Shares come off day's high; breadth positive

The market trimmed early gains and traded near flat line in morning trade. The sentiment was cautious ahead of GST Council meet to be held on 18 December 2019. IT stocks displayed firmness. The Nifty hovered around the crucial 12,100 level.

At 10:18 IST, the barometer index, the S&P BSE Sensex, was up 24.23 points or 0.06% at 41,033.94. The Nifty 50 index was up 5.45 points or 0.05% at 12,092.15.

In the broader market, the S&P BSE Mid-Cap index was up 0.03%. The S&P BSE Small-Cap index was up 0.26%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 904 shares rose and 763 shares fell. A total of 123 shares were unchanged. In Nifty 50 index, 20 stocks edged higher while 30 stocks declined.

Buzzing Index:

The Nifty IT index extended gains for second consecutive session on the back of positive global sentiment. The Nifty IT index was up 0.93% at 15,342.25.

MindTree (up 2%), HCL Technologies (up 1.32%), Tech Mahindra (up 1.26%), Hexaware Technologies (up 0.99%), TCS (up 0.88%), Wipro (up 0.74%), Zensar Technologies (up 0.61%), Infosys (up 0.59%) and Persistent Systems (up 0.26%) were top gainers in IT segment.

Stocks in Spotlight:

Yes Bank was down 0.43% at Rs 46.45. The stock is banned in the NSE's F&O segment after the security crossed 95% of market wide position limit.

Edelweiss Financial Services was up 2.5% to Rs 119. The Competition Commission of India (CCI) approved Sanaka Growth SPV I (Sanaka) investment in Edelweiss Securities (ESL). The proposed combination relates to investment by Sanaka in ESL and Edelweiss Global Investment Advisory Business (EGIA) Subsidiaries of up to INR equivalent to $44 million, the regulator added.

Punjab National Bank declined 2.17% to Rs 63.05 after the Reserve Bank of India has found that it has under-reported bad loans by Rs 2,617 crore in the year ended 31 March 2019. According to recent guidelines by the Securities and Exchange Board of India (Sebi), banks are now required to disclose divergence in the asset classification and provisioning immediately upon receipt of RBI's final Risk Assessment Report (RAR). The divergence is the difference in bad loans reported by the bank and the assessment done by RBI. The adjusted (notional) net loss for the year ended 31 March 2019, after taking into account the divergence in provisioning, was at Rs 11,335.90 crore. Earlier, PNB had reported a net loss of Rs 9975.49 crore in the year ended March 2019.

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