Nifty nears record high levels

Key indices were trading near record high levels in mid-morning trade, supported by positive global cues. The S&P BSE Sensex hit fresh record high. The Nifty was a tad below its record high of 12,158.80 registered on 28 November 2019.

At 11:22 IST, the barometer index, the S&P BSE Sensex, was up 307.3 points or 0.75% at 41,246.02. The Nifty 50 index was up 85 points or 0.71% at 12,138.95.

The broader market lagged the benchmark indices. The S&P BSE Mid-Cap index was up 0.34%. The S&P BSE Small-Cap index was up 0.44%.

The market breadth favoured the buyers. On the BSE, 1219 shares rose and 799 shares fell. A total of 135 shares were unchanged. In Nifty 50 index, 42 stocks advanced while 8 stocks declined.

 

Buzzing Index:

The Nifty IT index was up 1.55% at 15,587.30, rising for the third straight session. The index has risen 4.11% in three trading sessions.

Infosys (up 1.74%), TCS (up 1.5%), Oracle Financial Services Software (up 1.25%), MindTree (up 1.16%), Zensar Technologies (up 1.12%), Tech Mahindra (up 0.85%), Wipro (up 0.64%), Mphasis (up 0.44%) and HCL Technologies (up 0.35%) were top gainers in IT segment.

Stocks in Spotlight:

Raymond was up 1.56% after the promoter group acquired additional 5.16% stake in the company through compulsory convertible preference shares. Post acquisition, the promoter group holds 9.49% stake in the company.

NIIT Technology jumped 5.24% to Rs 1550.15 after the company said its board will consider share buyback on 23 December 2019.

Lupin gained 0.64% after the pharma major announced that its subsidiary, Nanomi B.V. has completed the divestiture of the entire stake (99.82%) in Kyowa Pharmaceutical Industry Company to Unison Capital Partners. The divestment sale will generate a post tax net cash of Rs 2157.6 crore. This will reduce the company's net debt from Rs 4361.8 crore to Rs 1075.3 crore.

Foreign Markets:

Asian stocks advanced as trade deal optimism and Wall Street's run to all-time highs supported sentiment. US stocks ended Monday's session at new records amid an upbeat tone tied to a preliminary US-China trade deal struck last week, even while questions remain over the details of the long-awaited phase-one accord.

In US economic data, the Markit purchasing managers survey for the manufacturing sector was down a touch to 52.5 in December, from 52.6, but the services sector gauge came in at 52.2, from 51.6. Any number above 50 represents a pickup in economic activity.

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