Benchmarks off day's high; breadth positive

Equity indices came off the day's high as profit booking emerged at higher level in morning trade. The Nifty gave up 13,100 level. Overall sentiment was positive amid strong global cues.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 56.55 points or 0.13% at 44,579.90. The Nifty 50 index was up 21.7 points or 0.17% at 13,076.40.

The Sensex hit a record high of 44,825.37 while Nifty scaled fresh high of 13,145.85 in early deal today.

The broader market lagged the benchmark indices. The S&P BSE Mid-Cap index was down 0.3% while the S&P BSE Small-Cap index fell 0.13%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1294 shares rose and 983 shares fell. A total of 120 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 59,679,996 with 14,07,873 deaths.

India reported 4,44,746 active cases of COVID-19 infection and 134,699 deaths while 86,42,771 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty Metal index gained 1.11% to 2,870.60. The index has added 4.28% in four days.

Vedanta (up 1.55%), Jindal Steel & Power (up 1.49%), Hindalco Industries (up 1.33%), NMDC (up 1.23%), Tata Steel (up 1.16%), JSW Steel (up 0.65%), Coal India (up 0.45%) and National Aluminium Company (up 0.14%) were top gainers in metal space.

Stocks in Spotlight:

Union Bank of India rose 3.11% to Rs 26.50 after the bank said that it will raise up to Rs 1000 crore via issue of debt securities. In a BSE filing made after market hours on Tuesday (24 November 2020), the state-run lender said that it is issuing Basel III compliant Tier II bonds in the nature of debentures with the aggregate issue size not exceeding Rs 1,000 crore, having a base issue size of up to Rs 500 crore and a Green Shoe option to retain oversubscription up to Rs 500 crore. The bonds of face value of Rs 10 lakh each, bearing a coupon of 7.18% per annum, will have maturity of 15 years. The deemed allotment date of the bonds is 26 November 2020, it added.

Larsen & Toubro rose 0.39%. The EPC major announced that its construction arm, L&T Construction has secured a 'large' contract to construct India's longest road bridge across river Brahmaputra connecting Dhubri in Assam to Phulbari in Meghalaya. As per the L&T's classification, the valuation of the 'large' order is between Rs 2500 crore to Rs 5000 crore.

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