokerage upgraded the stock to 'buy' from 'sell'. The foreign brokerage house has also hiked price target to Rs 410 from Rs 350 backed by attractive valuation after Q2 2019 earnings and strong business in USA on QoQ basis.

Cadila Healthcare gained 3.09% to Rs 241.60. The company has received the tentative approval from the USFDA to market Apremilast Tablets (US RLD— Otezla) 10 mg, 20 mg, and 30 mg. This medication is used to treat a certain type of arthritis (psoriatic arthritis) and a certain type of skin condition (moderate to severe plaque psoriasis). t is also used to treat mouth sores in people who have Behcet's disease, a type of inflammatory disorder and helps to reduce the pain and improve the healing of these mouth sores.

Unichem Laboratories advanced 4.30% to Rs 156.30. Unichem Laboratories announced that it has received ANDA approval for its Buspirone Hydrochloride Tablets USP, 5 mg, 10 mg, 15 mg, and 30 mg from the United States Food and Drug Administration (USFDA) to market a generic version of Bristol-Myers Squibb Company (BMS), Buspar Tablets, 5 mg, 10 mg, 15 mg, and 30 mg.

Tata Motors rose 0.86% to Rs 170.05. The company said that the board approved committee has approved allotment of 5000 Rated, Listed, Unsecured, Redeemable, Non-Convertible Debentures (NCDs) E28-A Series of face value Rs 10 lakh each, at par, aggregating to Rs 500 crore in three tranches, on private placement basis.

HIL surged 6.62% to Rs 1256. HIL said the company has added additional capacities and commenced the production of its CpVC, UpVC and 'SWR (Soil, Waste & Rain) Pipes at its plant located at Thimmapur, Telangana.

Parag Milk Foods jumped 15.11% to Rs 145.90 after the promoter increased stake in the company. Parag Milk Foods in an exchange filing reported that Devendra Shah, promoter of the company has bought 2 lakh equity shares of the company on 15 November 2019. Following the acquisition, the promoter increased his stake in the company to 18.08% from 17.84%.

Bharat Petroleum Corporation (BPCL) advanced 3.09% to Rs 521.55 after Finance Minister Nirmala Sitharaman reportedly said that the government will conclude the sale of Air India and BPCL by March 2020.

Speaking to the media, the finance minister confirmed that the government is focused on divesting the two state-run companies by the end of the financial year. This will form a crucial chunk of the government's plan to raise Rs 1 lakh crore in the current fiscal as India continues to tackle a steep demand slowdown, the reports added.

Key equity barometers ended with minor gains on Friday, mirroring gains in other Asian stock markets following reports that the United States and China are getting close to an interim trade pact.

The barometer index, the BSE Sensex, rose 70.21 points or 0.17% to close at a 40,356.69. The Nifty 50 index rose 23.20 points or 0.20% to close at a 11,895.30.

The Nifty jumped over 100 points in the morning trade to hit a high of 11,973.65, supported by firmness in banks shares. However, profit selling in the last one hour of the trade dragged the index below 11,900 level.

In the broader market, the S&P BSE Mid-Cap index rose 0.63% while the S&P BSE Small-Cap index fell 0.13%.

The market breadth was negative. On the BSE, 1140 shares rose and 1461 shares fell. A total of 163 shares were unchanged.

Crude & Currency:

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.805, compared with its close of 71.965 during the previous trading session.

In the commodities market, Brent crude for January 2020 settlement was down 54 cents at $61.74 a barrel. The contract fell 9 cents or 0.14% to settle at $62.28 a barrel during the previous trading session.

Foreign Markets:

Shares in Europe and Asia edged higher on Friday, as investors digested recent developments on US-China trade.

White House economic adviser Larry Kudlow said negotiations over the first phase of a trade agreement with China were coming down to the final stages, with the two sides in close contact.

The US stock market finished session mixed on Thursday, 14 November 2019, as risk sentiments subdued amid mixed global economic data.

In economic news, US initial jobless claims climbed to 225,000, an increase of 14,000 from the previous week's unrevised level of 211,000, a report released by the Labor Department on Thursday showed.

The Labor Department released a report on Thursday showing US producer prices rebounded by 0.4% in October after falling by 0.3% in September. The bigger than expected increase in producer prices came amid a substantial rebound in energy prices, which surged up by 2.8% in October after tumbling by 2.5% in each of the two previous months. Excluding food and energy prices, core producer prices still rose by 0.3% in October as against an expectation of 0.2% and following a 0.3% drop in September.

Buzzing Sectors:

The Nifty Bank index rose 0.87% to 31,016.50, rising for second straight session. The index is up 1.56% in two session from its recent closing low of 30,541.55 on 13 November 2019.

Public sector banks rallied after the Supreme Court (SC) on Friday said the National Company Law Appellate Tribunal (NCLAT) should not interfere with the decisions of the committee of creditors (CoC) in the Essar Steel insolvency case. Accordingly, SC gave more weightage to the financial creditors.

The SC decision overruled NCLAT's judgment dated 5 July 2019 that operational creditors should be treated on a par with financial creditors for distribution of funds from ArcelorMittal's bid in the Essar Steel insolvency case. The verdict paves the way for Arcelor's takeover of the bankrupt company.

Corporation Bank (up 17.2%), State Bank of India (up 5.19%), Bank of India (up 4.68%), IDBI Bank (up 3.30%), Canara Bank (up 2.92%), Punjab National Bank (up 2.65%) and Bank of Baroda (up 1.07%) advanced.

Union Bank of India rose 2.20%. The bank reported net loss of Rs 1,193.61 crore in Q2 September 2019 compared with net profit of Rs 139.03 crore in Q2 September 2018. Total income rose 11.84% to Rs 10,556.57 crore in Q2 September 2019 over Q2 September 2018. The result came after trading hours yesterday, 14 November 2019.

Private sector banks were mixed. City Union Bank (up 2.27%), Kotak Mahindra Bank (up 1.60%), ICICI Bank (up 0.11%) and Axis Bank (up 0.10%), advanced. RBL Bank (down 0.03%), Yes Bank (down 0.07%), Federal Bank (down 0.35%) and IndusInd Bank (down 1.08%) declined.

HDFC Bank rose 0.36% to Rs 1278.30. The stock reclaimed the record high level of Rs 1285 in intraday today.

Telecom stocks bounced back today amid hopes that the government would step in to help the ailing sector. The Supreme Court (SC) judgment on 24 October on the adjusted gross revenue (AGR) significantly impacted the financial stability of telecom companies. SC provided the company a 90 days time to pay the amount and report compliance.

Vodafone Idea surged 24.75% to Rs 3.68. The stock tumbled 11.53% to hit the day's low of Rs 2.61 in morning trade amid dismal Q2 results announced after market hours on Thursday.

On consolidated basis, the company reported a net loss of Rs 50,921.9 crore in Q2 September 2019 as against a net loss of Rs 4973 crore in Q2 September 2018. It reported a 41.8% rise in net sales to Rs 10840.20 crore on a YoY basis.

Consequent to the SC judgement, Vodafone Idea accounted for the estimated liability of Rs 27,610 crore related to license fee and Rs 16,540 crore related to spectrum usage charges up to 30 September 2019 including the interest, penalty and interest thereon of Rs 33,010 crore.

Gross debt as of 30 September 2019 was Rs 1,17,300 crore, including deferred spectrum payment obligations due to the government of Rs 89,170 crore, but excluding lease liabilities. Cash & cash equivalents were Rs 15,390 crore and net debt Rs 1,01,910 crore (vs Rs 99,260 crore in Q1FY20).

Bharti Airtel jumped 8.42% to Rs 393.20. The stock fell 2.27% to hit the day's low of Rs 354.40 in morning trade after weak Q2 results.

Bharti Airtel reported consolidated net loss of Rs 23,044.90 crore in Q2 September 2019 compared with net profit of Rs 118.80 crore in Q2 September 2018. Total revenues rose 4.9% to Rs 21,131 crore in Q2 September 2019 from Rs 20,148 in Q2 September 2018.

