Key barometers traded in a narrow range near the day's low in mid-morning trade. Investors locked profits tracking a fall in other Asian stock markets. Sentiment took a hit after US Treasury Secretary said that the United States would keep in place tariffs on Chinese goods until the completion of a second phase of a US-China trade agreement. The Nifty struggled to regain 12,300 mark.
At 11:248 IST, the S&P BSE Sensex, dropped 215.84 points or 0.51% and traded at 41,736.79. The Nifty 50 index was down 63.65 points or 0.51% at 12,298.65.
In the broader market, the S&P BSE Mid-Cap index was up 0.32% while the S&P BSE Small-Cap index rose 0.57%, outperforming the Sensex.
The market breadth was positive. On the BSE, 1061 shares rose and 990 shares fell. A total of 156 shares were unchanged. In Nifty 50 index, 20 stocks advanced while 30 stocks declined.
The government will release India's trade data for December 2019 at 18:00 IST today, 15 Wednesday 2019.
India's trade deficit narrowed to $12.12 billion in November 2019 from $17.58 billion in the same month a year ago, as imports slumped 12.71% to $38.11 billion. Exports fell 0.34% to $25.98 billion.
Stocks in Spotlight:
Tata Steel BSL fell 0.94% to Rs 31.65 after the company reported a consolidated net loss of Rs 501.50 crore in Q3 December 2019 as against a net loss of Rs 239.67 crore in Q3 December 2018. Net sales rose 1.82 to Rs 4736.78 crore in Q3 December 2019 from Rs 4652.16 crore recorded in Q3 December 2018. The result was announced after market hours yesterday, 14 January 2020.
Shares of Canara Bank fell 1.49% to Rs 212.25 while those of Can Fin Homes fell 3.44% to Rs 373.10. Canara Bank called-off the proposed divestment of its entire 30% stake in its housing finance subsidiary, Can Fin Homes, which was under progress. In September 2019, the lender invited bids to sell 30% stake in Can Fin Homes, but has backed out without giving reasons for the move. Bids were invited through merchant bankers for sale of 3,99,30,365 equity shares of face value of Rs 2 each, constituting 29.99% stake in Can Fin Homes. Back in 2018, the bank had withdrawn the stake sale after receiving lower-than-expected price quotation.
CSB Bank rose 1.01% to Rs 195.10 after the Reserve Bank of India (RBI) lifted the regulatory restriction on the bank with respect to opening of new branches. In a regulatory filing made after post trading hours on Tuesday, the bank informed that the regulatory restrictions imposed by RBI on opening of new branches, vide their letter dated 30 January 2015 in view of the delayed initial public offering of shares of the bank, have been lifted by RBl, with effect from 10 January 2020. Accordingly, the bank can currently open branches under the general permission of Reserve Bank of India for all banks subject to the condition that the bank should ensure that atleast 25% of the total number of "Banking Outlets" opened during a financial year are opened in unbanked rural centers, which is applicable for all banks, as part of the general permission.
Most Asian stocks were trading lower on Wednesday as investors awaited the signing of an initial US-China trade deal, with sentiment somewhat dented by comments from the US Treasury Secretary.
The United States will maintain tariffs on Chinese goods until the completion of a second phase of a U.S.-China trade agreement, US Treasury Secretary Steven Mnuchin said on Tuesday, a day before the two sides are to sign an interim deal. "If the president gets a Phase 2 in place quickly, he'll consider releasing tariffs as part of Phase 2," Mnuchin reportedly said.
Trump is slated to sign the Phase 1 trade agreement with Chinese Vice Premier Liu He at the White House on Wednesday at 22:00 IST (1630 GMT). All aspects of the Phase 1 trade deal with China would be made public on Wednesday, except a confidential annex that will detail US products and services to be purchased by China.
In US, stocks posted a mixed finish on Tuesday as doubts about the extent of import tariff reductions in a trade deal with China saw equities retreat from fresh intraday records for the benchmark indexes.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)