Key benchmark indices firmed up once again after paring gains in afternoon trade. At 13:27 IST, the barometer index, the S&P BSE Sensex, was up 165.11 points or 0.41% at 40,449.30. The Nifty 50 index was up 43.45 points or 0.37% at 11,927.95.
The S&P BSE Mid-Cap index traded 0.19% lower. The S&P BSE Small-Cap index traded 0.36% higher.
The market breadth was negative. On the BSE, 1082 shares rose and 1254 shares fell. A total of 179 shares were unchanged. In Nifty 50 index, 22 stocks advanced while 28 stocks declined.
The Nifty Auto was down 0.55% to 8,073.95, extending decline for third straight session. The index has fallen 1.42% to 8,073.95 from a recent closing high of 8,190.90 on 14 November 2019.
Mahindra & Mahindra (down 1.74%), TVS Motor Company (down 1.43%), Hero MotoCorp (down 1.13%), Tata Motors (down 0.94%), Ashok Leyland (down 0.36%) and Bajaj Auto (down 0.09%) declined.
Escorts (up 0.88%) and Eicher Motors (up 0.28%) advanced.
The Federation of Automobile Dealers Associations (FADA) reported that vehicle registrations in October showed a positive momentum due to festivals. Attractive offers boosted the overall positive mood of the buyer.
Vehicles registrations rose by 4% to 17,09,610 units in October 2019 as against 16,38,832 units in October 2018. 2-wheeler registration was up by 5% while 3-wheeler registration was up by 4% on YoY basis.
Stocks in Spotlight:
Telecom major Bharti Airtel advanced 5.76% to Rs 432.70. The scrip has hit 52-week high of Rs 435 in intraday today.
In an exchange filing, Airtel said that it will appropriately increase price offerings in the month beginning December. While continuing to provide affordable tariffs to customers, it would balance the needs of the company to remain viable and thereby continue to invest in the much needed digital infrastructure and maintain the quality standards required by its customers.
TCS shed 1.91% to Rs 2110.65. The IT major announced the setting up of a new Microsoft Business Unit (MBU). Offering a full complement of services and solutions around Microsoft technologies, and catering to all stakeholders in the enterprise, the new unit will work with customers worldwide to accelerate their Business 4.0 transformation journeys.
Shares of Maruti Suzuki India were trading 0.35% lower at Rs 7075. The car major announced that the WagonR 1.0 Litre (Petrol) is now BS-VI compliant. The new BS-VI compliant WagonR will come with a price rise. The revised ex-showroom price in Delhi and NCR of BS-VI compliant WagonR 1.0 Litre (Petrol) varies from Rs. 4.42 lakhs to Rs. 5.41 lakhs.
Zee Entertainment Enterprises was trading 3.23% lower at Rs 284.55 after Brickwork Ratings downgraded its rating on company's 6% cumulative redeemable non-convertible preference shares. Brickwork Ratings revised ratings from BWR AAA to BWR AA+ with negative implications.
The rating agency justified the downgrade with multiple factors. Deteriorating financial flexibility of the group marked by increased pledge of promoter holding, continuous volatility in share price movement of the Company resulting in substantial decline in market capitalization and promoter group's inability to repay full debt against pledge of ZEEL shares as per committed timelines.
Index pivotal Reliance Industries (RIL) rose 3.48% at Rs 1509.25. It hit a record high of Rs 1,511.90 in intraday today.
Overseas, European stocks opened higher while Asian stocks were trading mixed on Tuesday as investors awaited clearer news on the progress of trade negotiations between the two major economies.
US stocks eked out fresh all-time highs on Monday, notching slight gains as progress toward a so-called phase-one U.S.-China trade agreement remained elusive.
The Trump administration on Monday issued a 90-day extension of a license allowing U.S. companies to continue doing business with Chinese telecom giant Huawei Technologies Co.
Chinese Vice Premier Liu He, the country's top trade negotiator, reportedly held a phone conversation with U.S. Trade Rep. Robert Lighthizer and Treasury Secretary Steven Mnuchin on Saturday, describing the discussions as constructive.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)