The company is hopeful of relief and in the absence of the same, has provided for an additional amount aggregating Rs 28,450 crore as a charge for the quarter (comprising of principal of Rs 6,164 crore, interest of Rs 12,219 crore, penalty of Rs 3,760 crore, and interest on penalty of Rs 6,307 crore) with respect to the license feeas estimated based on the Court Judgement and spectrum usage charges (SUC) as estimated based on the definition of AGR.

Thus the liabilities/provisions as at 30 September 2019 aggregate Rs 34,260crore (comprising of principal of Rs 8,747 crore, interest of Rs 15,446 crore, penalty of Rs 3,760 crore and interest on penalty of Rs 6,307 crore).

Stocks in Spotlight:

ONGC slipped 0.51% to Rs 135.55. The company reported 36.21% fall in consolidated net profit to Rs 5,275.51 crore on 11.19% fall in total income to Rs 103,237.18 crore in Q2 September 2019 over in Q2 September 2018. The result was announced after market hours yesterday, 14 November 2019.

The company's total crude oil production stood at 5.842 MMT in Q2 September 2019, down by 3.9% from 6.078 MMT in Q2 September 2018. Total gas production fell 1.6% to 6.265 BCM while the value added products fell 8.3% to 853 KT in Q2 September 2019 over Q2 September 2018.

Vedanta declined 1.29%. As per media reports, the company has lowered the capex guidance by $200 million to $1.2 billion for the financial year ending March 2020 with an optionality to spill into the next fiscal.

Steel Authority of India fell 2.55%. The steel maker reported a net loss of Rs 248.08 crore in Q2 September 2019 as against a net profit of Rs 609.76 crore in Q2 September 2018. Total income slumped 15.56% to Rs 14128.96 crore in Q2 September 2019 over Q2 September 2018.

MOIL declined 5.26%. The manganese-ore mining company reported 15.72% fall in consolidated net profit to Rs 8,859.21 crore after revenue from operations fell 29.25% to Rs 25,311.37 crore in Q2 September 2019 over Q2 September 2018.

The reduction in the company's turnover and profit during the current reporting period is mainly due to changes in product mix containing higher proportion of medium and low grade ore available for sale as compared with corresponding quarter and fall in prices of manganese ore in international market, resulting in price correction by MOIL

Divi's Laboratories jumped 5.44% after the USFDA successfully completed cGMP inspection of company's Unit-I facility at Lingojigudem in Telangana. The company received zero 483 observations from USFDA. The inspection was carried out from 11 November 2019 to 15 November 2019.

Balkrishna Industries rose 4.86%. The company reported 31% jump in profit after tax to Rs 291 crore in Q2 September 2019 from Rs 222 crore in Q2 September 2018. Total income of the company, however, fell 19% to Rs 1107 crore in Q2 September 2019 from Rs 1370 crore in Q2 September 2018. The company has written-off tax expenses to the tune of Rs 35 crore in Q2 September 2019 as against a tax expense of Rs 116 crore in Q2 September 2018.

Glenmark Pharmaceuticals advanced 6.70% after reporting consolidated net profit of Rs 255.54 crore in Q2 September 2019 as against net profit of Rs 414 crore in Q2 September 2018. The net profit is not comparable to the previous corresponding quarter on account of an exceptional income of Rs 167.18 crore recorded in the second quarter of the previous financial year. Consolidated revenues rose 9.05% to Rs 2815.04 crore in Q2 September 2019 from Rs 2581.33 crore in Q2 September 2018.

Prime Focus was locked in a lower circuit of 20% at Rs 67.35 after company's subsidiary in United Kingdom, DNEG Plc, decided to postpone its initial public offering due to on-going market uncertainty. Earlier, DNEG announced it will go public on 15 October 2019.

GIC Housing Finance fell 2.23%. The company said it received show cause notice from National Housing Bank (NHB) in connection with the inspection carried out for Financial Year 2017-18. Based on inspection and reply submitted by Company, NHB has directed the company to pay a penalty of Rs 15,000 (plus GST) which has been paid by the company.

Key equity barometers ended with decent gains on Thursday after oscillating between gains and losses for the first half of the trading session. The Nifty 50 index managed to close above the 11,850 level. Trading was volatile due to weekly expiry of index options.

Sentiment was fragile after Moody's cut India's GDP growth forecast to 5.6% for 2019. However, easing wholesale inflation in October triggered hopes that the Reserve Bank of India (RBI) may further cut interest rates.

The barometer index, the BSE Sensex, rose 170.42 points or 0.42% to close at a 40,286.48. The Nifty 50 index rose 30 points or 0.25% to 11,870.45.

In the broader market, the BSE Mid-Cap index rose 0.14% and the BSE Small-Cap index fell 0.01%. Both these indices underperformed the Sensex.

The market breadth was weak. On the BSE, 1004 shares rose and 1506 shares fell. A total of 172 shares were unchanged.

Domestic Macro:

Moody's Investors Service on Thursday cut India's economic growth forecast for current year to 5.6% from 5.8% estimated earlier, saying GDP slowdown is lasting longer than previously expected. It expected economic activity to pick up in 2020 and 2021 to 6.6% and 6.7%, respectively, but the pace to remain lower than in the recent past.

India's wholesale inflation, or Wholesale Price index (WPI), dipped marginally for the month of October at 0.16% compared to 0.33% in September 2019 and 5.28% in October 2018. The index was supported by higher food prices which prevented the index from falling into negative territory.

India's retail inflation for the month of October breached the Reserve Bank of India's (RBI) medium-term target of 4% for the first time since July 2018 due to higher food prices. The all-India general consumer price index (CPI) inflation touched 4.62% in October, according to the data released by the statistics office on Wednesday, compared to 3.99% in September. The CPI was 3.38% in October last year.

Crude & currency:

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.8975, compared with its close of 72.09 during the previous trading session.

In the commodities market, Brent crude for January 2019 settlement was rose 67 cents at $63.04 a barrel. The contract rose 56 cents or 0.90% to settle at $62.56 a barrel during the previous trading session.

Overseas

Most shares in Europe and Asia declined after China's October industrial production data missed expectations. Sentiment was soured after trade negotiations between the U.S. and China are understood to have hit a roadblock.

German GDP (gross domestic product) grew by 0.1% in the third quarter, exceeding the -0.1% contraction expected and narrowly avoiding a technical recession.

Chinese industrial production data for October grew 4.7% year-on-year as compared against expectations of a 5.4% growth, media reports said.

Japan's economic growth touched a 1-year low in the third quarter, the media reported on Thursday citing government data. GDP grew 0.2% on an annualized rate in the third quarter, well lower than a median market forecast of a 0.8% rise.

The US stock market finished session modest higher on Wednesday, 13 November 2019, on the back of Federal Reserve Chair Jerome Powell testimony that U.S. central bankers see a sustained expansion ahead for the country's economy. Also, factors supporting the rally include the resumption of short dated debt buying to add liquidity to money markets and a surge in government spending. However, market gains were capped amid lingering uncertainty about a potential U.S.-China trade deal.

In U.S. economic news, the Labor Department released a report showing consumer price index climbed by 0.4% in October after coming in unchanged in September. Excluding food and energy prices, core consumer prices edged up by 0.2% in October after a 0.1% uptick in September.

The U.S. federal government's budget deficit in October rose 34% from a year earlier to $134.5 billion, putting the U.S. on course to top the $1 trillion mark in fiscal 2020 for the first time in eight years, or nearly 5% of gross domestic product.

Buzzing Index:

The Nifty IT index rose 0.96% to 15,388, reversing its three-day losing streak. The index fell 2.45% in three sessions to 15,240.95 on Wednesday, from a recent high of 15,624.40 on 7 November 2019.

Persistent Systems (up 6.57%), Infosys (up 2.04%), Mindtree (up 1.29%), Hexaware Technologies (up 1.08%), TCS (up 0.78%), Tech Mahindra (up 0.65%) and HCL Technologies (up 0.25%) advance.

Oracle Financial Services Software (down 2.48%) and MphasiS (down 0.26%) declined.

The Nifty Metal index fell 1.89% to 2,508.35, extending decline for fourth straight session. The index has fallen 5.67% from a recent closing high 2659.05 on 7 November 2019.

