Stocks nudge higher in early trade

Local stocks are trading higher in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 167 points or 0.38% at 43,766.96. The Nifty 50 index was up 32 points or 0.25% at 12,803.70.

The S&P BSE Mid-Cap index was up 0.86%. The S&P BSE Small-Cap index was up 0.64%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1235 shares rose and 548 shares fell. A total of 97 shares were unchanged.

Stocks in news:

Reliance Industries (RIL) shed 0.46%. RIL and Reliance Retail Ventures (RRVL) have completed the current phase of partner induction and fund raise exercise for RRVL. RRVL has received cumulative subscription amount of Rs 47,265 crore from various financial partners and allotted 69,27,81,234 equity shares to them.

Mphasis gained 1.89% after the company announced its acquisition of Datalytyx, a leading next-gen data engineering and consultancy company. Headquartered in London, United Kingdom, Datalytyx provides Next-gen Data Engineering, Data Ops and Master Data Management solutions on Snowflake and Talend environments to clients globally.

Vodafone Idea rose 3.13%. Bharti Infratel gained 1.75%. In relation to the merger of Indus Tower (Indus) with Bharti Infratel (Infratel), Vodafone Idea has sold its 11.15% stake in Indus for a cash consideration of Rs. 37.6 billion in accordance with the terms of the agreement and out of the consideration received from Infratel, the company has made a prepayment of Rs 24 billion which will be adjusted in line with terms of the agreement.

Pricol advanced 2.36%. Pricol said that the rights issue committee fixed the record date for the purpose of determining the shareholders who will be eligible to apply in the rights issue as 25th November 2020.

Syngene International rose 0.84%. Syngene International and Deerfield Discovery and Development Corporation (3DC), the drug discovery and development subsidiary of Deerfield Management Company (Deerfield), have signed an agreement to collaborate to advance therapeutic discovery projects, from target validation through to pharmacological proof of concept and preclinical evaluation.

Global Markets:

Overseas, Asian stocks are trading mixed on Friday as investors remained cautious over the short-term economic impact of the coronavirus as cases around the world continue to rise.

Japan's manufacturing decline sped up in November as output and orders sagged, a business survey showed on Friday. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) fell to a seasonally adjusted 48.3 from a final 48.7 in October.

In US, stocks rose on Thursday following a report that US lawmakers may restart negotiations on economic stimulus.

The number of Americans seeking unemployment aid rose last week to 742,000. The Labour Department's report on Thursday showed that applications for benefits rose from 711,000 in the previous week.

Preliminary data released earlier on Thursday University of Oxford and AstraZeneca's vaccine candidate triggered a similar immune response among all adults. Oxford and AstraZeneca's data came a day after Pfizer and BioNTech said their Covid-19 vaccine candidate was 95% effective.

Back home, domestic equity barometers ended near the day's low on Thursday, dragged by banks and financial stocks. Concerns about rising coronavirus infections across the globe eclipsed the enthusiasm surrounding COVID-19 vaccine development. The barometer index, the S&P BSE Sensex, tumbled 580.09 points or 1.31% to 43,599.96. The Nifty 50 index slumped 166.55 points or 1.29% at 12,771.70.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,180.61 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,854.94 crore in the Indian equity market on 19 November, provisional data showed.

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