Indices at day's low; auto ancillaries advance

Key indices extended losses and hit fresh intraday low in mid-morning trade ahead of the expiry of December futures and options contracts. The Nifty was trading below 12,200 mark. At 11:32 IST, the barometer index, the S&P BSE Sensex, was down 88.05 points or 0.21% at 41,373.21. The Nifty 50 index was down 24.05 points or 0.2% at 12,190.50.

The broader market bucked the trend. The S&P BSE Mid-Cap index was up 0.17% while the S&P BSE Small-Cap index rose 0.51%.

The market breadth was positive. On the BSE, 1166 shares rose and 845 shares fell. A total of 146 shares were unchanged. In Nifty 50 index, 21 stocks advanced while 29 stocks declined.

 

Buzzing Index:

Auto ancillary stocks were in demand. Rane Engine Valve (up 19.99%), Rane (Madras) (up 19.98%), Rane Brake Lining (up 17.74%), Rane Holdings (up 15.72%), Sterling Tools (up 15.58%), Lumax Auto Technologies (up 9.94%), Z.F Steering Gear (up 9.07%), Mahindra CIE Automotive (up 7.19%), GNA Axles (up 6.31%), Minda Corporation (up 5.71%), Automotive Axles (up 5.61%), Minda Industries (up 4.52%), Subros (up 3.46%), Munjal Showa (up 1.82%) and Steel Strip Wheels (up 1.81%) advanced.

Stocks in Spotlight:

Bharti Airtel fell 0.71% after the company said Airtel Africa intends to raise about $37.5 million through a public issue of its local business, Airtel Malawi.

Lupin was trading 0.21% lower at Rs 763.65. The drug major said that its Ankleshwar facility won Frost & Sullivan's India manufacturing excellence award for 2019.

Foreign Markets:

Most Asian markets were trading higher as investors remained optimistic amid easing worries about US-China trade tensions and on hopes of a global economic pickup next year. Some of the markets in the Asian region continued to remain closed for holidays.

In US, stocks ended nearly flat on Tuesday in a shortened trading session before closing for Christmas Day. US markets will reopen on Thursday.

Investors have been encouraged by plans for an interim US-Chinese trade deal despite having seen few details.

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