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Markets at noon: Sensex, Nifty off the day's high as IT stock weigh on indices; Tata Motors leads gainers, surges 6%

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The Sensex traded 179 points higher, or 0.47 percent, at 38,306 at 12.03 pm.

Markets at noon: Sensex, Nifty off the day's high as IT stock weigh on indices; Tata Motors leads gainers, surges 6%
Indian benchmark equity indices, the BSE Sensex and NSE Nifty50, traded with strong gains on Monday afternoon, tracking positive global cues and ahead of the release of key inflation data. Asian markets gained as US President Donald Trump outlined the first phase of a deal to end a trade war with China and suspended a threatened tariff hike.
The Sensex traded 179 points higher, or 0.47 percent, at 38,306 at 12.03 pm. The 30-share benchmark S&P BSE index had opened at 38,208 and touched the day's high at 38,383.
The Nifty 50 also rose 50 points, or 0.44 percent, to trade at 11,355. The broader NSE index started at 11,335.90 and hit the day's high at 11,382.50.
Broader market indices also rose and outperformed their frontline peers. The Nifty MidCap 100 surged 0.61 percent, while the BSE MidCap index advanced 0.73 percent. The Nifty SmallCap 100 index lagged behind slightly, rising just 0.33 percent.
Among gainers, Tata Motors, ONGC, Tata Steel, Vedanta and Yes Bank were leading, rising between 2 and 6 percent. Infosys, Cipla, Bajaj Finance, Power Grid and UPL were down by up to 3.17 percent.
Indian Railway Catering and Tourism Corporation (IRCTC) has made a strong stock market debut on Monday, listing at a 103 percent premium from its issue price. The IRCTC IPO, which was open for subscription between September 30 and October 4, was subscribed 112 times at a price band of Rs 315-320 per share.
The IRCTC IPO was listed at Rs 651 per share on the BSE, a premium of 103.4 percent from its issue price of Rs 320 per share. Intraday, the stock hit a high of Rs 698 per share, up 118 percent from its issue price.
Infosys shares fell over 4 percent on Monday after the IT major reported a 2.2 percent year-on-year (YoY) drop in net profit at Rs 4,019 crore for the second quarter ended September 2019.
Shares of Adani Gas surged 18 percent in opening trade on Monday after the company informed that French energy giant Total SA would buy a 37.4 percent stake in the Indian gas distribution company. The stock rose as much as 18 percent to Rs 162.40 per share on BSE.
Birlasoft Ltd shares surged 12 percent in Monday's early trade, reversing a four-day downtrend, after the CK Birla Group firm signed a multi-year agreement worth $240 million with the US-based Invacare Corp.
Metal shares advanced on Monday, with the Nifty Metal Index rising almost 2 percent boosted by signs of progress in the China-US trade tensions.
In the currency market, the Indian rupee opened at 70.83, then gained further ground and touched a high of 70.74, registering a rise of 28 paise over its previous close.
The 10-year government bond yield was at 6.49 per cent in morning trade.
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-with inputs from agencies