Hindalco Industries (down 2.43%), NMDC (down 2.23%), Jindal Steel & Power (down 1.62%), Steel Authority of India (down 1.45%), Tata Steel (down 1.23%), Hindustan Copper (down 1.15%) and JSW Steel (down 1.09%) declined.

National Aluminium Company (Nalco) fell 2.99% after the company reported a consolidated net loss of Rs 28.25 crore in Q2 September 2019 compared with net profit of Rs 510.55 crore in Q2 September 2018. Consolidated net sales tumbled 22.27% to Rs 2,363.55 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours yesterday, 13 November 2019.

Vedanta 2.90%. The company's consolidated net profit rose 44% to Rs 2,730 crore on a 3% decline in net sales to Rs 21,739 crore in Q2 September 2019 over Q2 September 2018.

Revenue declined primarily due to lower commodity prices partially offset by additional volumes from commencement of Gamsberg operations and higher sales at iron ore Karnataka. The result was announced during market hours today, 14 November 2019.

Stocks in Spotlight:

Telecom stocks tumbled after media reported suggested that the department of telecommunications (DoT) has issued a notice to telecom operators to pay their adjusted gross revenue (AGR) dues within three months as directed by the Supreme Court.

The Supreme Court (SC) on 24 October 2019 ruled in favor of the government on the AGR (adjusted gross revenue) issue, with grave revenue implications to the tune of over Rs 92,000 crore for the ailing telecom sector.

Bharti Airtel fell 1.59% to Rs 362.65. The telecom operator will be in focus as it will announce its Q2 2019 earnings today.

Vodafone Idea slumped 20.27% to Rs 2.95. The media reported that Aditya Birla Group will not infuse any fresh equity into Vodafone Idea, its telecom joint venture with Vodafone Group of UK, and let it opt for insolvency if the government does not provide substantial relief, including on the telco's adjusted gross revenue (AGR)-based dues.

Grasim Industries slipped 0.64% to Rs 734.30. The company has exposure to the telecom sector via its 11.55% stake in Vodafone Idea.

Separately, Grasim Industries reported a consolidated net profit of Rs 1002 crore in Q2 September 2019 as against a net loss of Rs 1468 crore in Q2 September 2018. Net revenue rose 3% to Rs 18,430 crore while EBITDA increased by 7% to Rs 3,180 crore in Q2 September 2019 over Q2 September 2018. The result was announced during market hours today, 14 November 2019.

Index heavyweight Reliance Industries (RIL) declined 0.58% to Rs 1463.40. Moody's Investors Service has affirmed RIL's Baa2 domestic long-term issuer rating and foreign currency senior unsecured rating.

At the same time, Moody's has affirmed the Baa2 backed domestic currency senior unsecured debt ratings on the USD denominated bonds issued by Reliance Holding USA, Inc., with a guarantee from RIL. The outlook on the ratings above is stable.

Aurobindo Pharma fell 8.73% to Rs 395.55. The U.S. Food and Drug Administration (USFDA) inspected the company's unit IV, a general injectable formulation manufacturing facility situated at Pashamylaram, Hyderabad, from 4th to 13th November 2019. At the end of the inspection, the company has been issued a 'Form 483' with 14 observations. The pharma company said that it will respond to the USFDA within the stipulated timeline.

Cadila Healthcare rose 4.25% to Rs 234.20. On a consolidated basis, net profit fell by 74.3% to Rs 107.20 crore in Q2 September 2019 from Rs 417.50 crore in Q2 September 2018. Net sales, however, recorded a growth of 14.1% to Rs 3244.20 in Q2 September 2019 over Q2 September 2018.

SpiceJet fell 5.94% to Rs 106.95. The airline company reported a consolidated net loss of Rs 461.21 crore in Q2 September 2019 as against a net loss of Rs 382.71 crore in Q2 September 2018. Revenue from operations for quarter ending September 2019 jumped by 51% to Rs 2848 crore on YoY basis.

IRCTC fell 2.68% to Rs 906.85. IRCTC announced its first ever quarterly result after getting listed on exchanges on 14 October 2019. IRCTC's net profit rose 14.01% to Rs 172.15 crore on 3.77% rise in net sales to Rs 972.61 crore in H1FY2020 over H1FY2019.

ARSS Infrastructure Projects jumped 3.13% to Rs 24.75. The company has received a work order of Rs 75.42 crore from Rail Vikas Nigam.

The benchmark indices ended with significant losses on Wednesday, dragged by banks and metal stocks. The Nifty 50 index fell below the 11,850 level. Losses in ICICI Bank, Axis Bank and HDFC eclipsed gains in Reliance Industries and TCS. Sentiment was affected due to weak domestic economic data and weak global cues.

The barometer index, the BSE Sensex fell 229.02 points or 0.57% to close at 40,116.06. The Nifty 50 index fell 73 points or 0.61% to close at 11,840.45.

The broader market tumbled. The S&P BSE Mid-Cap index fell 0.77% while the S&P BSE Small-Cap index lost 1.13%. Both these indices underperformed the Sensex.

There were more sellers than buyers. On the BSE, 957 shares rose and 1613 shares fell. A total of 168 shares were unchanged.

Economic Data:

India's industrial production shrank for the second consecutive month in September, its worst performance in the series that began April 2012. As per the Index of Industrial Production (IIP), factory output contracted 4.3% in September 2019 as compared to September 2018. The contraction was mainly due to poor performance in the manufacturing sector.

Meanwhile, State Bank of India (SBI) in its report predicted a 4.2% GDP growth for India in the second quarter. The bank attributes it to low automobile sales, deceleration in air traffic movements, flattening of core sector growth and declining investment in construction and infrastructure. The growth forecast for FY20 has now come down to 5% from 6.1% earlier, the report said. India's GDP was at a six-year low of 5% in Q1.

Currency and Crude:

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 72.035, compared with its close of 71.47 during the previous trading session.

In the commodities market, Brent crude for January 2019 settlement was down 75 cents at $61.31 a barrel. The contract fell 26 cents or 0.42% to settle at $62 a barrel during the previous trading session.

Overseas:

Shares in Europe and Asia edged lower as conflicting signals over the extent of progress made in US-China trade talks and concern about intensifying unrest in Hong Kong hurt demand for risky assets.

The moves in Hong Kong came after political turmoil in the embattled city escalated this week. Leader Carrie Lam said Tuesday that protestors 'paralyzing' the city were selfish. On Monday, protests that started nearly six months ago took another violent turn.

Hong Kong Senior Superintendent Kong Wing-cheung told reporters Tuesday that the city's society has been pushed to the brink of a total breakdown, according to media reports.

The US stock market finished modest higher on Tuesday, 12 November 2019, spurred by gains in trade-sensitive technology stocks, after President Donald Trump suggested signing a phase one trade deal with China could happen soon but did not offer clarity on a rollback of import tariffs.

Markets were keenly focused on trade negotiations between the U.S. and two of its major counterparts, Europe and China. At the Economic Club of New York, President Donald Trump gave an update Tuesday afternoon on trade negotiations with China, saying both sides are close to a phase-one deal, but that he would only accept it if the agreement worked to the advantage of U.S. workers and businesses. News reports also suggested Trump may put off for another six months a decision on whether to place tariffs of up to 25% on European auto imports, ahead of the Wednesday deadline.

US-China are looking to hammer out the first phase of an agreement that would ease some tariffs but details of a potential deal remain in flux. The U.S. is pushing for more open markets and the elimination of intellectual property theft. China, for its part, wants Washington to drop some $250 billion in tariffs imposed since the trade war began.

Attention now will shift to back-to-back testimony on Wednesday and Thursday by Federal Reserve Chairman Jerome Powell.

Domestic Shares In Spotlight:

Index heavyweight Reliance Industries (RIL) rose 3.10% to Rs 1,472.

Tata Consultancy Services (TCS) rose 3.76% to Rs 2,178.55. TCS announced an expansion of its long-term partnership with Phoenix Group, Europe's largest life and pensions consolidator, to drive the growth and transformation of the Standard Life business and meet the future needs of its customers, workplace clients and their advisers.

The expanded partnership will result in the digital transformation of Standard Life's pensions and savings operations onto the TCS BFSI Digital Platform, powered by TCS BaNCS. The transformation is expected to take approximately three years to complete, with a number of Standard Life employees transferring to TCS by the end of that period.

