Nifty hits day's high above 12,000

Domestic stocks were trading higher in early trade on buying demand in index pivotals. Shares of index heavyweight Reliance Industries surged. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 174.36 points or 0.43% at 40,644.06. The Nifty 50 index was up 53.75 points or 0.45% at 11,993.85. The Nifty was currently trading below the psychological 12,000 level after hitting day's high above that level in early trade.

The S&P BSE Mid-Cap index was up 0.25%. The S&P BSE Small-Cap index was up 0.13%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 637 shares rose and 451 shares fell. A total of 55 shares were unchanged.

Among stocks, shares of Reliance Industries (RIL) advanced 3.22%. Reliance Jio Infocomm (Jio), a subsidiary of RIL said it will increase in tariffs in next few weeks in a manner that does not adversely impact data consumption or growth in digital adoption and sustains investments.

Wipro shed 0.36%. Wipro signed a Memorandum of Understanding (MoU) with the University of Oulu, Finland, to collaborate in the areas of wireless communications in 5G/6G at GHz, THz and light wave frequencies under the University's 6G flagship program.

Yes Bank fell 0.86%. Yes Bank said divergence in gross NPAs as of 31 March 2019 was at Rs 3,277 crore and divergence in net NPAs was at Rs 2,299 crore. The bank clarified that the incremental Gross NPA of Rs 2,018 crore is across four accounts of which exposure of Rs 1,041 crore across 3 accounts was internally rated and disclosed as 'BB&Below' as on 30 September 2019. Bank intends to convene board meeting by end of November to finalise capital raising, it said.

Siemens rose 0.58%. Siemens reported 18.28% rise in consolidated net profit to Rs 333.90 crore on 6.38% rise in total income to Rs 4,290.10 crore in Q4 September 2019 over Q4 September 2018.

NBCC (India) rose 1.08%. NBCC (India) said it has received Rs 500 crore order from Ministry of Environment, Forest and Climate, Government of India to provide Principle Project Consultancy and Executing agency for the Development of the National Museum of Natural History at Bhairon Marg, New Delhi.

Overseas, Asian stocks were trading lower in the absence of progress in US-China trade talks.

U.S. stocks closed mostly lower Tuesday, with the Dow and S&P 500 retreating from records, on disappointing earnings results and doubts about a U.S. - China trade deal. The Nasdaq, however, notched a record finish on the strength of technology shares.

The United States would raise tariffs on Chinese imports if no deal is reached with Beijing to end a trade war, U.S. President Donald Trump reportedly said on Tuesday, threatening an escalation of the spat that has damaged economic growth worldwide.

In U.S. economic data, U.S. home building rose in October and permits for future home construction jumped to a 12-year high. Housing starts increased 3.8% to a seasonally adjusted annual rate of 1.314 million units last month. Housing starts rose 8.5% on a year-on-year basis in October.

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