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Market drifts lower

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Key indices were trading lower on selective selling in index stocks. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 61.34 points or 0.15% at 41,798.35. The Nifty 50 index was down 11.40 points or 0.09% at 12,318.15.

The S&P BSE Mid-Cap index was up 0.23%. The S&P BSE Small-Cap index was up 0.27%. Both these indices outperformed the BSE Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 773 shares rose and 367 shares fell. A total of 47 shares were unchanged.

Among stocks, Infosys fell 0.55%. Infosys said the company has partnered with GEFCO, a world leader in multimodal supply chain solutions and the European leader in automotive logistics, to support its digital transformation over the next five years.

Wipro advanced 0.43%. IT major Wipro will announce its Q3 result today, 14 January 2020.

Indian Railway Catering Tourism Corporation gained 0.64%. Indian Railway Catering Tourism Corporation (IRCTC) said Ministry of Railways has given its approval to IRCTC to operate 82901/82902 Ahmedabad-Mumbai Central Tejas Express (06 days a week). This train will have its inaugural run on 17 January 2020 and will start its commercial run from 19 January 2020.

JSW Steel rose 0.79%. JSW Steel said the company posted a 5% year-on-year decline in crude steel production. The company reported 4.02 million tons of crude steel production in Q3 December 2019 against 4.23 million tons in Q3 December 2018.

Aster DM Healthcare was up 1%. Aster DM Healthcare said the board has approved the shares buyback for up to 57.14 lakh equity shares fully paid-up of Rs 10 per equity share representing up to 1.13 % of the total paid-up Equity Share capital of the company at a price of Rs 210, for an aggregate amount of up to Rs 120 crore.

Manappuram Finance fell 0.42%. Manappuram Finance said the company has raised $300,000,000 by allotment of fixed rate senior secure notes (Notes). The Notes will be listed on the Singapore Exchange Securities Trading.

The all-India general CPI inflation jumped to 7.35% in December 2019 (new base 2012=100), compared with 5.54% in November 2019. The corresponding provisional inflation rate for rural area was 7.26% and urban area 7.46% in December 2019 as against 5.27% and 5.76% in November 2019.

Overseas, Asian markets were trading higher on Tuesday as investors await China's trade data ahead of a long-anticipated phase one deal signing with the US this week. Optimism also rose as the US removed China from a list of currency manipulators.

In US, the S&P 500 and Nasdaq hit all-time high on Monday, as investors awaited the planned signing of a phase one US-China trade deal later in the week and prepared for fourth-quarter earnings season to move into full swing.

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

First Published: Tue, January 14 2020. 09:27 IST
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