HDFC Asset Management Company surged 7.71% to Rs 3604.20. The stock hit a record high of Rs 3,650 in intraday today.

Buzzing Sectors:

The Nifty Bank index fell 1.84% to 30,541.55, snapping its four day winning streak. The index had surged 3% in previous four trading days.

Private sector banks crashed. Yes Bank (down 6.51%), Axis Bank (down 3.18%), City Union Bank (down 3.17%), RBL Bank (down 3.1%), ICICI Bank (down 2.24%), IndusInd Bank (down 2.14%), Federal Bank (down 0.84%), Kotak Mahindra Bank (down 0.71%) and HDFC Bank (down 0.47%) tumbled.

Public sector banks fell across the board. Union Bank of India (down 4.62%), State Bank of India (down 3.69%), IDBI Bank (down 3.6%), Bank of Baroda (down 3.26%), Canara Bank (down 3.05%), Bank of India (down 2.31%) and Punjab National Bank (down 2.27%) declined.

The Nifty Metal index fell 2.05% to 2,556.65, declining for the fourth straight trading session. The index fell 3.85% in four days from its recent closing high of 2,659.05 on 7 November 2019.

Jindal Steel & Power (down 5.8%), Nalco (down 5.54%), Steel Authority of India (down 4.42%), Hindustan Copper (down 3.21%), Vedanta (down 2.82%), JSW Steel (down 1.31%), Tata Steel (down 1.15%) and Hindustan Zinc (down 0.78%) declined.

Hindalco Industries slipped 3.59%. The company's consolidated net profit slumped 32.73% to Rs 974 crore on 8.76% fall in net sales to Rs 29,657 crore in Q2 September 2019 over Q2 September 2018. The result was announced after trading hours on 11 November 2019.

While profits were impacted by the global slowdown and lower commodity prices, the Company delivered steady results driven by an excellent performance by Novelis, supported by stable operations in the Indian business.

NMDC fell 2.94%. The iron-ore producer reported a 10.5% rise in net profit to Rs 703.27 crore in Q2 September 2019 over Q2 September 2018. NMDC reported an 8% drop in net sales to Rs 2241.76 crore in quarter ending September 2019 over September 2018.

Q2 Earnings:

Coal India fell 1.26%. The company's consolidated net profit rose 14.21% to Rs 3,522.70 crore on 6.27% fall in total income to Rs 22,012.94 crore in Q2 September 2019 over Q2 September 2018.

Adani Ports and Special Economic Zone (APSEZ) fell 4.36%. On consolidated basis, APSEZ reported a 10.9% rise in profit before tax (PBT) to Rs 886.34 crore in Q2 September 2019 over Q2 September 2018.

The profit after tax (PAT) of APSEZ jumped 72.44% to Rs 1059.20 crore in quarter ending September 2019 as against the corresponding quarter of the previous year. PAT was supported by one time tax gain of Rs 319 crore in Q2 2019 over Q2 2018. Revenue from operations rose 8.17% to Rs 2821.16 crore in Q2 2019 from Rs 2608.01 crore in Q2 2018.

Adani Enterprises tumbled 6.02% after consolidated adjusted net profit fell 0.9% to Rs 179.23 crore on 7.5% decline in net sales to Rs 8,464.19 crore in Q2 September 2019 over Q2 September 2018.

Britannia Industries surged 4.94% after consolidated net profit rose 32.90% to Rs 402.73 crore in Q2 September 2019 from Rs 303.03 crore in Q2 September 2018. The biscuit maker's total revenue from operations in Q2 September 2019 stood at Rs 3048.84 crore, up by 6.25% from Rs 2869.59 crore the company clocked in the year ago period.

Mahanagar Gas advanced 3.57%. The natural gas distribution company reported 98.6% increase in net profit to Rs 270.62 crore while net sales rose by 12.5% to Rs 783.58 crore in Q2 September 2019 over Q2 September 2018.

Indian Hotels Co jumped 6.08%. The company announced consolidated net profit of Rs 71.31 crore in Q2 September 2019 as against net loss of Rs 5.21 crore in Q2 September 2018. The hospitality chain reported a 4.4% rise in net sales to Rs 1007.44 crore in Q2 September 2019 over Q2 September 2018.

Hindustan Aeronautics rose 4.83% after consolidated net profit surged 116.41% to Rs 621.66 crore on 32.20% surge in net sales to Rs 3,451.07 crore in Q2 September 2019 over Q2 September 2018.

Sheela Foam rose 0.72%. On a consolidated basis, net profit jumped 142% to Rs 59 crore on a 7.1% decline in net sales to Rs 497 crore on a YoY basis. EBITDA for Q2 September 2019 increased 66.67% to Rs 70.5 crore from Rs 42 crore in corresponding quarter of the previous year.

Bata India fell 1.19% to end at Rs 1683.85. On a consolidated basis, the footwear maker's net profit rose 29.97% to Rs 71.30 crore on a 7.26% increase in revenue from operations to Rs in Q2 September 2019 over Q2 September 2018. The result was announced after market hours today, 13 November 2019.

The benchmark indices ended with small gains after a volatile session on Monday. The key indices, which hovered in negative terrain for most part of the session, recovered in late trade, supported by decent buying in banks shares.

The barometer index, the BSE Sensex rose 21.47 points or 0.05% to close at a 40,345.08. The Nifty 50 index rose 4.80 points or 0.04% to 11,912.95.

Gains were capped due to negative global cues amid escalating violence in Hong Kong that pushed Asian stocks to their lowest since August.

Sentiment was also affected after credit rating agency Moody's late Thursday (7 November) lowered India's outlook to negative from stable, while retaining the issuer rating at Baa2. The rating agency said its decision to change the outlook to negative reflects increasing risks that economic growth will remain materially lower than in the past, partly reflecting lower government and policy effectiveness at addressing long-standing economic and institutional weaknesses, leading to a gradual rise in the debt burden from already high levels. Moody's cited a growing debt burden and the government's struggle to narrow the budget deficit.

The market breadth was negative. On the BSE, 1,244 shares rose and 1,293 shares fell. A total of 177 shares were unchanged.

In the broader market, the BSE Mid-Cap index rose 0.29%. The BSE Small-Cap index rose 0.17%. Both these indices outperformed the Sensex.

The domestic stock market will remain shut on Tuesday, 12 November 2019, for Gurunanak Jayanti.

Politics:

Shiv Sena MP Sanjay Raut on Monday slammed the Bharatiya Janata Party (BJP) and went on an all-out attack against the party. Raut also said that Shiv Sena is ready to form the government in Maharashtra with Congress and Nationalist Congress Party (NCP).

The Congress has decided to go into wait and watch mode on supporting Shiv Sena's bid to form the government as the saffron party heads to the Governor at 5 p.m. to stake its claim to power. Sena chief Uddhav Thackeray and NCP supremo Sharad Pawar met in Mumbai today and decided to wait for the Congress to come to a decision.

Domestic macro:

India's industrial production data and manufacturing production data for September 2019 will be announced today, 11 November 2019.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.47, compared with its close of 71.285 during the previous trading session.

Overseas:

European markets were trading lower amid a dampening of optimism over US-China trade, after U.S. President Donald Trump denied that he had agreed to roll back tariffs on Chinese goods.

Hopes of trade progress rose on Thursday when China's Commerce Ministry said Beijing and Washington had agreed to lift existing tariffs on one another's goods, but Trump on Friday said he had not agreed to any rollbacks.

Back in Europe, a survey released Monday showed British employers' hiring plans have climbed off an 18-month low, indicating a slightly more upbeat picture of the labor market than that which caused two Bank of England policymakers to advocate for a cut to interest rates last week.

Further, U.K.'s sovereign credit rating was placed on negative outlook by Moody's Investors Service, which said the country's ability to set policy has weakened in the Brexit era along with its commitment to fiscal discipline.

Asian stocks ended lower led by slide in Hong Kong shares after two protesters were shot by police during the morning commute.

