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Market drifts lower in early trade

Capital Market 

Local stocks are trading with small losses in early trade. At 9:28 IST, the barometer index, the S&P BSE Sensex, was down 28.42 points or 0.06% at 43,924.29. The Nifty 50 index was down 2.85 points or 0.02% at 12,871.35.

The S&P BSE Mid-Cap index was up 0.49%. The S&P BSE Small-Cap index was up 0.51%.

The market breadth, indicating the overall health of the market, is positive. On the BSE, 1054 shares rose and 731 shares fell. A total of 100 shares were unchanged.

Tech Mahindra (down 1.41%), Hindustan Unilever (down 1.28%) and Titan Company (down 1.21%) edged lower from the Sensex pack.

Stocks in news:

DLF rose 0.69%. DLF has been recognised as an index component of the Dow Jones Sustainability Indices (DJSI) in Emerging markets category. The company achieved 93 Percentile overall score in Governance, Environment & Social Dimension. It scored 100 percentiles in various criterions including social reporting, environmental reporting and social integration.

IRCTC fell 0.98%. IRCTC said that due to low occupancy levels resulting from Covid-19 pandemic, all departures of Tejas Trains are being canceled of Lucknow-New Delhi Tejas Express from 23rd November 2020 and Ahemdabad-Mumbai Tejas Express from 24th November 2020.

Lakshmi Vilas Bank (LVB) lost 20%. The central government on Tuesday (17 November 2020) placed cash-strapped Lakshmi Vilas Bank (LVB) under moratorium for a period of one month and restricted withdrawals at Rs 25,000 for depositors. Further, RBI has invited comments on its draft merger scheme between LVB and with DBS Bank India Ltd. (DBIL). DBIL is a wholly owned subsidiary of Singapore-based DBS Bank, which in turn is a subsidiary of Asia's leading financial services group, DBS Group Holdings. It has been issued a banking license to operate as banking company on 4 October 2018.

IIFL Securities jumped 9.46%. IIFL Securities said that the meeting of the board of directors of the company will be held on 20 November 2020, to consider proposal for buy-back of fully paid-up equity shares of the company.

Global Markets:

Overseas, Asian stocks are trading mixed on Wednesday as investors remained cautious despite vaccine hopes, even as coronavirus cases continued to surge.

Japanese exports in October did much better than expected, falling 0.2%, according to the Ministry of Finance. It followed a 4.9% drop in September. Exports were helped by a rise in demand for Japanese cars by China and the U.S., which drove up shipments.

In US, stocks retreated from record closing highs on Tuesday, ending lower as surging COVID-19 cases, the growing threat of a fresh round of economic lockdowns and weak retail sales data dampened the euphoria caused by potential vaccine breakthroughs.

On Tuesday, U.S. Fed Chair Jerome Powell warned that the surge in cases is a concern for an economic recovery that has a long way to go.

Back home, domestic equity indices ended near the day's high on Tuesday, tracking strength in other Asian indices. The barometer index, the S&P BSE Sensex, rose 314.73 points or 0.72% at 43,952.71. The Nifty 50 index advanced 93.95 points or 0.74% at 12,874.20.

Foreign portfolio investors (FPIs) bought shares worth Rs 4,905.35 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,829.16 crore in the Indian equity market on 17 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: Wed, November 18 2020. 09:35 IST