Local stocks are trading higher in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 121.21 points or 0.28% at 43,949.31. The Nifty 50 index was up 38.35 points or 0.3% at 12,896.75.
The S&P BSE Mid-Cap index was up 0.52%. The S&P BSE Small-Cap index was up 0.42%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1158 shares rose and 592 shares fell. A total of 82 shares were unchanged.
F&O expiry:
Trading could be volatile as traders roll over positions in the F&O segment from the near month November series to December series. The November 2020 F&O contracts expire today.
Stocks in news:
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Siemens jumped 7.22%. Siemens registered a revenue from continuing operations of Rs 3,422 crore in Q4 September 2020, a 9.2% decrease over the corresponding quarter of the previous year. Profit from operations from continuing operations improved from 10% to 11.4% of revenue for the corresponding quarter. The net profit after tax from continuing operations decreased by 4.7% to Rs 333 crore, compared to the same period of previous year. The profit was impacted due to expenses incurred during the lockdown period amounting to Rs 285 crore.
Shriram Transport Finance Company lost 1.84%. Shriram Transport Finance Company said that the Allotment Committee - NCDs of the company approved and allotted senior secured rated, listed principal protected market linked redeemable Non-convertible debentures (NCD) of face value of Rs ten lakh each on private placement basis.
Laurus Labs advanced 3.39%. Laurus Labs has signed definitive agreements with the Sellers i.e. Eight Roads Ventures and VenturEast Proactive Fund and VenturEast Life Fund III, to acquire 72.55% stake in Richcore Lifesciences Private Limited ('Richcore'), a biotechnology company, by way of cash consideration of Rs 246.67 crore.
Fine Organic Industries rose 1.19% after the company informed that new manufacturing facility situated at Additional MIDC Patalganga, Maharashtra, India has started its operations from 25 November 2020.
Texmaco Rail & Engineering rose 1.42%. Texmaco Rail & Engineering has incorporated a wholly-owned subsidiary company namely "Texmaco Engineering Udyog Private Limited" ('TexUdyog') on 24th November 2020 to provide additional opportunities in sectors to supplement the businesses of parent company.
Global Markets:
Overseas, Asian stocks are trading mixed on Thursday as investors reacted to minutes released overnight from the U.S. Federal Reserve's November meeting. The Bank of Korea on Thursday held steady on its key policy rate at a record low of 0.5%.
In US, the Dow Jones Industrial Average and the S&P 500 index closed lower on Wednesday as mounting U.S. layoffs in the wake of new mandated lockdowns to contain surging COVID-19 infections dampened investor risk appetite. The Nasdaq Composite outperformed.
The summary of the Fed meeting from earlier this month indicated that U.S. central bank officials discussed ways of getting more money into the economy, which is still recovering from the coronavirus pandemic.
The number of Americans filing first-time claims for jobless benefits increased further last week. Initial claims for state unemployment benefits totaled a seasonally adjusted 778,000 for the week ended November 21, compared to 748,000 in the prior week, the Labor Department said on Wednesday.
U.S. financial markets will be closed on Thursday for the Thanksgiving holiday and U.S. bonds and stocks will trade on a partial schedule on Friday.
Back home, the equity benchmark indices corrected sharply and ended with heavy losses on Wednesday. The barometer index, the S&P BSE Sensex, tumbled 694.92 points or 1.56% at 43,828.10. The Nifty 50 index fell 196.75 points or 1.51% at 12,858.40.
Foreign portfolio investors (FPIs) bought shares worth Rs 24.20 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,840.33 crore in the Indian equity market on 25 November, provisional data showed.
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