In Hong Kong, the Hang Seng index declined 2.6% as political turmoil in the city worsened. At least two protesters were said to be injured when local police opened fire on Monday at mass demonstrations. Over the weekend, three pro-democracy lawmakers were arrested.

In US, the three major stock indexes posted record closing highs on Friday as investors brushed aside worries over the progress of U.S.-China trade talks, and as Walt Disney shares rose.

Meantime, Saudi Aramco will allow investors to start bidding for shares starting on November 17. The firm said it will provide the number and percentage of shares sold at a later stage, with book-building kicking off this week.

Crude:

In the commodities market, Brent crude for January 2019 settlement was down 84 cents at $61.67 a barrel.

Buzzing Domestic Index:

The Nifty Bank index rose 1.27% to end at 31,138.90, extending its gaining streak for fourth straight session. The index has risen 3.04% from a recent closing low of 30,219.85 on 5 November 2019.

Among the private sector banks, RBL Bank (up 6.02%), Yes Bank (up 5.80%), ICICI Bank (up 1.53%), IndusInd Bank (up 1.50%), Federal Bank (up 1.22%), Axis Bank (up 1.12%), Kotak Mahindra Bank (up 0.94%), HDFC Bank (up 0.73%) and City Union Bank (up 0.40%) advanced.

Among the public sector banks, IDBI Bank (up 1.68%), Canara Bank (up 1.32%), Central Bank (up 1.23%), Bank of India (up 1.05%), Union Bank of India (up 1.01%), United Bank of India (up 0.91%), State Bank of India (up 0.78%) and Punjab National Bank (up 0.57%) advanced.

Bank of Baroda rose 2.88% after the bank registered 73.2% increase in net profit to Rs 736.68 crore in Q2 September 2019 from Rs 425.38 crore in Q2 September 2018. Total income rose 64.5% to Rs 22,097.91 crore in Q2 September 2019 over Q2 September 2018.

Q2 results:

NTPC rose 0.72% after the company reported 36.37% rise in net profit to Rs 3400.84 crore on 5.66% rise in total income to Rs 26266.05 crore in Q2 September 2019 over Q2 September 2018.

Nestle India fell 2.54% . Nestle India's net profit rose 33.5% to Rs 595.41 crore on 9.5% increase in net sales to Rs 3,199.31 crore in Q3 September 2019 over Q3 September 2018.

Tata Power Company lost 3.70% after consolidated net profit slipped 19.5% to Rs 270.17 crore on 4.4% increase in net sales to Rs 7,677.82 crore in Q2 September 2019 over Q2 September 2018. Net profit declined mainly due to favourable tariff order in Mumbai licensed area in the previous year.

Dr. Lal PathLabs gained 2.02% after the company recorded 41.48% jump in consolidated profit after tax to Rs 80.50 crore on 15.15% increase in revenues to Rs 365.60 crore in Q2 September 2019 over Q2 September 2018.

Real estate developer Sobha fell 3.26%. The real estate development company's consolidated net profit rose 9.1% to Rs 67 crore on a 19% increase in net sales to Rs 783.90 crore in Q2 September 2019 over Q2 September 2018.

Akzo Nobel India slumped 8.67%. The global paints and coatings company's consolidated net profit increased by 34% to Rs 49.25 crore in Q2 September 2019 from Rs 36.75 crore in Q2 September 2018. Net sales, however, fell to Rs 633.82 crore in Q2 September 2019, down by 11.2% from 713.80 crore in Q2 September 2018.

Amara Raja Batteries surged 9.83%. The battery maker reported 81.8% increase in consolidated net profit to Rs 218.61 crore in Q2 September 2019 over Q2 September 2018. The company's net sales recorded a de-growth of 3.3%, falling to Rs 1,695.31 crore in Q2 September 2019 from Rs 1753.05 crore in Q2 September 2018.

Narayana Hrudayalaya jumped 5.40% after consolidated net profit jumped 233.8% to Rs 45.33 crore in Q2 September 2019 from Rs 13.58 crore in Q2 September 2018. Net sales improved 15.6% to Rs 822.30 crore in Q2 September 2019 from Rs 711.28 crore in Q2 September 2018. The result was announced after market hours on Friday, 8 November 2019.

Motherson Sumi Systems rose 4.14% after consolidated profit after tax rose by 4% to Rs 385 crore in Q2 FY20 from Rs 371 crore in Q2 FY19. Revenues increased by 6% to Rs 15,709 crore in Q2 September 2019 from Rs 14,854 crore in Q2 September 2018. The result was announced during market hours today, 11 November 2019.

IDBI Bank rose 1.68% after the bank reported net loss of Rs 3,458.84 crore in Q2 September 2019, lower than net loss of Rs 3,602.49 crore during Q2 September 2018. Total income rose 1.12% to Rs 6,231.02 crore in Q2 September 2019 over Q2 September 2018. The announcement was made after market hours on Friday, 8 November 2019.

Stocks in Spotlight

Maruti Suzuki India fell 0.94%. Maruti Suzuki India reported a fall in total automobile production in October 2019 over October 2018. Maruti Suzuki India's total automobile production fell 20.67% to 1.19 lakh units in October 2019 from 1.50 lakh units in October 2018. Total passenger vehicles produced in October 2019 stood at 1.17 lakh units, down by 20.95% from 1.48 lakh units in October 2018. The production of light commercial vehicles fell 10.33% to 1,954 units in October 2019 as against 2,179 units in October 2018.

Tata Motors rose 1.68%. Jaguar Land Rover retail sales in October 2019 were 41,866 vehicles, down 5.5% compared to October 2018. Sales continued to recover in China (up 16.2% year-on-year), the fourth consecutive month of double-digit sales growth in the region. UK sales were down 18.7% for the month, bringing the year-to-date figure to 4.2% down, which is in line with industry trends. Sales were relatively flat (down 0.3%) in North America and down in Europe (down 7.9%) and overseas (down 10.8%).

The market reversed two-rising streak amid broad based selling pressure on Friday. Sentiment was affected after Moody's cut India's credit ratings outlook to negative from stable, citing the government's struggle to lift economic growth and narrow the budget deficit.

Investors also mirrored negative global stocks amid uncertainty about the ongoing China-US trade war. The media reported that an agreement between the United States and China to roll back existing tariffs as part of a phase one trade deal faces fierce internal opposition in the White House and from outside advisers. The idea of a tariff rollback was not part of the original October handshake deal between Chinese Vice Premier Liu He and U.S. President Donald Trump, reports added.

The barometer index, the BSE Sensex fell 330.13 points or 0.81% to close at a 40,323.61. The Sensex scaled fresh all time high of 40,749.33 in afternoon trade.

The Nifty 50 index fell 103.90 points or 0.86% to 11,908.15. The index hit an intraday high of 12,034.15 in afternoon trade.

In the broader market, the S&P BSE Mid-Cap index fell 0.79% while the S&P BSE Small-Cap index declined 0.53%.

The market breadth was negative. On the BSE, 1040 shares rose and 1482 shares fell. A total of 175 shares were unchanged.

Economy:

Credit rating agency Moody's lowered nation's outlook to negative from stable, while retaining the issuer rating at Baa2. The rating agency said its decision to change the outlook to negative reflects increasing risks that economic growth will remain materially lower than in the past, partly reflecting lower government and policy effectiveness at addressing long-standing economic and institutional weaknesses, leading to a gradual rise in the debt burden from already high levels. Moody's cited a growing debt burden and the government's struggle to narrow the budget deficit.

Finance Minister Nirmala Sitharaman on Thursday chaired a meeting with members of the Financial Stability and Development Council (FSDC). The FSDC is an apex-level body constituted, with an aim to strengthen and institutionalise the mechanism of maintaining financial stability and financial sector development among others, by the government of India with the finance minister as its head.

The body also includes the Reserve Bank of India (RBI) governor and chairpersons of the Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDA) as its members along with finance ministry officials. The last meeting of the FSDC was held on June 19, in which the global and domestic economic situation and financial stability issues including, inter-alia, those concerning banking and NBFCs were reviewed among others.

Crude & Currency:

In the foreign exchange market, the Indian rupee edged lower against the dollar. In the spot currency market, the Indian unit was last seen trading at 71.205. On Thursday, it closed at 70.97 against the US dollar.

