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Sensex, Nifty pare early gains

Capital Market 

Barometers came pared early gains and traded near the flat line in morning session. The Nifty slipped below the 12,900 mark. Banks stocks were under pressure while pharma shares rallied.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 24.02 points or 0.05% at 43,906.14. The Nifty 50 index was up 12.8 points or 0.1% at 12,871.80.

The Sensex hit a record high of 44,271.15 while the Nifty hit a record high of 12,962.10 in initial deals today.

The broader market outperformed the benchmark index. The S&P BSE Mid-Cap index was up 0.98% while the S&P BSE Small-Cap index gained 0.99%.

The market breadth was positive. On the BSE, 1354 shares rose and 957 shares fell. A total of 133 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 58,570,555 with 13,86,596 deaths.

India reported 4,43,486 active cases of COVID-19 infection and 133,738 deaths while 85,62,409 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

FICCI's latest quarterly survey on manufacturing pointed towards recovery of manufacturing sector for Q2 (July-September 2020-21) as compared to previous quarter.

The percentage of respondents reporting higher production in second quarter of 2020-21 has increased vis-a-vis the Q1 of 2020-21. The proportion of respondents reporting higher output during July-September 2020 rose to 24%, as compared to 10% in Q1 of 2020-21. The percentage of respondents expecting low or same production is 74% in Q2 2020-21 which was 90% in Q1 of 2020-21. The overall capacity utilization in manufacturing has witnessed a rise to 65% as compared to 61.5% in Q4 2019-20.

Buzzing Index:

Shares of select non-banking finance companies (NBFCs) rallied after RBI's Internal Working Group recommended that well run large NBFCs, with an asset size of Rs 50,000 crore and above, including those which are owned by a corporate house, may be considered for conversion into banks subject to completion of 10 years of operations and meeting due diligence criteria and compliance with additional conditions specified in this regard.

Equitas Holdings (up 20%), IDFC (up 20%), Ujjivan Financial Services (up 18.27%) and Bajaj Holdings & Investment (up 4.35%) advanced.

Stocks in Spotlight:

Reliance Industries (RIL) gained 2.42% after the Competition Commission of India (CCI) on Friday approved the acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures. Reliance Industries (RIL) on 29 August 2020 announced the acquisition of retail & wholesale business and logistics & warehousing business from the Future Group as going concerns on a slump sale basis for Rs 24,713 crore through its subsidiary Reliance Retail Ventures (RRVL). RIL said the acquisition complements and makes a strong strategic fit into Reliance's retail business.

Dwarikesh Sugar Industries added 2.6% after the company announced commencement of distillery plant at enhanced capacity of 130 kilo liters per day (KLPD) at Dwarikesh Nagar in Uttar Pradesh. The sugar producer said it has obtained necessary approvals from relevant authorities for commencement of distillery operations at enhanced capacity of 130 KLPD from the earlier capacity of 100 KLPD. The company further added that this added capacity can be used for making a range of distillery products such as rectified spirit, ethanol, extra neutral alcohol, etc, the company announced on Sunday, 22 November 2020.

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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: Mon, November 23 2020. 10:30 IST
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