Stock market update: Market mood positive; Sterlite Technologies, Ashok Leyland rise

NEW DELHI: Shares of Sterlite Technologies (up 6.51 per cent) and Mold-Tek Packaging (up 5.83 per cent) surged up to 6 per cent on NSE during morning trade on Friday in a positive market.

On Thursday, Sterlite Technologies posted its June quarter consolidated net profit at Rs 121.71 crore against Rs 112.42 crore in the fourth quarter of FY18.

Shares of Ashok Leyland jumped 2 per cent, a day after it suffered losses as the government brought in new axle norms for load carrying capacity which experts said could hurt demand for commercial vehicles.


Besides, brokerage firm CLSA downgraded Ashok Leyland to 'sell' from 'buy' saying that demand outlook is getting clouded and market share has started to slip. The firm has also cut target price on Ashok Leyland to Rs 100 from Rs 175.

In the Nifty 50 index, stocks such as Bajaj Finserv (up 3.10 per cent), ICICI Bank (up 2.39 per cent), Bajaj Finance (up 2.25 per cent), Tech Mahindra (up 2.24 per cent) and Infosys (up 2.16 per cent) were witnessing decent rise in their share value.

Benchmark indices opened on a cautious noted on Friday ahead of the debate and vote over the no-confidence motion against the Modi government and a slump in rupee value to a record low against US dollar.

Rupee tumbled amid political uncertainty. The domestic currency hit a record low of 69.12 against dollar in early trade on Friday, led by selling by banks and exporters.

However, gains in heavyweights including Reliance Industries, Infosys and ICICI Bank lifted the market up.

The NSE Nifty index was trading 42 points up at 10,999, while the BSE Sensex was up 153 points at 36,504 around 10:05 am.