Key barometers trimmed gains in mid morning trade. The underlying sentiment continued to be robust on the back of positive global cues.
At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 302.21 points or 0.74% at 40,883.92. The Nifty 50 index was up 70.05 points or 0.59% at 12,041.85.
Buying was widespread. The S&P BSE Mid-Cap index was up 0.53%. The S&P BSE Small-Cap index was up 0.63%.
The market breadth continued to be in favour of bulls. On the BSE, 1304 shares rose and 691 shares fell. A total of 139 shares were unchanged. In Nifty 50 index, 33 stocks advanced while 17 stocks declined.
Buzzing Index:
Aviation companies rose after air passenger traffic of domestic airlines increased at 11-month high pace and double digit pace of 11.2% to 129.47 lakh in November 2019 over 116.45 lakh in November 2018. The growth of domestic air passenger traffic has moved in to double digits after a period of 10 months.
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Spicejet rose 1.17% to Rs 103.70 while InterGlobe Aviation advanced 0.22% to Rs 1341.
InterGlobe Aviation (Indigo) posted strong 22.9% growth in the passenger traffic to 61.51 lakh while gaining market share to 47.5% in November 2019 from 43.0% in November 2018. Spice Jet posted 43% growth in the passenger traffic to 20.80 lakh, while its market share rose to 16.1% in November 2019 from 12.5% in November 2018.
Stocks in Spotlight:
Magma Fincorp was locked in an upper circuit of 5% at Rs 55 after the company announced that it raised Rs 350 crore by way of Non-Convertible Debentures (NCDs) from Nederlandse Financierings Maatschappij Voor Ontwikkelingslanden N.V. (FMO), a Dutch Entrepreneurial Development Bank. Fresh capital raising will help the company in supporting its on-going growth plans. The NCDs issued on a private placement basis are unlisted, redeemable, senior secured and transferable.
India Tourism Development Corporation (ITDC) jumped 7.8% to Rs 343 after the company's board on Thursday accorded in-principal approval regarding merger with ITDC of Kumarakruppa Frontier Hotels. The Government of India holds 90.09% stake in the company
Foreign Markets:
Asian markets jumped as Sino-U.S. trade deal and a likely major election win by Britain's Conservative Party spread optimism among investors.
US stocks surged to new records on Thursday propelled by reports the US and China had reached at trade deal to avoid new tariffs due on Sunday, and roll back existing levies, in exchange for purchases of American agricultural products. The benchmark S&P 500 and Nasdaq Composite indexes closed at record highs while the Dow Jones Industrial Average saw a new intraday record.
In US economic data, new unemployment claims jumped by 49,000 to 252,000 during the week ended 7 December 2019 the highest level since September 2017, though the data was likely affected by the US Thanksgiving holiday. Wholesale price inflation remained tame, with the producer-price index unchanged in November, with core producer prices, which strips out volatile energy and food prices, falling to a three-year low of 1.3%.
The European Central Bank (ECB) kept its rates unchanged on Thursday. The Governing Council voted to keep the main deposit rate at the historic low of -0.5%, in line with market expectations, while the marginal lending facility remained at 0.25%. It also confirmed that net asset purchases had started in November at a monthly rate of 20 billion euros ($22.3 billion) and that this will continue to run as long as necessary to reinforce the accommodative policy stance.
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