You are here: Home » News-CM » Equities » Market Report
Business Standard

Indices trade near flat line

Capital Market 

A divergent trend is witnessed in early trade as the Sensex is trading with minor losses while the Nifty is trading with tiny gains. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 9.78 points or 0.02% at 44,249.96. The Nifty 50 index was up 6.50 points or 0.05% at 12,993.50.

The S&P BSE Mid-Cap index was up 1.15%. The S&P BSE Small-Cap index was up 0.89%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1185 shares rose and 528 shares fell. A total of 87 shares were unchanged.

GDP data:

In economic data, the National Statistics Office will release the July-September quarter gross domestic product data today, 27 November 2020.

Stocks in news:

Mahindra & Mahindra (M&M) rose 0.51%. Mahindra Holdings (MHL) a wholly owned subsidiary of the company, has agreed to sell its entire stake aggregating 100% of the paid-up equity share capital in Mahindra First Choice Services (MFCS) and its entire stake aggregating 100% of Optionally Convertible Redeemable Preference Shares in Auto Digitech (ADPL), wholly owned subsidiary of MFCS, to TVS Automobile Solutions (TASL). Following the sale, MHL's shareholding in MFCS and ADPL would come down to Nil, and MFCS and ADPL would cease to be the subsidiaries of MHL and consequently of the company.

United Spirits rose 0.22%. In connection with the sale of all the shares held by the company in its subsidiary, Tern Distilleries (TDPL), it has not received consideration from the prospective buyer. Hence, the company is rescinding the share purchase agreement entered on 14th October 2020. Consequently, TDPL will continue to be subsidiary of the company.

AU Small Finance Bank rose 1.84%. The bank has made strategic investment of Rs 7.70 crore in NPCI, wherein 61,320 equity shares at book value of Rs 1,256 per equity share are allocated to the bank constituting about 0.44% shareholding of NPCI.

Gillette India rose 0.46%. The National Anti-Profiteering Authority (NAA) has uploaded an order dated November 23, 2020 on their official website on November 25, 2020. The order alleges that the company has profiteered to the tune of Rs 57, 99, 37,416/- and directs the company to deposit the profiteered amount with interest in Consumer Welfare Funds. It's the position of the Company that it has passed on the net benefit of the reduced GST rates to its recipients and has not profiteered from it. The company is reviewing the order and will take appropriate steps in due course.

Ramkrishna Forgings jumped 9.06%. The company has completed the trial run of Hollow Spindle Line on 25 November 2020 and started its commercial production on 26 November 2020.

Global Markets:

Overseas, Asian stocks are trading little changed on Friday as investors react to data on China's industrial profits for October.

Profits at Chinese industrial firms rose 28.2% year-on-year in October to 642.91 billion yuan ($97.79 billion), official data showed on Friday, pointing to a steady recovery in the manufacturing sector after it was hard hit by the COVID-19 pandemic. Profits rose for a sixth straight month in October, after increasing by 10.1% year-on-year in September, the data from the National Bureau of Statistics (NBS) showed.

Markets will also scrutinize concerns over the Oxford-AstraZeneca vaccine candidate, with results and methods used in their phase three vaccine trials under criticism from experts in the U.S. As the race for a coronavirus vaccine continues, questions are being raised over AstraZeneca's vaccine candidate, for which the firm said combined results revealed it to be 70% effective.

In US, financial markets were closed on Thursday for the Thanksgiving holiday and U.S. bonds and stocks will trade on a partial schedule on Friday.

Back home, equity indices bounced off day's lows and ended with strong gains on Thursday. The S&P BSE Sensex, jumped 431.64 points or 0.98% at 44,259.74. The Nifty 50 index spurted 128.60 points or 1% at 12,987.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,027.31 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,400.10 crore in the Indian equity market on 26 November, provisional data showed.

Powered by Capital Market - Live News

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

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, November 27 2020. 09:34 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU