Sensex, Nifty extend losses; FM to address media at 3 pm

Key barometers registered fresh intraday lows in mid-morning trade amid weakness in auto and banking shares. The Nifty regained 12,200 mark after slipping below that level.

Finance Minister Nirmala Sitharaman will address the media at 15:00 IST today, 31 December 2019.

At 11:21 IST, the barometer index, the S&P BSE Sensex, was down 176.51 points or 0.42% at 41,381.49. The Nifty 50 index was down 49.1 points or 0.4% at 12,206.75.

The broader market fared better than benchmarks due to reasonable valuation compared with heavyweights. The S&P BSE Mid-Cap index was up 0.11% while the S&P BSE Small-Cap index was up 0.26%.

The market breadth was positive. On the BSE, 1116 shares rose and 980 shares fell. A total of 123 shares were unchanged. In Nifty 50 index, 17 stocks advanced while 33 stocks declined.

Buzzing Index:

Auto stocks witnessed selling pressure ahead of December 2019 sales numbers to be announced on Wednesday, 1 January 2020. The Nifty Auto index was down 0.71% at 8,266.65, after surging 2.41% in last two sessions.

TVS Motors Company (down 1.32%), Eicher Motors (down1.15%), SML Isuzu (down 1.11%), Tata Motors (down 0.87%), Hero MotoCorp (down 0.72%), Force Motors (down 0.69%), Maruti Suzuki India (down 0.67%), Bajaj Auto (down 0.55%), Mahindra and Mahindra (down 0.48%) and Ashok Leyland (down 0.31%) declined.

Stocks in Spotlight:

Shares of Solara Active Pharma Sciences were trading 0.11% higher at Rs 441.85. The company released pledge on 21,00,833 shares which represent 8.15% of total share capital. The company clarified that release of pledge is on the back of repayment of loan.

Cochin Shipyard rose 0.35% to Rs 402. The company has been declared as successful Resolution Applicant by Committee of Creditors (CoC) of Tebma Shipyard under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code, 2016. The company further stated that the implementation of the transaction is not subject to regulatory requirements and as per the final terms approved by the National Company Law Tribunal.

Foreign Markets:

Asian markets were trading lower on Tuesday echoing falls on Wall Street, as investors locked in gains made since the US and China reached a preliminary trade deal earlier this month.

In US, markets retreated on Monday in the penultimate session of 2019, following a powerful stretch of returns, supported in the final few weeks by optimism over an initial trade pact with China.

On economic front, the November US trade deficit fell to a more than 27-month low, down 5.4%.

Contracts to buy previously-owned US homes rose in November, according to the National Association of Realtors.

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