Indices turn rangebound

The benchmark indices traded in a narrow range near day's low in afternoon trade. Investors remained cautious ahead of Q2 GDP numbers which will be declared after market hours today.

At 13:25 IST, the barometer index, the S&P BSE Sensex, was down 367.67 points or 0.89% at 40,762.50. The Nifty 50 index was down 102.95 points or 0.85% at 12,048.20.

The broader market bucked weak market trend. The S&P BSE Mid-Cap index was up 0.38%. The S&P BSE Small-Cap index was up 0.50%.

The market breadth was negative. On the BSE, 1135 shares rose and 1159 shares fell. A total of 177 shares were unchanged.

Macros:

India's GDP data for September quarter is scheduled to be published after market hours today, 29 November 2019. While Care Ratings, ICRA, Edelweiss expects the economy to have expanded at 4.7% in Q2, DBS and Nomura are on the lower band of the forecasts with projections of 4.3% and 4.2% respectively.

Stocks in spotlight:

HDFC Bank was down 0.07%. The board of directors of the bank has constituted a search committee to identify a successor to Aditya Puri, the current managing director of the bank, whose tenure ends on 26 October 2020. The search committee, over the next few months, shall evaluate internal and external candidates to ensure smooth transition.

Yes Bank rose 0.64% to Rs 70.50. The Bank's board meets today to consider plans for fund raising. A brokerage has upgraded the stock rating to 'buy' from 'hold' and hiked the price target to Rs 101 from Rs 70.

The brokerage said underlying franchise strength would attract capital. Further, it believes that the underlying asset quality is acute and largely factored in.

Foreign Markets:

Overseas, European markets opened on a negative note while Asian stocks continued to trade lower as investors worried that a new US law backing Hong Kong protests could derail Washington's and Beijing's efforts to end their trade war.

Hang Seng tumbled after US President Trump signed a bill supporting Hong Kong protestors. Hong Kong has been rocked by months of civil unrest initially sparked by a since-withdrawn extradition bill. The bill is in favour of pro democracy and might have grave implications on US China Trade Deal. China's foreign ministry responded, claiming the U.S. had sinister intentions.

Japan's industrial output slipped at the fastest pace since early last year in October. Factory output fell 4.2% in October from the previous month, trade ministry data showed on Friday, swinging from a 1.7% rise the previous month.

The Bank of Korea announced on Friday its decision to keep the benchmark interest rate steady at 1.25%, in line with expectations.

U.S. financial markets were closed Thursday for Thanksgiving Day and will have an abbreviated trading schedule on Friday.

Back in Europe, French President Emmanuel Macron renewed his criticism of NATO Thursday, defending his claim the military alliance was suffering a brain death.

Next week, NATO is due to meet for its 2019 summit and Trump set to meet Queen Elizabeth II in London.

U.K. figures released Friday showed consumer confidence remained stuck at its lowest level since 2013 in November, amid uncertainty over the Dec. 12 general election. Meanwhile, French GDP data for the third quarter is due later in the morning.

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