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Markets at day's high; breadth negative

Capital Market 

The benchmark extended gains and hit fresh intraday high in afternoon trade. At 13:27 IST, the barometer index, the S&P BSE Sensex, was up 174.04 points or 0.43% at 40,619.19. The Nifty 50 index was up 56.35 points or 0.47% at 11,977.85.

In the broader market, the S&P BSE Mid-Cap index was up 0.55% and the S&P BSE Small-Cap index was down 0.12%.

The market breadth was negative. On BSE, 1112 shares advanced while 1130 shares declined. A total of 178 shares were unchanged. In Nifty 50 index, 36 stocks advanced and 14 stocks declined.

Economy:

India's real GDP growth in 2019-20 fiscal is expected to be slightly below 5% as the impact of stimulus measures will take time to filter through to the economy, IHS Markit has said. Financial sector fragilities continue to weigh on India's economic growth momentum, with the high level of non-performing loans on the balance sheets of the public sector banks, constraining their new lending, IHS said in a report.

Buzzing Index:

The Nifty IT index slipped 0.47% to 15,218.15, extending losses for second session. The index has fallen 0.97% to 15,218.15 from a recent closing high of 15367.50 on 5 December 2019.

TCS (down 1.8%), HCL Technologies (down 1.33%), Persistent Systems (down 1.29%), Tech Mahindra (down 0.74%) and Wipro (down 0.31%) declined.

Hexaware Technologies (up 1.17%), MphasiS (up 1.09%), Infosys (up 0.75%), Oracle Financial Services Software (up 0.38%) and MindTree (up 0.09%) advanced.

Stocks in Spotlight:

Maruti Suzuki rose 1.99% after the car major said it has increased its production in November by 4.33% year-on-year.

Tata Motors advanced 1.11% to Rs 163.30. Jaguar Land Rover retail sales in November 2019 were 46,542 vehicles, down 3.4% compared to November 2018. Sales continued to improve in China and North America while in the UK, Europe and overseas market (comprising largely of Russia and MENA) fall in sales continued to linger.

ITC fell 0.53% to Rs 242. ITC said that the company has acquired, in the first tranche, 100 equity shares of Rs 10 each and 1,864 Compulsorily Convertible Preference Shares of Rs 10 each of Delectable Technologies, representing 11.15% of its share capital on a fully diluted basis. Delectable Technologies is engaged in fabricating vending machines and app based sale of FMCG products through such machines.

Axis Bank advanced 1.26% to Rs 726. The private sector bank informed about the resignation of Jairam Sridharan, group executive & chief financial officer and key managerial personnel of the Bank. It said that he would like to pursue other career opportunities and as such has resigned from the services of the Bank.

Foreign Markets:

European stocks traded lower while Asian stocks were mixed on Monday as weak Chinese export data highlighted the detrimental impact of its prolonged trade war with the US.

Chinese exports declined in November for the fourth consecutive month, falling 1.1% year-on-year. Imports, on the other hand, rose 0.3% as compared to a year earlier.

Beijing's trade discussions with Washington have yet to yield a much-touted "phase one" agreement ahead of a key deadline for additional tariffs on Chinese exports to the U.S. on Dec. 15.

Japan's economy grew at an annualized rate of 1.8% in the July to September quarter, according to revised data from the country's Cabinet Office on Monday. That was sharply higher than the initial estimate of a 0.2% expansion.

French Finance Minister Bruno Le Maire has said France is ready to take threats from U.S. President Donald Trump to impose tariffs on French goods to the World Trade Organization (WTO), amid a row over French taxes on American internet giants.

In US, markets closed sharply higher on Friday after the employment report from the Labor Department beat expectations, showing an estimated 266,000 new jobs created in November, the most since January. The unemployment rate fell to a 50-year low to 3.5% from 3.6%.

Investors also remained optimistic about the chances of a US-China trade deal, even though the deadline that will see import duties increased looms on 15 December.

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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 09 2019. 13:29 IST
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