Nifty corrects below 13,000 on profit selling

Domestic indices reversed gains and declined in mid-morning trade as profit booking emerged at higher levels. The Nifty fell below the crucial 13,000 mark.

At 11:24 IST, the barometer index, the S&P BSE Sensex, fell 285.82 points or 0.64% at 44,237.90. The Nifty 50 index declined 69.15 points or 0.53% at 12,986.40.

The Sensex hit a record high of 44,825.37 while Nifty scaled fresh high of 13,145.85 in early deal today.

The broader market lagged the benchmark indices. The S&P BSE Mid-Cap index was down 1.25% while the S&P BSE Small-Cap index fell 1.05%.

The market breadth turned negative. On the BSE, 957 shares advanced and 1512 shares declined. A total of 135 shares were unchanged.

Foreign institutional investors (FIIs) have bought Indian stocks worth a net Rs 49559.40 crore from the secondary equity markets in November 2020 (till 24 November 2020).

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 59,679,996 with 14,07,873 deaths.

India reported 4,44,746 active cases of COVID-19 infection and 134,699 deaths while 86,42,771 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty IT index declined 1.09% to 21,824.60.The index gained 4.5% in the past three trading sessions.

L&T Infotech (down 4.61%), Tech Mahindra (down 1.87%), Mindtree (down 1.64%), Infosys (down 1.23%), HCL Tech (down 1.21%) and Info Edge (down 0.66%) were top losers in IT segment.

Stocks in Spotlight:

Lasa Supergenerics rose 2.81% to Rs 84.05 after the company received further injection from the Bombay High Court, restraining its competitor from manufacturing albendazole. In a BSE filing made after market hours yesterday, the company said that the Bombay High Court by its interim order dated 23 November 2020 has restrained one of our competitor from infringing Lasa's process patent with respect to preparation of albendazole. The relief granted by the High Court is in addition to the earlier reliefs by which the competitor is restrained from manufacturing and/or dealing in its product by using the Lasa's proprietary and confidential information.

ARSS Infrastructure Projects jumped 8.42% after the EPC company won Rs 210 crore order for improvement to two lane with paved shoulder of NH-40 section in the state of Meghalaya on EPC Mode from National Highways & Infrastructure Development Corporation.

Global Markets:

Asian stocks were trading on a mixed note on Wednesday, reversing initial gains on profit selling.

In the United States, the Dow Jones industrial average closed at 30,046 points, up 1.5% or 455 points, hours after hitting the 30,000 mark for the first time ever. Strong gains across the market lifted the broader S&P 500 to a new record closing high. It finished 58 points or 1.62% higher, at 3,635 points.

Uncertainty in US politics has also eased after the Trump administration officially began the transition process to President-elect Joe Biden following weeks of delay. Energy stocks, financial companies, basic materials producers and industrial firms led the rally, as investors anticipated a growth-friendly stimulus package.

US president-elect Joe Biden moved swiftly to make Cabinet choices after defeating President Donald Trump, who gave the go-ahead for Biden to start receiving daily intelligence briefings. Investors now await the FOMC's minutes from its last meeting due later today for clues on the direction of monetary policy.

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