Market opens higher

Key indices opened in the green on select buying in index stocks. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 73.37 points or 0.18% at 40,313.25. The Nifty 50 index was up 24.60 points or 0.21% at 11,881.40.

The S&P BSE Mid-Cap index was up 0.31%. The S&P BSE Small-Cap index was up 0.28%. Both indices outperformed the BSE Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 465 shares rose and 270 shares fell. A total of 31 shares were unchanged.

Among stocks, RIL was down 0.27%. RIL said it has signed a Framework Agreement with The Abu Dhabi National Oil Company (ADNOC) to explore development of an Ethylene Dichloride facility in Ruwais. Under the terms of the agreement, ADNOC would supply ethylene to the potential joint venture and provide access to world-class infrastructure at Ruwais, while RIL will deliver operational expertise and entry to the large and growing Indian vinyls market, in which it is a key participant.

Bharti Airtel fell 0.23%. Bharti Airtel said it will seek approval of its shareholders to raise capital through qualified institutional placement (QIP), foreign currency convertible bonds (FCCBs) and non-convertible debentures (NCDs) on 3 January. It plans to raise $3 billion via debt and equity shares or convertible instruments.

Wipro shed 0.31%. Wipro and the Ministry of Technology and Communications (MTC), a government authority of the Sultanate of Oman, have signed a Memorandum of Understanding (MoU) to launch a Center of Excellence (CoE) for open source. Under this MoU, Wipro and MTC will collaborate to build, deploy and sustain the CoE as well as accelerate adoption of open source technologies in thc public and private sectors of Oman and the Gulf Cooperation Council (GCC) region.

IDBI Bank was up 2.24%. IDBI Bank said the Board of Directors of IDBI Bank Ltd., at its meeting held on Tuesday, December 10, 2019, has given in-principle approval to divest/ dilute IDBI Bank's stake in its subsidiaries namely IDBI Capital Market Securities Limited (ICMS) and IDBI Intech Limited (IIL) to the extent of 49% to the prospective investors and retaining controlling stake with the Bank.

Yes Bank fell 3.96%. Yes Bank said the Board is willing to favourably consider the offer of $ 500 Million of Citax Holdings and Citax Investment Group and the final decision regarding allotment to follow in the next board meeting, subject to requisite regulatory approval(s). The binding offer of $ 1.2 Billion submitted by Erwin Singh Braich / SPGP Holdings also continues to be under discussion. The Bank shall continue to evaluate other potential investors to raise capital upto $ 2 Billion.

Future Supply Chain Solutions went up 1.65%. Future Supply Chain Solutions said CCI approved the acquisition of stake in Future Supply Chain Solutions Limited by Nippon Express (South Asia & Oceania) Pte. Ltd. Nippon Express is a Singapore-based wholly owned subsidiary of Nippon Express Co. Ltd., with operations over the South Asian and Oceania regions. It is Japan-based global logistics company, which provides one-stop logistics services, which include, transport services, global supply chain management, warehouse and distribution services, etc.

Overseas, most Asian markets were trading higher on Wednesday as Sino-US trade talks approached weekend deadline.

In US, stocks ended lower Tuesday, setting a two-day losing streak, as a looming 15 December deadline for additional tariffs on Chinese goods weighed down Wall Street.

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