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Indices decline in early trade

Capital Market 

Indian stocks are trading with modest losses in early trade on selling pressure in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 160.48 points or 0.36% at 44,019.57. The Nifty 50 index was down 40.15 points or 0.31% at 12,898.10.

The S&P BSE Mid-Cap index was up 0.18%. The S&P BSE Small-Cap index was up 0.42%.

The market breadth, indicating the overall health of the market, is positive. On the BSE, 1084 shares rose and 715 shares fell. A total of 78 shares were unchanged.

BPCL (up 2.52%), Bajaj Finserv (up 1.89%) and Tata Steel (up 1.68%) advanced from the Nifty pack.

Stocks in news:

Hero MotoCorp surged 4.12%. Riding on robust customer demand for its range of products, Hero MotoCorp sold more than 14 lakh units of motorcycles and scooters, in retail sales during the just concluded festive season. The good retail off-take during the 32-day festival period - spread between the first day of Navratra and the concluding day after Bhai Duj - was 98% of the festive season volumes sold by the company in the previous year (2019) and 103% compared to the same period in 2018.

TCS rose 0.73%. TCS has fixed Saturday, 28 November 2020, as the record date for the purpose of determining the entitlement and the names of the equity shareholders who shall be eligible to participate in the buyback.

Wipro rose 0.25%. Wipro has fixed Friday, 11 December 2020 as the record date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback.

ACC fell 0.28%. ACC has entered into a Share Purchase Agreement with N.G. Ghadiya Group to divest National Limestone Company (National), a wholly owned subsidiary of the company, which is currently non-operational.

Global Markets:

Overseas, Asian stocks are trading lower on Thursday as concerns about rising coronavirus infections.

In US, stocks closed steeply lower after a late-session sell-off on Wednesday as investors weighed surging COVID-19 infections and mounting shutdowns against encouraging vaccine developments.

A surge in new COVID-19 infections prompted New York City, which has the largest school district in the United States, to halt in-person learning starting from Thursday. New York City joined other large school districts in cities like Boston, Detroit, Las Vegas, Philadelphia that have recently canceled in-person learning due to rising coronavirus cases.

Pfizer and BioNTech on Wednesday said that a final data analysis found their coronavirus vaccine was 95% effective in preventing Covid-19 and appeared to fend off severe disease. Meanwhile Moderna said preliminary phase three trial data showed its vaccine was more than 94% effective.

Back home, domestic equity benchmarks ended near the day's high after a volatile session on Wednesday. Global shares were positive on optimism over COVID-19 vaccine progress. The barometer index, the S&P BSE Sensex, jumped 227.34 points or 0.52% at 44,180.05. The Nifty 50 index added 64.05 points or 0.50% at 12,938.25.

Foreign portfolio investors (FPIs) bought shares worth Rs 3,071.93 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,789.85 crore in the Indian equity market on 18 November, provisional data showed.

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

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First Published: Thu, November 19 2020. 09:32 IST
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