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Broader market trades firm; breadth negative

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The benchmark indices continued trading with minimal gains in mid-afternoon trade. At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 40.54 points or 0.10% at 41,061.15. The Nifty 50 index was up 24.35 points or 0.20% at 12,125.05. Investors avoided aggressive bets ahead of India's Q2 GDP data on Friday, 29 November 2019.

The broader market outperformed the benchmark index. The S&P BSE Mid-Cap index was up 0.80%. The S&P BSE Small-Cap index was up 0.30%.

The market breadth turned negative. On the BSE, 1174 shares rose and 1195 shares fell. A total of 199 shares were unchanged. In Nifty 50 index, 28 stocks advanced while 22 stocks declined.

Buzzing Index:

The Nifty PSU Bank index rose 2.86% to 2,700.50, outperforming the benchmark Nifty index.

Corporation Bank (up 8.26%), Union Bank of India (up 6.81%), Syndicate Bank (up 5.15%), IDBI Bank (up 4.84%), Punjab National Bank (up 4.71%), Indian Bank (up 4.52%), Punjab & Sind Bank (up 4.12%), Bank of Maharashtra (up 3.37%), UCO Bank (up 3.19%), Allahabad Bank (up 3.03%), Bank of Baroda (up 2.84%), Andhra Bank (up 2.15%), United Bank of India (up 1.78%), Canara Bank (up 1.67%), Central Bank of India (up 1.58%), State Bank of India (up 1.53%) and Bank of India (up 1.04%) advanced.

Stocks in Spotlight:

Shiva Cement hit 5% upper circuit at Rs 15.05. The Odisha-based company has been declared as a preferred bidder for the Khatkurbahal (North) Limestone Block, which is adjacent to its existing mine and has received the government's nod to expand its mining operation.

JSW Cement, which owns 54% stake in Shiva Cement, said in a statement said the developments will help to enhance its targeted capacity to 25 MTPA from 14 MTPA. Besides, JSW will be able to strengthen its presence in the eastern market.

Network18 Media & Investments rose 3.27% to Rs 30 while TV18 Broadcast rose 3.43% to Rs 24.10. Media reports suggested that Mukesh Ambani is said to be in talks to sell his news media assets to Times Group.

Numbers to track:

The yield on 10-year benchmark federal paper fell to 6.453% at 14:14 IST compared with 6.468% in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.4875, compared with its close of 71.35 during the previous trading session.

In the commodities market, Brent crude for January 2020 settlement was down 15 cents at $63.91 a barrel. The contract fell 21 cents, or 0.32% to settle at $64.06 a barrel during the previous trading session.

MCX Gold futures for 5 December 2019 settlement rose 0.34% to Rs 37,652.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 28 2019. 14:28 IST