In the commodities market, Brent crude for January 2020 settlement was down 91 cents at $61.38 a barrel. The contract rose 55 cents or 0.89% to settle at $62.29 a barrel during the previous trading session.

Foreign market:

European stocks declined while most Asian markets ended lower amid uncertainty about the fate of the trade negotiations between the United States and China. Worries the pact could fall apart are now prompting some investors to sell heading into the weekend.

China's Commerce Ministry said Thursday that the world's two largest economies had agreed to lift existing tariffs in phases. Shortly thereafter, a White House spokesperson told Fox News that she was “very optimistic” that Washington and Beijing would reach a trade deal soon.

It prompted a surge of optimism in financial markets on Thursday, but worries that the pact could fall apart has since dampened investor sentiment.

German exports posted their biggest rise in almost two years in September, data showed on Friday.

China's exports and imports declined less than expected in October.

In US, the Dow and S&P 500 notched record closing highs on Thursday as the latest signs of progress in U.S.-China trade relations relieved investors, but a report raising fresh worries about the outlook for a deal limited the day's gains.

Buzzing Index:

The Nifty Pharma index fell 2.24% at 7,787.40, snapping its 2-day winning streak.

Sun Pharmaceutical Industries (down 4.23%), Aurobindo Pharma (down 2.89%), Lupin (down 2.54%), Glenmark Pharmaceutical (down 2.37%), Cipla (down 2.06%), Dr. Reddy's Laboratories (down 1.77%), Piramal Enterprises (down 1.26%), Divi's Laboratories (down 0.99%) and Cadila Healthcare (down 0.92%) declined.

Wockhardt tumbled 4.79%. The company reported a consolidated net loss of Rs 94.24 crore on a net loss in Q2 September 2019, higher than net loss of Rs 30.84 crore in Q2 September 2018. Net sales declined 28.7% to Rs 802.18 crore on YoY basis. The company announced its Q2 2019 earnings after market hours yesterday.

Q2 earnings:

Mahindra & Mahindra (M&M) slipped 0.07%. M&M reported 24% decline in combined profit after tax (after EI) to Rs 1,355 crore on a 15% decline in revenues to Rs 10,935 crore in Q2 September 2019 over Q2 September 2018.

The company reported a combined operating margin of 14.1% in Q2 FY20 as against 14.5% in Q2 FY19.

The company sold 1.10 lakh vehicles in Q2 FY20, lower by 21% from 1.41 lakh units in Q2 FY19. The total tractors sales decrease by 6% to 68,359 units in Q2 FY20 as against 73,012 units in Q2 FY19. Total exports slumped 21% to 10,540 units in Q2 FY20 as compared to 13,377 units in Q2 FY19.

The results include the combined results of M&M and Mahindra Vehicle Manufacturers (MVML), which is a manufacturing unit of M&M.

Eicher Motors rose 1.26%. On consolidated basis, the company's net profit rose 1.19% on YoY basis backed by corporate tax rate cut during the current quarter. The company reported profit after tax at Rs 573 crores in Q2 September 2019 as compared to Rs 549 crores in Q2 September 2018. Total revenue from operations fell 9% amid slowdown in auto segment. The company reported revenue from operations stood at Rs 2,192 crore in Q2 2019 compared with Rs 2,408 crore in Q2 2018. EBITDA stood at Rs 541 crore in Q2FY19, down by 26% compared to Rs 729 crore in Q2FY2018.

GAIL (India) fell 3.86%. On consolidated basis, the company's net profit declined 34.73% YoY to Rs 1167.58 crore in Q2 September 2019. Total revenue from operations fell 6% to Rs 18249.90 crore in Q2 2019 compared with Rs 19352.98 crore in Q2 2018.

Power Grid Corporation of India shed 1.26%. The company reported 9.49% rise in consolidated net profit to Rs 2571.10 crore on 2.34% fall in total income to Rs 9659.79 crore in Q2 September 2019 over Q2 September 2018.

Bharat Petroleum Corporation (BPCL) declined 2.03%. BPCL reported 2.68% rise in consolidated net profit to Rs 1502.63 crore on 10.99% fall in total income to Rs 65015.28 crore in Q2 September 2019 over Q2 September 2018.

GlaxoSmithkline Consumer Healthcare slipped 2.80%. The company reported 25.34% rise in net profit to Rs 345.31 crore on 4.57% rise in total income to Rs 1423.22 crore in Q2 September 2019 over Q2 September 2018.

UPL fell 4.18%. The company's consolidated net profit fell 59.4% to Rs 126 crore on 83.6% surge in net sales to Rs 7,817 crore in Q2 September 2019 over Q2 September 2018.

Stocks in Focus:

Morgan Stanley Capital International (MSCI) announced the results of the November 2019 semi-annual index review for the MSCI equity indexes. All changes will be implemented as of the close of 26 November 2019.

HDFC Asset Management Company (up 5.65%), DLF (up 5.59%), ICICI Prudential Life (up 0.31%), SBI Life Insurance Co (down 0.44%), Siemens India (down 1.08%) and Berger Paints India (down 4.19%) were included in the MSCI India Domestic Index.

Indraprastha Gas (up 6.44%) and Info Edge (India) (up 0.76%) were also added in the MSCI India Domestic Index. Simultaneously, these two stocks were excluded from the MSCI India Domestic Small Cap Index.

Meanwhile, Indraprastha Gas reported 101.25% rise in consolidated net profit to Rs 415.82 crore on 19.93% rise in total income to Rs 1773.84 crore in Q2 September 2019 over Q2 September 2018.

DLF reported 140% rise in consolidated net profit to Rs 414.72 crore on 11.7% decline in net sales to Rs 1331.19 crore in Q2 September 2019 over Q2 September 2018.

Bajaj Finance fell 1.58% to Rs 4160.55. The company allotted 2.17 crore shares to eligible qualified institutional buyers at the issue price of Rs 3,900 per equity share, aggregating to Rs 8,499 crore. The issue opened on 4 November 2019 and closed on 7 November 2019.

Reliance Industries fell 0.92%. Reliance Strategic Business Ventures (RSBVL), a wholly owned subsidiary of the Reliance Industries has acquired further shares in SkyTran Inc. on 6 November 2019, to increase its shareholding in SkyTran Inc. to 17.37% on a fully diluted basis.

Raymond hit 20% upper circuit at Rs 808.40. The company announced the demerger of its core lifestyle business into a separate entity that will be listed through mirror shareholding structure. Every shareholder of Raymond will be issued the shares of the new company in the ratio of 1:1. The move will create a clear demarcation of lifestyle & other businesses leading to the simplification of the group structure.

In another development, Raymond announced the allotment of equity shares and compulsorily convertible preference shares (CCPS) to J. K. Investo Trade (India) (JKIT), an associate company, against the infusion of net proceeds of JKIT land sale that was announced in October 2019. A total of Rs 350 crore will be used to repay the debt thus deleveraging the balance sheet of Raymond.

The benchmark indices extended gains for second straight session on Thursday, reacting to development on the US-China trade front. Media reports suggested that China and the U.S. have agreed to roll back tariffs on each other's goods in phases as they work toward a deal between the two sides.

The barometer index, the BSE Sensex rose 183.96 points or 0.45% to close at a 40,653.74, its record closing high level. The Sensex scaled fresh all time high of 40,688.27 at the fag end of the trading session.

The Nifty 50 index rose 50.05 points or 0.42% to 12,016.10. The index hit an intraday high of 12,021.40. The Nifty closed above the crucial 12,000-mark for the first time since 4 June 2019. The NSE benchmark index is 86.95 points away from its all time high of 12,103.05 hit on 3 June 2019.

The broader market outperformed the benchmark index. The S&P BSE Mid-Cap index rose 0.69% while the S&P BSE Small-Cap index rose 0.54%.

The market breadth was positive. On the BSE, 1339 shares rose and 1187 shares fell. A total of 185 shares were unchanged.

Currency & crude:

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 70.98, compared with its close of 70.9775 during the previous trading session.

In the commodities market, Brent crude for January 2019 settlement was up 75 cents at $62.52 a barrel. The contract fell $1.21 or 1.92% to settle at $61.77 a barrel during the previous trading session.

