Barometers trade with minor losses; breadth positive

Benchmark indices were trading with minor losses in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, fell 60.92 points or 0.13% at 47,685.30. The Nifty 50 index slipped 17.05 points or 0.12% at 13,964.90.

The S&P BSE Sensex hit a record high of 47,865.56 while the Nifty index hit a record high 14,010.15 today. Trading was volatile as the December 2020 F&O contracts expire today, 31 December 2020.

In the broader market, the S&P BSE Mid-Cap index rose 0.15% while the S&P BSE Small-Cap index gained 0.26%.

The market breadth was positive. On the BSE, 1,616 shares rose and 1,159 shares fell. A total of 177 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 0.50% to 21.2175. The Nifty December 2020 futures were trading at 13,966, at a premium of 0.20 point compared with the spot at 13,965.80.

The Nifty option chain for 31 December 2020 expiry showed maximum Call OI of 78.18 lakh contracts at the 14,000 strike price. Maximum Put OI of 76.77 lakh contracts was seen at 13,900 strike price.

Economy:

As per the Reserve Bank of India, India's current account surplus shrank to $15.5 billion in the July-September quarter from a record $19.2 billion in April-June as its merchandise trade deficit grew. The surplus stood at 2.4% of the gross domestic product in the latest quarter, compared with a deficit of $7.6 billion, or 1.1% of GDP, in the same period a year ago, RBI data showed.

Coronavirus Update:

Total COVID-19 confirmed cases worldwide stood at 8,27,07,976 with 18,05,002 deaths. India reported 2,57,656 active cases of COVID-19 infection and 1,48,738 deaths while 98,60,280 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty IT index fell 0.56% to 24,193.30. The index rose 1.33% in the past three sessions.

Mphasis (down 1.72%), Tech Mahindra (down 1.29%), TCS (down 1.15%), Coforge (down 0.99%) and L&T Infotech (down 0.57%) declined.

Stocks in Spotlight:

Tejas Networks hit an upper circuit of 5% at Rs 137.45 after the company said that it has received a purchase order amounting to $13 million from a leading telecommunications service provider in South East Asia.

As per the contract, Tejas Networks will supply and install its TJ1400 ultra-converged broadband products (TJ1400UCB) to extend high-speed broadband services to underserved rural communities in the region. The project is expected to be executed within the next 12 months, the company said.

Shriram Transport Finance rose 0.34%. The NBFC on 30 December 2020 allotted 2400 senior secured rated, listed redeemable non-convertible debentures (NCD) of face value of Rs 10 lakh each on private placement basis. The bonds offer interest rate of 8% per annum and will mature on 30 December 2022. Shriram Transport Finance Company will utilise the proceeds of the issue for on lending to grow the asset book, financing of commercial vehicles.

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