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Indices come off day's low; Nifty above 11,950

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The market pared losses in mid-afternoon trade. The Nifty was trading above the 11,950 level. At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 91.24 points or 0.22% at 40,584.21. The Nifty 50 index was down 25.50 points or 0.21% at 11,968.70.

The sentiment was weak amid negative global cues after U.S. President Donald Trump said a trade deal with China might have to wait until after the 2020 presidential election. Fresh U.S. tariffs on Argentina and Brazil as well as threatened duties on French goods also put pressure on equities. Investors awaited the Reserve Bank of India's policy statement on Thursday and details of the Union cabinet meeting today.

The S&P BSE Mid-Cap index was up 0.08%. The S&P BSE Small-Cap index fell 0.05%.

The market breadth was negative. On the BSE, 1036 shares rose and 1292 shares fell. A total of 196 shares were unchanged. In Nifty 50 index, 23 stocks advanced while 27 stocks declined.

Stocks in Spotlight:

Bharti Airtel advanced 0.05% to Rs 459.20. The company's board will meet today to consider and evaluate any and all proposals for raising of funds either by issuance of equity shares, and or bonds.

Dr. Reddy's Laboratories rose 0.66% to Rs 2878. The drug maker announced the launch of Bortezomib approved by the U.S. Food and Drug Administration (USFDA). The drug is indicated for the treatment of adult patients with multiple myeloma and for the treatment of adult patients with mantle cell lymphoma who have received at least one prior therapy.

Piramal Enterprises slipped 2.68% to Rs 1678. The company's pharma solutions business announced that the company will be partnering with BerGenBio ASA on the development of Bemcentinib for the treatment of elderly patients with relapsed acute myeloid leukemia (AML). Bemcentinib was recently designated as a Fast Track drug by the U.S. Food and Drug Administration (FDA), asthere are currently no marketed drugs specifically approved for relapsed AML patients, representing a significant unmet medical need.

Numbers to watch:

The yield on 10-year benchmark federal paper fell to 6.455% at 14:19 IST compared with 6.462% in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.69, compared with its close of 71.6675 during the previous trading session.

MCX Gold futures for 5 December 2019 settlement rose 0.44% to Rs 38,420.

In the commodities market, Brent crude for February 2020 settlement was up 42 cents at $61.24 a barrel. The contract fell 0.16% or 10 cents to settle at $60.82 a barrel during the previous trading session.

The Organization of the Petroleum Exporting Countries (OPEC)'s bi-annual meeting will kicks off Thursday in Vienna. OPEC and its allies, known as OPEC+, are discussing a plan to increase an existing supply cut of 1.2 million barrels per day (bpd) by a further 400,000 bpd and extend the pact until June, media reports said.

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

First Published: Wed, December 04 2019. 14:26 IST