Key benchmark indices are trading higher in early trade on buying demand in index pivotal. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 164.32 points or 0.37% at 44,314.04. The Nifty 50 index was up 44.15 points or 0.34% at 13,013.10. Stock markets were closed on Monday, 30 November 2020 on account of Gurunanak Jayanti.
The S&P BSE Mid-Cap index was up 0.57%. The S&P BSE Small-Cap index was up 0.72%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1304 shares rose and 625 shares fell. A total of 111 shares were unchanged.
The National Statistical Office (NSO) released the estimates of Gross Domestic Product (GDP) in the July-September period. Provisional estimates of gross domestic product for the second quarter of the year ending in March 2021 show economic output shrank by 7.5%, following the 23.9% contraction in the first quarter.
India's eight core industries growth for October was at -2.5%. The September growth number has been revised to -0.1% from -0.8% earlier.
Markit Manufacturing PMI for November will be declared today, 1 December 2020.
Stocks in news:
Hero MotoCorp rose 0.3%. Hero MotoCorp has appointed global mobility expert Michael Clarke to the newly created position of chief operating officer (COO), with the additional role of chief human resources officer (CHRO). Based out of India, Mike will join Hero MotoCorp effective 1 January 2021 and report to Dr. Pawan Munjal, Chairman & CEO of Hero MotoCorp. The nomination and remuneration committee of Hero MotoCorp has approved the appointment.
Dr. Reddy's Laboratories roe 0.48%. Dr. Reddy's Laboratories on Saturday (28 November 2020) announced that it has entered into a definitive agreement with Glenmark Pharmaceuticals to acquire select anti-allergy brands in Russia, Ukraine, Kazakhstan and Uzbekistan. Dr. Reddy's will acquire brands Momat Rino (for Russia, Kazakhstan and Uzbekistan), Momat Rino Advance (for Russia), Momat A (for Kazakhstan and Uzbekistan), Glenspray and Glenspray Active (for Ukraine), along-with rights to the trademarks, dossiers and patents for the territories mentioned, subject to completion of certain precedent actions and closing activities.
ICICI Lombard General Insurance Company advanced 2.25%. ICICI Lombard General Insurance Company said that Insurance Regulatory and Development Authority of India (IRDAI), has granted in-principle approval to the draft scheme of arrangement between the company and Bharti AXA General Insurance Company.
Unichem Laboratories gained 3.52%. Unichem Laboratories announced that it has received ANDA approval for its Atenolol and Chlorthalidone Tablets, USP 50 mg/25 mg and 100 mg/25 mg from the United States Food and Drug Administration (USFDA) to market a generic version of TENORETIC (atenolol and chlorthalidone) Tablets of Alvogen Malta Operations.
Indiabulls Housing Finance rose 1.76%. Indiabulls Housing Finance on Saturday (28 November 2020) announced that it has raised about Rs 93 crore by further reducing its stake in OakNorth Holdings. The sale proceeds will be accretive to the regulatory net worth and the CRAR of the housing finance company.
Gayatri Projects surged 4.36%. Gayatri Projects on Saturday (28 November 2020) said it received letter of award (LoA) from Namami Gange & Rural Drinking Water Department in Uttar Pradesh. The project is for construction of Jhakhaun Birdha, Dorra Balabehat Kadesara Kalan & Mau group of villages water supply scheme, district-Lalitpur and relevant works including commissioning and operation and maintenance of the same for a period of 10 years. The bid project cost is Rs 395.98 crore.
Most Asian stocks are trading higher as investors react to the release of a private survey of China's manufacturing activity.
The Caixin/Markit manufacturing Purchasing Managers' Index for November came in at 54.9. PMI readings above 50 signify expansion, while those below that level represent contraction.
In US, stocks dipped on Monday as the prospect of a vaccine-driven economic recovery and further central bank stimulus measures eclipsed immediate concerns about the spiking coronavirus pandemic.
Moderna Inc on November 30 applied for U.S. emergency authorization for its COVID-19 vaccine after full results from a late-stage study showed it was 94.1% effective with no serious safety concerns.
Back home, domestic equity indices ended a volatile session with small losses on Friday. The barometer index, the S&P BSE Sensex fell 110.02 points or 0.25% at 44,149.72. The Nifty 50 index declined 18.05 points or 0.14% at 12,968.95.
Foreign portfolio investors (FPIs) bought shares worth Rs 7,712.98 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 4,968.90 crore in the Indian equity market on 27 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.)