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Market trades higher on positive Asian cues

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Key indices are trading higher in early trade on positive Asian cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 112.56 points or 0.28% at 40,906.37. The Nifty 50 index was up 16.15 points or 0.13% at 12,072.20.

The S&P BSE Mid-Cap index was down 0.43%. The S&P BSE Small-Cap index was down 0.33%. Both these indices underperformed the BSE Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 437 shares rose and 295 shares fell. A total of 772 shares were unchanged.

Among stocks, Maruti Suzuki fell 0.27%. Maruti Suzuki said its total monthly sales were down 1.9% at 1,50,630 units in November 2019 from 1,53,539 units in November 2018.

Mahindra and Mahindra fell 1.14%. Mahindra and Mahindra said the company's overall automotive sales (Domestic + Exports) stood at 41,235 vehicles in November 2019, compared to 45,101 vehicles during November 2018, down 9%.

Tata Motors was down 1.21%. Tata Motors said its total monthly sales fell 25% at 38,057 units in November 2019 as against 50,470 units in November 2018. Sales in the domestic & international market, for the month of November 2019, stood at 41,124 vehicles, compared to 55,074 units during November 2018.

Vodafone Idea jumped 15.37%. Vodafone Idea announced new tariffs/plans for its prepaid products and services. New plans will be available across India starting 3 December 2019.

Bharti Airtel soared 7.85%. Bharti Airtel said its revised tariff plans for its mobile customers will be applicable from 3 December 2019. New plans, represent tariff increases in the range of a mere 50 paise/day to Rs 2.85/day and offer generous data and calling benefits, Bharti Airtel said.

Meanwhile, Bharti Airtel said the meeting of the Board of Directors of the Company is scheduled to be held on 4 December 2019 to consider and evaluate any and all proposals for raising of funds either by issuance of equity shares, and or bonds including foreign currency convertible bonds / debentures / non-convertible debt instruments along with warrants / convertible debentures / securities and / or any other equity based instruments / securities including through qualified institutions placement or rights issue, or through any other permissible mode or any combination thereof of any of the above.

Reliance Industries was up 3.78%. Reliance Industries (RIL) said Jio will be introducing New All-in-One plans with unlimited voice and data. These plans will have a fair usage policy for calls to other mobile networks. The new plans will be effective from 6 December 2019.

Infosys was up 0.64%. Infosys announced an agreement with the Australian Federal Government's Services Australia to transform the entitlement calculation engine for the nation's welfare system. The project will enable Services Australia to more quickly implement policy changes for the benefit of Australians without disrupting services and deliver operational cost savings.

Yes Bank fell 1.46%. Yes Bank said it will raise upto $2 billion through preferential allotment at a price in accordance with Chapter V of the Sebi (Issue of Capital and Disclosure Requirements) Regulations, 2018 [Higher of 2 weeks or 26 weeks average price].

Overseas, Asian stocks were trading higher on Monday as official data over the weekend showed Chinese factory activity rising unexpectedly in November. Also investors clung to hopes Beijing and Washington could reach a compromise in trade talks.

In U S, stocks closed lower on Friday as investors worried about the deterioration in US-China trade relations after a bill supporting Hong Kong protesters was signed by President Trump late on Wednesday.

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

First Published: Mon, December 02 2019. 09:28 IST