Nifty hovers above 13,500; breadth negative

Benchmark indices trade with modest losses in early afternoon trade. The Nifty reclaimed 13,500 mark. Barring the Nifty IT index, all the sectoral indices on the NSE declined.

At 12:20 IST, the barometer index, the S&P BSE Sensex, fell 176.48 points or 0.38% at 46,076.98. The Nifty 50 index slipped 43.25 points or 0.32% at 13,514.90.

Sentiment was weak amid negative cues from Asian markets as worries about increasing Covid deaths and lockdowns overshadowed optimism about the roll-out of coronavirus vaccinations.

In the broader market, the S&P BSE Mid-Cap index fell 0.23% while the S&P BSE Small-Cap index lost 0.10%.

The market breadth was negative. On the BSE, 1,254 shares rose and 1,503 shares fell. A total of 137 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1% to 19.5975. The Nifty December 2020 futures were trading at 13,511, at a premium of 7.05 points compared with the spot at 13,503.95.

The Nifty option chain for 31 December 2020 expiry showed maximum Call OI of 23.80 lakh contracts at the 13,000 strike price. Maximum Put OI of 40.57 lakh contracts was seen at 13,000 strike price.

Economy:

India's retail inflation declined to 6.93% in the month of November 2020 even though it remained above the Reserve Bank of India's (RBI) upper margin of 6%, data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed. The retail inflation, which is measured by the Consumer Price Index (CPI), for the month of October was 7.61%.

Coronavirus Update:

Total COVID-19 confirmed cases worldwide stood at 7,28,49,650 with 16,21,154 deaths.

India's Covid-19 recovery rate has reached around 95.12%. India reported 3,39,820 active cases of COVID-19 infection and 1,43,709 deaths while 94,22,636 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty Realty index lost 1.16% to 286.55. Prestige Estates Projects (down 2.62%), DLF (down 2.01%), Sunteck Realty (down 1.88%), Godrej Properties (down 1.41%) and Omaxe (down 1.03%) declined.

Stocks in Spotlight:

Saregama India fell 0.36%. The company introduced Carvaan Karaoke, which comes with inbuilt screen which displays song lyrics. Carvaan Karaoke has 1,000 pre-loaded Karaoke tracks, 5,000 evergreen Hindi songs and 280+ music & non-music based podcasts. It supports other functions like FM/ AM/ BT/ Aux Out & HDMI connectivity as well. Carvaan Karaoke is priced at Rs 19,990, available on saregama.com, amazon.in and flipkart.

Dilip Buildcon gained 1.88% after the construction company received a Letter of Acceptance (LoA) for a road project in Gujarat. The scope of the project includes Four Laning of Dhrol - Bhadra Patiya section of NH-151A and Bhadra Patiya - Pipaliya Section of NH-151A in Gujarat through Public private Partnership (PPP). The bid project cost is Rs 882 crore and the project is to be completed in 24 months and will have an operation period of 15 years.

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