Broader market rallies; Bajaj Finance hits record high

The Sensex was trading with minimal losses while the Nifty was almost flat in morning trade. Auto stocks were in demand ahead of the monthly sales numbers to be unveiled next week.

At 10:30 IST, the barometer index, the S&P BSE Sensex, fell 54.41 points or 0.12% at 44,205.96. The Nifty 50 index was down 1.4 points or 0.01% at 12,985.50.

Bajaj Finance was up 1.44% to Rs 4897.45. The stock hit a record high of Rs 4924.25 in initial deals.

In the broader market, the S&P BSE Mid-Cap index was up 1.6% while the S&P BSE Small-Cap index gained 1.31%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1507 shares rose and 748 shares fell. A total of 146 shares were unchanged.

The National Statistics Office will release the July-September quarter gross domestic product data today, 27 November 2020.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 6,03,33,049 with 14,20,462 deaths. India reported 4,55,555 active cases of COVID-19 infection and 135,715 deaths while 87,18,517 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

Amitabh Kant, CEO, NITI Aayog has stated that India is uniquely positioned in the global landscape and has the potential to become the leading force in the new world order. India can create up to $1 trillion of the economic value by digital economy by 2025 with half of the opportunities originating in new digital ecosystems that can spring up in diverse sectors of the economy, he noted addressing the virtual session on Collaboration between Industry and Science during the Global R&D Summit 2020, organized jointly by the Department of Science and Technology, GoI and FICCI.

India could potentially see a five-fold increase in economic value from digital transformation by 2025. This will represent an attractive opportunity for global and local businesses, start-ups, and innovators to invest in emerging technologies like AI, Blockchain or drones in ways that are customized to Indian needs. Kant further said that the government is focusing on high-quality public and private R&D and digital is the future both in the private and public sector.

Buzzing Index:

The Nifty Auto index gained 1.32% to 8,883.10. The index tumbled 1.51% in the previous session.

Tata Motors (up 4.58%), Ashok Leyland (up 3.26%), MRF (up 2.07%), Motherson Sumi Systems (up 1.85%), Bajaj Auto (up 1.82%), Balkrishna Industries (up 1.7%), TVS Motor Company (up 1.6%), Eicher Motors (up 1.46%), Maruti Suzuki India (up 1.24%), Exide Industries (up 1.1%) and Hero MotoCorp (up 0.7%) advanced.

Mahindra & Mahindra (M&M) rose 0.87% to Rs 735.35 after the company said that Mahindra First Choice Services will integrate its operations with TVS Automobile Solutions. Mahindra First Choice Services (MFCSL) will partner with TVS ASPL, which houses TVS, a multi-brand independent automobile aftermarket brand that offers integrated solutions across the aftermarket value chain. As part of the transaction, M&M will secure a stake in TVS ASPL and in turn, MFCSL will become a subsidiary of TVS ASPL.

Stocks in Spotlight:

United Spirits fell 0.32%. The liquor maker said it is rescinding the share purchase agreement entered with Sri Balaji Implex to divest entire stake in its non-operative subsidiary Tern Distilleries (TDPL) as the buyer failed to pay consideration. Consequently, TDPL will continue to be subsidiary of the company, United Spirits said in an announcement made after market hours yesterday, 26 November 2020.

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