Key benchmark indices were trading near day's high in morning trade. Buying was wide spread with auto stocks making the biggest up moves. The Nifty hovered near the 12,100 level.
At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 178.55 points or 0.44% at 40,999.85. The Nifty 50 index was up 61.6 points or 0.51% at 12,099.30.
The S&P BSE Mid-Cap index was up 0.46%. The S&P BSE Small-Cap index was up 0.26%.
The market breadth was positive. On the BSE, 1036 shares rose and 749 shares fell. A total of 112 shares were unchanged. In Nifty 50 index, 43 stocks advanced and 7 stocks declined.
Politics:
Ahead of his swearing-in ceremony on Thursday, Maharashtra CM-designate Uddhav Thackeray met Governor Bhagat Singh Koshyari at Raj Bhavan on Wednesday. Thackeray, who is the first from his family to be sworn-in as the CM, will have six months to become a member of the Legislative Assembly. NCP's Jayant Patil and Congress's Balasaheb Thorat will become Deputy Chief Ministers of Maharashtra.
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Newly-elected 288 MLAs were administered the oath in the Maharashtra Assembly today. The development comes a day after Devendra Fadnavis tendered his resignation following the Supreme Court's order for a floor test. NCP's Ajit Pawar also resigned as the Deputy chief minister. He later met NCP chief and his uncle Sharad Pawar at the latter's residence.
Buzzing Index:
Auto stocks gain as scrappage policy awaits Cabinet approval today. The Nifty Auto index was trading 1.56% higher at 8,226.20.
SML Isuzu (up 11.06%), Tata Motors (up 2.9%), Mahindra and Mahindra (up 2.86%), Ashok Leyland (up 2.72%), Maruti Suzuki India (up 2%), TVS Motors Company (up 1.74%), Hero MotoCorp (up 1.48%), Eicher Motors (up 1.48%), Escorts (up 1.29%) and Bajaj Auto (up 0.78%) made the biggest upmoves.
According to media reports, the Ministry of Road Transport and Highways has prepared a draft note on scrappage policy for vehicles older than 15 years. The draft policy has been sent to the Prime Minister's Office for approval after final comments from all ministries.
Stocks in Spotlight:
Yes Bank jumped 4.81% to Rs 66.45. The bank's board will meet on 29 November 2019 to consider raising of funds by issuing equity/equity linked securities through permissible modes, subject to necessary shareholders and regulatory approvals.
NSE has banned Yes Bank from the derivatives segment after crossing 95% of market wide position limit.
Wockhardt was down 1.78% to Rs 254 after the company said its promoters pledged an additional 8.50 lakh shares, or 0.77% stake, of the company on 20 November 2019. So far the promoters have pledged 56 lakh shares, or 5.06% of the total share capital, of Wockhardt. The announcement was made after market hours yesterday, 26 November 2019.
Biocon advanced 5.3% to Rs 278.30 after the USFDA approved the company's supplemental biologics license application for Pegfilgrastim new manufacturing facility. Biocon in an exchange filing announced that the company and Mylan's supplemental biologics for license application (sBLA) for Pegfilgrastim drug substance to be manufactured at Biocon's new manufacturing facility has been approved by the US Food and Drug Administration (FDA).
Shares of RITES were trading 0.62% higher at Rs 283.90. RITES in an exchange filing announced that the The President of India, acting through and represented with Ministry of Railways, Government of India has sold 2.5 crore shares or 10% stake in the company via offer for sale on 22 November 2019 and 25 November 2019. The Government of India now holds 77.1% stake in RITES.
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