Foreign markets:

Trading in US index futures indicated that the Dow Jones Industrial Average could rise 158 points at the opening bell today, 7 November 2019.

Shares in Europe and Asia edged higher after China said the world's two largest economies had agreed to cancel additional tariffs imposed in their months-long trade war.

China's Commerce Ministry said Thursday that Washington and Beijing had over the past two weeks agreed to a phased removal of duties on billions of dollars' worth of each other's goods.

If China, U.S. reach a phase-one deal, both sides should roll back existing additional tariffs in the same proportion simultaneously based on the content of the agreement, which is an important condition for reaching the agreement, China's Ministry of Commerce spokesperson Gao Feng said Thursday.

China's key demand since the beginning of negotiations has been the removal of tariffs imposed by US President Donald Trump, which by now apply to the majority of its exports to the U.S.

Buzzing index back home:

Real estate shares advanced after the Union Cabinet approved special window for funding of stalled affordable and middle-income housing projects.

The Nifty Realty index rose 0.88% at 276.45. Peninsula Land (up 12.08%), D B Realty (up 4.98%), Indiabulls Real Estate (up 4.94%), HDIL (up 4.60%), Unitech (up 3.70%), Phoenix Mills (up 3.11%), Sobha (up 2.34%), Prestige Estates (up 1.48%), Oberoi Realty (up 0.83%), DLF (up 0.44%) and Godrej Properties (up 0.22%) advanced.

The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the establishment of a 'special window' fund to provide priority debt financing for the completion of stalled housing projects that are in the affordable and middle-income housing sector. For the purposes of the fund, the government shall act as the sponsor and the total commitment to be infused by the government would be upto Rs 10,000 crore. The fund will be set up as a Category-11 AIF (alternate investment fund) debt fund registered with Sebi and would be professionally run.

For the first AIF under the special window, it is proposed that SBICAP Ventures shall be engaged to be the investment manager. This fund would in turn provide relief to developers that require funding to complete a set of unfinished projects and consequently ensure delivery of homes to the home-buyers. Since the real estate industry is intrinsically linked with several other industries, growth in this sector will have a positive effect in releasing stress in other major sectors of the Indian economy as well.

Stocks in spotlight:

Gains in index pivotals Reliance Industries (RIL), HDFC and ITC pushed key benchmarks higher. Index heavyweight RIL rose 1.86% to Rs 1458.80. HDFC rose 1.38% to Rs 2250.90. ITC rose 1.78% to Rs 265.90.

Indiabulls Housing Finance jumped 8.85% after the board approved fund raising plans. The company said its board approved issuance of secured and/or unsecured redeemable non-convertible debentures (NCDs), in one or more tranches, by way of a public issue and/or private placement of up to Rs 10,000 crore. The NCDs are proposed to be listed on the National Stock Exchange of India, BSE or any other stock exchange, as may be decided by the board of directors of the company from time to time.

The board also approved issuance of non-convertible debentures along with warrants through qualified institutions placement of up to Rs equivalent to $1 billion.

Indiabulls Housing Finance reported its Q2 earnings after market hours yesterday. On consolidated basis, company's net profit declined 32.15% to Rs 702.18 crore on a 19.62% drop in total revenue from operations to Rs 3419.54 crore in Q2 September 2019 over Q2 September 2018. The board has also declared an interim dividend of Rs 7 per equity share.

JB Chemicals & Pharmaceuticals jumped 6.19% after the company said its board will consider buyback of equity shares on 12 November 2019.

Prakash Industries rose 8.10% after the company announced on Wednesday that it emerged as highest bidder for Bhaskarpara coal mine in Chhattisgarh.

Hindustan Unilever (HUL) fell 1.93%. HUL said that the National Company Law Tribunal, Mumbai Bench, has sanctioned the scheme of amalgamation among GlaxoSmithKline Consumer Healthcare and HUL and their respective shareholders and creditors.

MSTC was locked in an upper circuit of 20% at Rs 147.8. The company has entered into a memorandum of understanding (MOU) with Burn Standard Co for e-Auction services for sale of movable assets and immovable assets. The agreement shall remain valid up to 31 March 2021 until it is terminated by either party by giving three months notice.

Further, Larsen and Toubro appointed MSTC as the selling agent for the sale of scrap arising (ferrous and non-ferrous) from buildings and factories of L&T in India through MSTC's e-Auction website. The contract will remain valid till its termination by giving advance notice of 1 month.

Q2 results:

Drug major Sun Pharmaceutical Industries rose 3.02% after consolidated net profit stood at 1,064.09 crore in Q2 September 2019 over a net loss of Rs 269.60 crore in Q2 September 2018. The consolidated net sales jumped 16.10% to Rs 7,949.19 crore in Q2 September 2019 over Q2 September 2018. The result was announced during market hours today, 7 November 2019.

Adjusted for the exceptional item of Rs 1,214 crores for Q2 last year, net profit growth was 12.6% in Q2 September 2019. EBITDA was at Rs 1,616 crore, up by 12% over Q2 last year.

HPCL fell 1.12%. The firm announced its Q2 earnings during market hours today. Net profit fell 3.63% to Rs 1,052.31 crore on 9.40% decline in total income to Rs 66,850.89 crore in Q2 September 2019 over Q2 September 2018. Average gross refining margin during the six months ended 30 September 2019 was $1.87 per BBL as against $5.93 per BBL during the corresponding period of previous year.

Bombay Stock Exchange (BSE) rose 0.57%. The exchange announced weak Q2 numbers after market hours yesterday. The company's net profit declined 22% to Rs 36 crore in Q2 September 2019 over Rs 46 crore in Q2 September 2018. Revenue from operations were down 5% to Rs 109 crore on YoY basis.

Voltas fell 0.87%. On a consolidated basis, the company's year-on-year profit after tax was flat at Rs 107 crore in Q2 September 2019. Total income inched up 1.91% at Rs 1495 crore in Q2 September 2019 over Q2 September 2018. PBT rose 7.14% to Rs 150 crore in Q2 September 2019 over Q2 September 2018. The company reported a 8.53% decline in employees expense to Rs 157.60 crore during the period under review. The result was announced after market hours yesterday, 7 November 2019.

Tata Steel fell 0.30%. The firm announced its Q2 earnings after market hours yesterday. On consolidated basis, the steel major reported a 6% rise in net profit to Rs 3,302.31 crore on the back of one time deferred tax gain of Rs 4365.33 crore in Q2 September 2019. Adjusted profit after extra-ordinary item fell 10.88% to Rs 3,123.65 crore in Q2 September 2019 over Q2 September 2018. Net sales fell 15.77% to Rs 33,953.75 crore during the period under review. Adjusted EBITDA dropped 46% to Rs 3817 crore on YoY basis. The company had a favorable tax impact of Rs 4,233 crore of which Rs 2,425 crore was on adoption of the new corporate tax rate by Tata Steel Standalone and some subsidiaries in India and Rs 1,808 crore was on account of recognition/reversal of deferred tax assets and liabilities in offshore subsidiaries.

Key equity benchmarks reversed early losses and ended in the green on Wednesday. Positive global cues supported sentiment. Gains in private banks and index major Infosys pushed the indices higher. Realty stocks surged on buzz of likely reforms for the sector.

The barometer index, the BSE Sensex rose 221.55 points or 0.55% to close at a 40,469.78. The Sensex ended at record closing high level after hitting an all time high of 40,606.91 in intraday today.

The Nifty 50 index rose 48.85 points or 0.41% to 11,966.05. The index hit an intraday high of 12,002.90. The Nifty is still 142.05 points, or 1.19% away from its all time high of 12,103.05 hit on 3 June 2019.

In the broader market, the BSE Mid-Cap index rose 0.15% and the BSE Small-Cap index was fell 0.36%.

The market breadth was negative. On the BSE, 1224 shares rose and 1280 shares fell. A total of 199 shares were unchanged.

Economy:

Fitch Solutions has raised India's fiscal deficit forecast to 3.6% of the GDP for this fiscal year, from 3.4% previously, due to weak revenue collections resulting from sluggish economic growth and government's sweeping corporate tax rate cut.

