Market slightly lower in early trade

Key indices are trading with minor to small losses in early trade amid volatility. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 46.42 points or 0.1% at 47,566.66. The Nifty 50 index was down 4.55 points or 0.03% at 13,928.05.

The S&P BSE Mid-Cap index was off 0.03%. The S&P BSE Small-Cap index was down 0.06%.

The market breadth, indicating the overall health of the market, is negative. On the BSE, 1021 shares rose and 1040 shares fell. A total of 99 shares were unchanged.

Stocks in news:

UPL advanced 3.21%. UPL has completed the pre-payment of US$410 mn of 3.25% Senior Notes due October 2021. The pre-payment, which concluded on 28th December 2020, was done using the cash on its balance sheet. This prepayment is in line with its commitment to reduce debt.

Jindal Steel & Power (JSPL) rose 1.45%. JSPL got Regular Supplier status from Indian Railways to supply 60kg 880 grade (90UTS) Rails.

Torrent Pharmaceuticals shed 0.18%. Torrent Pharmaceuticals said that the Secured Redeemable Non Convertible Debentures (NCDs) of Rs 166.70 crore out of the total NCDs of Rs 500 crores has been redeemed and repaid by the company on 29 December 2020.

APL Apollo Tubes fell 0.93%. APL Apollo Tubes said that CARE Ratings has revised the credit rating of long-term bank facilities of the company to AA-/Stable and has reaffirmed the credit rating of short-term bank facilities at A1+.

NLC India declined 0.1%. NLC India informed that 10,000 units of Commercial Paper of a face value of Rs 5,00,000 each, aggregating to Rs 500 crore have been issued and allotted on 29 December 2020.

Global Markets:

Overseas, Asian stocks are trading mixed on Wednesday after major indexes on Wall Street snapped their multi-day winning streaks overnight.

In US, stocks slipped on Tuesday after reaching fresh all-time highs as traders weighed the possibility of even more fiscal stimulus being approved by Congress. All three of the major averages hit record highs at the open.

Back home, domestic equity benchmarks settled with decent gains on Tuesday, extending their uptrend for the fifth trading session. Positive global cues and robust FII inflows supported buying. The barometer index, the S&P BSE Sensex, rose 259.33 points or 0.55% to 47,613.08. The Nifty 50 index added 59.40 points or 0.43% to 13,932.60.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,349.53 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,010.50 crore in the Indian equity market on 29 December, provisional data showed.

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