The equity benchmarks pared gains in early afternoon trade, dragged by weakness in HDFC twins and IT pivotals. At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 39.42 points or 0.09% at 44,657.46. The Nifty 50 index gained 17 points or 0.13% at 13,130.75.
In the broader market, the S&P BSE Mid-Cap index rose 0.55% while the S&P BSE Small-Cap index gained 0.60%.
Buyers outpaced sellers. On the BSE, 1,818 shares rose and 867 shares fell. A total of 177 shares were unchanged.
Economy:
The seasonally adjusted India Services Business Activity Index fell to 53.7 in November from 54.1 in October. The Indian services economy remained on the right path to recovery during November, with a further upturn in new work supporting business activity growth and the first rise in employment for nine months.
Moreover, the overall level of positive sentiment climbed to the highest since February amid predictions that market conditions would normalize once a vaccine for the coronavirus disease 2019 (COVID-19) is rolled out. Meanwhile, rates of inflation for input costs and output charges accelerated, both of which outpacing their respective long-run averages.
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The Composite PMI Output Index was down to 56.3 in November from 58 in October. Indian private sector activity rose for the third straight month in November, but the pace of growth softened from October's near nine-year high. Rates of increase eased at manufacturers and service providers.
Primary Market:
The initial public offer (IPO) of Burger King India received bids for 34.56 crore shares on Thursday, 3 December 2020, as against 7.44 crore shares on offer, as per the National Stock Exchange of India (NSE) website data at 12:00 IST. The issue was subscribed 4.64 times.
The issue had opened for subscription on Wednesday (2 December) and it will close on Friday, 4 December 2020. The price band for the IPO is set at Rs 59-60 per share. An investor can bid for a minimum lot of 250 equity shares and in multiples thereof.
The IPO consists of fresh issue of shares amounting to Rs 450 crore and an offer of sale of 6 crore shares by the promoter selling shareholder, QSR Asia. The net proceeds from the fresh issue are proposed to be utilised in funding roll out of new company-owned Burger King restaurants; and general corporate purposes.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 6,45,08,175 with 14,92,989 deaths. India reported 4,22,943 active cases of COVID-19 infection and 1,38,648 deaths while 89,73,373 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 2.67% to 19.3750. The Nifty December 2020 futures were trading at 13,190.75, at a premium of 52 points compared with the spot at 13,138.75.
The Nifty option chain for 31 December 2020 expiry showed maximum Call OI of 27.54 lakh contracts at the 13,000 strike price. Maximum Put OI of 31.70 lakh contracts was seen at 12,000 strike price.
Buzzing Index:
The Nifty Media index rose 2.22% to 1,573. The index added 6.82% in five sessions.
Dish TV India (up 7.39%), Zee Entertainment Enterprises (up 4.25%), D B Corp (up 3.42%), Jagran Prakashan (up 2.44%) and Inox Leisure (up 2.01%) advanced.
Stocks in Spotlight:
Trident soared 9.51% after the company said that it issued commercial paper (CPs) worth Rs 50 crore. The CPs were allotted on 2 December 2020 and will mature on 2 February 2021 (a tenure of 62 days). The CPs carry interest rate of 4.75% per annum.
Alembic Pharmaceuticals gained 1.63% after the company said it received US drug regulator's final approval for abbreviated new drug application Metolazone tablets USP 2.5 mg, 5 mg, and 10 mg. The approved abbreviated new drug application (ANDA) is therapeutically equivalent to the reference listed drug product (RLD), Zaroxolyn tablets 2.5 mg, 5 mg, and 10 mg, of Lannett Company, Inc.
Larsen & Toubro (L&T) rose 1.06% after the company said its real estate business has launched North Towers at its residential project - Seawoods Residences in Navi Mumbai. As per the company's exchange filing, the project has drawn strong interest from homebuyers with over 300 expression of interest received within the first two weeks. 500 apartments of this project were sold out in a record time last year. L&T Seawoods Residences is part of India's first Transit-Oriented Development (TOD) - Seawoods Grand Central.
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