Fitch said it was revising the fiscal deficit forecast as revenue collection is likely to fall far short of the projections in the FY2019/20 Union Budget due to weak goods and services tax (GST) and corporate income tax collections.

Foreign markets:

Most European shares were trading higher while most Asian stocks ended higher on Wednesday as investors awaited new developments toward scaling back a bruising trade war between the United States and China.

China is reportedly pressing U.S. President Donald Trump to roll back tariffs the U.S. imposed in September before a phase one trade deal is signed between the world's two biggest economies.

UN economists warned in a report on Tuesday that the Sino-U.S. trade war was a lose-lose situation, costing China $35 billion in the first half of this year while U.S. consumers and companies bore the brunt of the most expensive tariffs.

Meanwhile, media report on Tuesday suggested that finalizing a location for a meeting between Trump and Chinese leader Xi Jinping has become another hurdle for the deal. However, traders are largely optimistic that the preliminary agreement could be signed as early as this month.

US stocks were mixed on Tuesday as investors paused in the wake of a rally buoyed by hopes of a trade deal between the United States and China that sent the three main U.S. stock indexes to record highs in the previous session.

Buzzing sectors:

The Nifty Realty index jumped 2.30% to 273.85, reversing losses incurred in past two sessions.

Indiabulls Real Estate (up 4.95%), Sobha (up 4.44%), DLF (up 4.07%), Godrej Properties (up 3.46%), Prestige Estates (up 3.05%), Sunteck Realty (up 1.58%), Oberoi Realty (up 1.02%), Mahindra Lifespace Developers (up 0.31%) and Omaxe (up 0.24%) advanced.

Realty stocks buzzed on hopes that the government's next round of reforms are likely to be focused on real estate sector. Finance minister Nirmala Sitharaman was quoted by the media as saying on Tuesday, that the real estate sector requires a lot more attention because the sluggishness which prevails there has got to be addressed. The government is very keen and is working very clearly together with Reserve Bank of India (RBI) to see how best we can make necessary tweaks to the existing blocks to help the people who are affected in this one sector which I have not really completely addressed till now, she added.

The Nifty Bank index rose 1.23% to 30,591, reversing yesterday's losses.

Private sector banks were in demand. RBL Bank (up 1.89%), IndusInd Bank (up 1.74%), HDFC Bank (up 1.42%), Axis Bank (up 1.29%), Kotak Mahindra Bank (up 1.13%), Yes Bank (up 0.59%) and Federal Bank (up 0.3%) edged higher.

ICICI Bank rose 2.64%. MSCI is due to announce the results of its semi-annual index review on November 8, including a list of stock additions and removals, along with changes in weightages. The changes will be effective November 27.

Thanks to foreign portfolio investors reducing their stake in ICICI Bank during the preceding quarter, its weightage in the MSCI index is likely to double. According to a domestic broking firm, MSCI rejig will result in a flow of approximately $1.2 billion into the ICICI Bank stock.

Most public sector banks declined. Bank of Baroda (down 2.41%), IDBI Bank (down 1.18%), Punjab National Bank (down 0.85%), Bank of India (down 0.64%) and State Bank of India (down 0.52%) declined.

Canara Bank rose 1.98%. The bank's net profit rose 21.83% to Rs 364.92 crore on a 14.06% rise in total income to Rs 14,461.73 crore in Q2 September 2019 over Q2 September 2018. The bank reported an improvement in asset quality. The ratio of gross NPAs to gross advances stood at 8.68% as on 30 September 2019 as against 8.77% as on 30 June 2019 and 10.56% as on 30 September 2018.

Stocks in spotlight:

IT major Infosys rose 2.37% to Rs 712.30 after chairman Nandan Nilkeni said that co-founders had no role in the whistleblower complaints. The company said it strongly condemns the mischievous insinuations made by anonymous sources against the co-founders and former colleagues, suggesting their involvement in the recent whistleblower allegations.

According to Nandan Nilekani, chairman, Infosys, These speculations are appalling and seem to be aimed at tarnishing the image of some of the most accomplished and respected individuals. I have deep regard for the life-long contribution of all our cofounders. They have built this institution and have served this company selflessly and even today, remain committed to the long-term success of Infosys.

As previously stated, the audit committee has appointed an external law firm to conduct an independent investigation into the allegations made in the complaints. The firm will share the outcome of the investigation at the relevant time with all stakeholders, the company added in its statement issued during trading hours today, 6 November 2019.

PC Jeweller jumped 8.04% to Rs 34.95 after the company settled a case with Sebi regarding alleged non-disclosure of certain information about a share buyback offer that was withdrawn later. The company paid Rs 19,12,500 towards full and final settlement of the alleged default, according to an order.

Aurobindo Pharma fell 4.80% to Rs 450.75. The company said that the U.S. Food and Drug Administration (FDA) issued Form 483 to the company with four observations after inspecting its Hyderabad facilities in October 2019.

Hero MotoCorp rose 0.50% to Rs 2677.10. The board of directors of Hero MotoCorp has considered and approved an investment of upto Rs 450 crore in its associate company, Hero FinCorp (HFCL) by subscribing to the issue of shares by way of private placement in one or more tranches.

Maruti Suzuki India fell 1% to Rs 7311.55. Maruti Suzuki and Toyota Tsusho Group announced setting up one-of-its-kind vehicle dismantling and recycling joint venture, Maruti Suzuki Toyotsu India (MSTI). The joint venture is between Maruti Suzuki India (MSIL) and Toyota Tsusho Group (Toyota Tsusho Corporation (TTC) and Toyota Tsusho India (TTIPL)) with each owning a 50% equity.

Earnings watch:

Drug major Lupin rose 2.29% to end at Rs 772.15. On consolidated basis, the company reported a net loss of Rs 127 crore in Q2 September 2019 as against a net profit of Rs 265.98 crore in Q2 September 2018. The company's revenue from operations rose 10.34% to Rs 4359.65 crore on YoY basis.

Lupin reported a one-time loss of Rs 546 crore due to adjustments made during the quarter, including provisions worth Rs 379.18 crore toward a Texas lawsuit and a loss of Rs 167.30 crore toward selling stake in a Japanese joint venture, Kyowa CritiCare Co.

Drug major Cipla advanced 2.76% to Rs 480.50. Net profit rose by 25% to Rs 471 crore on a 10% in total revenue from operations to Rs 4,395.78 crore in Q2 September 2019 over Q2 September 2018. EBITDA jumped by 21% to Rs 909 crore in Q2 September 2019 as compared to Rs 753 crore in corresponding quarter in the last fiscal. Revenue and EBITDA growth were aided by growth across key businesses.

Titan Company slumped 9.96% to Rs 1156. The company lowered guidance of its jewellery business for the rest of the year due to weak consumer sentiment and high gold prices.

Titan's standalone net profit rose 1.83% to Rs 320.16 crore on 0.4% rise in net sales to Rs 4,370.82 crore in Q2 September 2019 over Q2 September 2018. Revenue growth during the quarter was impacted substantially by the decline in the revenues of the jewellery division due to the sudden spike in gold prices in June 2019. Jewellery segment revenue declined by 1.5% in Q2. After a sudden surge in gold prices in mid-June, there was a considerable decline in sales in July. Higher level of promotion and schemes, led to strong growth in the months of August and September.

The company lowered its jewellery sales growth guidance to 11-13% for the second half of 2019-20 from 20% earlier, the company said in its conference call Tuesday.

IT firm Tech Mahindra slipped 0.17% to Rs 771.85. The company reported 17.2% rise in consolidated profit after tax to Rs 1124 crore on a 4.8% rise in revenue to Rs 9070 crore in Q2 September 2019 over Q1 June 2019. EBITDA rose 14.2% to Rs 1501 crore while the EBITDA margins rose by 130 bps to 16.5% in Q2 September 2019 over Q1 June 2019.

Gillette India fell 3.45% to Rs 7625.55. The company reported 5.49% fall in net profit to Rs 61.76 crore on 1.25% rise in net sales to Rs 462.20 crore in Q1 September 2019 over Q1 September 2018.

The company stated that the fall in net profits was largely due to increased spending on advertising and innovation. The result was announced after market hours yesterday, 5 November 2019.