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Sensex scales record high

Capital Market 

Key indices are trading firm in early trade as on strong buying demand in index pivotals. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 218.89 points or 0.5% at 44,101.14. The Nifty 50 index was up 63.75 points or 0.5% at 12,922.80. The Sensex scaled record high above 44,200 mark in early trade.

The S&P BSE Mid-Cap index was up 0.73%. The S&P BSE Small-Cap index was up 0.79%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1202 shares rose and 517 shares fell. A total of 85 shares were unchanged.

Stocks in news:

Reliance Industries (RIL) gained 2.27%. The Competition Commission of India (CCI) on Friday (19 November 2020) approved the acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures and Reliance Retail and Fashion Lifestyle.

BEML rose 1.55% after the company received variation order to contract ''MRS1'' from DMRC, for additional 12 trainsets of 6 cars each (total 72 cars) to operate on line 2B and 7 of Mumbai metro project. The order is valued at Rs 501 crore (approx) on equivalent INR basis.

Jindal Steel & Power (JSPL) advanced 1.94%. JSPL recorded a 13% year-on-year growth in standalone steel production at 585,000 metric tons in October 2020 as compared to 518,000 metric tons in the same month last year.

Petronet LNG surged 3.59%. The company signed a non-binding memorandum of understanding with Ministry of Petroleum & Natural Gas for undertaking compressed bio-gas (CBC) projects.

IIFL Securities fell 0.44% to Rs 45.45. The board of directors of IIFL Securities on Friday (20 November 2020) approved a proposal to buyback upto 1.66 crore shares (5.21% of the total number of fully paid-up equity shares) at a price not exceeding Rs 54 per share, aggregating upto Rs 90 crore.

Global Markets:

Overseas, Asian stocks are trading higher on Monday trade as investors continue to watch for coronavirus developments. Markets in Japan are closed for a holiday.

On the economic data front, Singapore's economy contracted 5.8% in the third quarter, according to the country's Ministry of Trade and Industry.

Developments surrounding the coronavirus will likely continue to weigh on investor sentiment. South Korea is set to impose stricter distancing regulations for the greater Seoul area and southwestern region in an attempt to stem a resurgence of the coronavirus, as per reports.

In US, stocks fell on Friday as rising new coronavirus cases, coupled with questions around central-bank funding for key emergency programs, cast doubt on a swift economic recovery.

Also weighing on sentiment Friday was a disagreement between the Treasury Department and the Federal Reserve over the continuation of funding for some of the emergency programs implemented during the recession.

On the coronavirus vaccine front, Pfizer and BioNTech said they applied for an emergency use authorization for their vaccine from the Food and Drug Administration. The companies said they can be ready to ship the vaccine within hours after the FDA approves the authorization.

Back home, key equity benchmarks ended a volatile session with modest gains on Friday. A recovery in global stock markets supported buying in domestic shares. The barometer index, the S&P BSE Sensex, rose 282.29 points or 0.65% at 43,882.25. The Nifty 50 index advanced 87.35 points or 0.68% at 12,859.05.

Foreign portfolio investors (FPIs) bought shares worth Rs 3,860.78 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,868.66 crore in the Indian equity market on 20 November, provisional data showed.

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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. 09:31 IST