Sensex, Nifty trade sideways

The equity barometers were trading sideways in mid-afternoon trade. At 14:22 IST, the barometer index, the S&P BSE Sensex, was down 12.31 points or 0.03% to 44,605.73. The Nifty 50 index gained 11.65 points or 0.09% at 13,125.40.

The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index rose 0.65%. The S&P BSE Small-Cap index gained 0.59%.

Buyers outnumbered sellers. On the BSE, 1906 shares rose and 922 shares fell. A total of 177 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 6,45,08,746 with 14,92,998 deaths. India reported 4,22,943 active cases of COVID-19 infection and 1,38,648 deaths while 89,73,373 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

The seasonally adjusted India Services Business Activity Index fell to 53.7 in November from 54.1 in October. The Indian services economy remained on the right path to recovery during November, with a further upturn in new work supporting business activity growth and the first rise in employment for nine months.

Moreover, the overall level of positive sentiment climbed to the highest since February amid predictions that market conditions would normalize once a vaccine for the coronavirus disease 2019 (COVID-19) is rolled out. Meanwhile, rates of inflation for input costs and output charges accelerated, both of which outpacing their respective long-run averages.

The Composite PMI Output Index was down to 56.3 in November from 58 in October. Indian private sector activity rose for the third straight month in November, but the pace of growth softened from October's near nine-year high. Rates of increase eased at manufacturers and service providers.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee edged lower to 73.92 as compared to its previous closing of 73.81.

The yield on 10-year benchmark federal paper rose to 5.928% compared with its closing of 5.920% in the previous trading session.

MCX Gold futures for 4 December 2020 settlement rose 1.12% to Rs 49,189.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.20% to 90.94.

In the commodities market, Brent crude for February 2020 settlement rose 14 cents to $48.39 a barrel. The contract gained 1.75% or 83 cents to end at $48.25 in the previous trading session.

Buzzing Index:

The Nifty Media index rose 2.58% to 1,578.45. The index has added 7.20% in five sessions.

Dish TV India (up 7.39%), D.B.Corp (up 4.42%), Zee Entertainment (up 4.32%), Jagran Prakashan (up 2.20%), Inox Leisure (up 1.92%), Sun TV Network (up 1.61%), Hathway Cable (up 1.28%), PVR (up 1.19%), T.V.Today Network (up 0.78%) and TV18 Broadcast (up 0.62%) edged higher.

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