Benchmarks trade higher on positive global cues

The market was trading with small gains in afternoon trade as investors track positive mood around US-China trade talks. At 13:23 IST, the barometer index, the S&P BSE Sensex, was up 92.56 points or 0.23% at 40,913.86. The Nifty 50 index was up 36.70 points or 0.30% at 12,074.40.

In the broader market, the S&P BSE Mid-Cap index was up 0.35%. The S&P BSE Small-Cap index rose 0.01%.

The market breadth was negative. On the BSE, 1132 shares rose and 1169 shares fell. A total of 177 shares were unchanged. In Nifty 50 index, 39 stocks advanced and 11 stocks declined.

Stocks in Spotlight:

Yes Bank jumped 5.99% to Rs 67.20. The bank's board will meet on 29 November 2019 to consider raising of funds by issuing equity/equity linked securities through permissible modes, subject to necessary shareholders and regulatory approvals.

NSE has banned Yes Bank from the derivatives segment after crossing 95% of market wide position limit.

HCL Technologies rose 1.33% to Rs 1125. The company said that 7 December 2019 has been fixed as the record date for determining the eligible shareholders entitled for the proposed 1:1 bonus issue of shares.

Ashok Leyland advanced 1.05% to Rs 81.60 after the company bagged an order for 1750 buses from Tamil Nadu State Transport Undertakings.

Housing Development Finance Corporation (HDFC) rose 0.81% to Rs 2322.40 after a global brokerage maintain 'overweight' rating on the stocks and increased its price target to Rs 2,900 from Rs 2,600.

Foreign Markets:

Overseas, markets in Europe and Asia edged higher as investors focused on U.S.-China trade talks and an upbeat assessment of the economy from Federal Reserve Chairman Jerome Powell.

As for data, fresh figures showed that Chinese industrial profits dropped for a third consecutive month in October.

US markets advanced to close at new all-time highs Tuesday after top Chinese and U.S. negotiators reportedly agreed on talks toward a preliminary 'phase one' deal, China's Commerce Ministry said Tuesday. The ministry said Vice Premier Liu He, the country's top negotiator, spoke by phone with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

Meanwhile, Fed Chair Powell, in remarks Monday evening, outlined an optimistic view of the US economy but signaled that low inflation would likely keep interest rates low. The Fed chief said that the central bank's three rate cuts this year have helped to spur home purchases, contributing to the economy's longest expansion on record.

In US economic data, consumer confidence fell in November for the fourth month in a row, with the Conference Board's index falling from 125.5 from 126.1 in October.

New-home sales fell in October to a seasonally adjusted annual rate of 733,000, from 738,000 in September. But the Case-Shiller home-price index for September showed home prices rising nationally at a 3.2% annual pace, up from a 3.1% rise in August.

Back in Europe, market participants kept a close watch on the latest political developments out of the U.K., as the country heads for a fresh set of elections on 12 December.

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