Benchmarks trade with decent gains

Benchmark indices traded with modest gains in early afternoon trade. Auto stocks rallied for the third consecutive day. The Sensex hit a record high of 44,499.62 while the Nifty hit a record high of 13,048.75 in morning session today.

At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 312.67 points or 0.71% at 44,389.82. The Nifty 50 index gained 92.90 points or 0.72% at 13,019.35.

Global cues were positive as COVID-19 vaccine progress boosted sentiment and US President-elect Joe Biden was given the go-ahead to begin his White House transition.

In the broader market, the S&P BSE Mid-Cap index rose 0.46% while the S&P BSE Small-Cap index gained 0.86%.

The market breadth was positive. On the BSE, 1,481 shares rose and 1,101 shares fell. A total of 183 shares were unchanged.

Economy:

Finance minister Nirmala Sitharaman said the momentum of reforms has continued even during the pandemic and this will continue in future as well. Sitharaman was speaking at the National MNCs' Conference 2020 organised by Confederation of Indian Industry (CII). She added that six states were setting up special manufacturing zones for pharmaceuticals, medical devices and active pharmaceutical ingredients with an effective, unified single window. "Today not just the MNC's, but the entire industry & the economy is facing a reset exercise of doing business and this is being further strengthened by the Govt's Atmanirbhar Bharat program," FM stated.

Coronavirus Update:

Total COVID-19 confirmed cases worldwide stood at 5,91,68,889 with 13,96,359 deaths. India reported 4,38,667 active cases of COVID-19 infection and 1,34,218 deaths while 86,04,955 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 2.12% to 21.24. The Nifty November 2020 futures were trading at 13,016.70, at a discount of 2 points compared with the spot at 13,018.70.

The Nifty option chain for 26 November 2020 expiry showed maximum Call OI of 44.97 lakh contracts at the 13,000 strike price. Maximum Put OI of 49.87 lakh contracts was seen at 12,800 strike price.

Buzzing Index:

The Nifty Auto index gained 1.84% to 8,899.40. The index has added 3.14% in three sessions.

Bosch (up 6.73%), Eicher Motors (up 3.48%), Mahindra & Mahindra (M&M) (up 3.27%), Maruti Suzuki India (up 2.61%) and Tata Motors (up 2.43%) advanced.

Stocks in Spotlight:

Coal India rose 0.77%. The coal major on Monday announced that its board has approved to enhance the non-coking coal price by Rs 10 per tonne for regulated and non-regulated sectors. Coal India said the price hike, towards contribution to the corpus of Coal Mines Pension Scheme (CMPS) 1998, will come into effect from 1 December 2020.

AU Small Finance Bank gained 1.15%. The bank said it sold 35 lakh equity shares, or 4.46% stake, held in Aavas Financiers on 23 November 2020. Post sale, AU Small Finance Bank's current shareholding stands at 3,383 equity shares in Aavas Financiers.

Garware Technical Fibres rose 1.90% after the company said that its board will consider share buyback on Friday, 27 November 2020.

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