Broader market trades firm; realty shares rise for 7th day

The equity barometers were trading firm in mid-afternoon trade. At 14:22 IST, the barometer index, the S&P BSE Sensex, rose 264.67 points or 0.61% at 43,902.65. The Nifty 50 index advanced 76.50 points or 0.60% at 12,856.75.

The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index rose 1.04%. The S&P BSE Small-Cap index gained 0.86%.

Buyers outnumbered sellers. On the BSE, 1504 shares rose and 1222 shares fell. A total of 176 shares were unchanged.

Investors' sentiment was boosted as US biotech firm Moderna announced that its experimental vaccine against COVID-19 was almost 95% effective, marking a second major breakthrough in the quest to end the pandemic. Concurrently, a foreign brokerage house reportedly said that a 'global synchronous recovery' looms next year with the world likely to grow at 6.4% in 2021.

 

Meanwhile, Foreign Institutional Investors (FII) have remained net buyers for the month of November 2020. FIIs bought a total of Rs 29,454.22 crore equity shares so far in November 2020.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 5,50,24,738 with 13,27,253 deaths. India reported 4,53,401 active cases of COVID-19 infection and 1,30,519 deaths while 82,90,370 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

The annual rate of inflation based on Wholesale Price Index (WPI), stood at 1.48% (provisional) in October 2020 (over October 2019). The figure stood at 1.32% in September.

India's trade deficit narrowed to $8.71 billion in October 2020 from $11.75 billion a year ago as both exports and imports fell during the month. After recording positive growth in September, India's exports fell 5.12% from a year ago to $24.89 billion. Imports also fell 11.53% year-on-year to $33.6 billion in October 2020.

Buzzing Segment:

The Nifty Realty index rose 3.66% to 250.65, extending gains for seventh day in a row. The index has added 11.6% in seven sessions.

Brigade Enterprises (up 6.86%), Godrej Properties (up 5.11%), Sobha Developers (up 3.98%), DLF (up 3.22%), The Phoenix Mills (up 3.13%), Oberoi Realty (up 1.76%) advanced.

Indiabulls RE (down 4.66%), Prestige Estates (down 0.53%), Sunteck Realty (down 0.39%), Omaxe (down 0.22%) declined.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee edged higher to 74.505 compared with its previous closing 74.625.

The yield on 10-year benchmark federal paper fell to 5.869% compared with its closing of 5.878% in the previous trading session.

MCX Gold futures for 4 December 2020 settlement rose 0.15% to Rs 50,906.

In the commodities market, Brent crude for January 2021 settlement fell 9 cents to $43.73 a barrel. The contract rose 2.43% or $1.04 to settle at $43.82 in the previous trading sessions.

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