Key benchmark indices pared early gains in morning trade. The Nifty slipped below the 12,200 level. Metal stocks were in demand. At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 102.73 points or 0.25% at 41,356.47. The Nifty 50 index was up 26.8 points or 0.22% at 12,195.25.
The broader market outperformed the benchmark index. The S&P BSE Mid-Cap index was up 0.28%. The S&P BSE Small-Cap index was up 0.38%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1092 shares rose and 593 shares fell. A total of 91 shares were unchanged. In Nifty 50 index, 37 stocks advanced while 13 stocks declined.
Economy:
India's current account deficit (CAD) shrank sharply in the September quarter to $6.3 billion or 0.9% of the gross domestic product (GDP) from 2% in the preceding quarter and 2.9% in the year-ago quarter. The contraction in the CAD was primarily on account of a lower trade deficit at $38.1 billion as compared with $50 billion a year ago.
India's fiscal deficit hit 114.8% of 2019-20 budget estimate at Rs 8.07 lakh crore at the end of November, according to the data released by the Controller General of Accounts (CGA). The country's fiscal deficit stood at Rs 7.17 lakh crore in the same period of the previous fiscal.
The fiscal deficit rose on the back of higher spending and lower revenue collection. The government has received nearly Rs 10 lakh crore, which is 48.6% of the annual target, while it incurred an expenditure of Rs 18 lakh crore, which is 65.3% of the annual target.
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Meanwhile, India's eight infrastructure sectors shrank for the fourth straight month in November at 1.5%, though the magnitude of contraction slowed from 5.8% in October. The Eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).
Buzzing Index:
Metal stocks advanced after US President Donald Trump said that Phase 1 of trade deal would be signed on 15 January at the White House. The Nifty Metal index was up 0.46% at 2,814.25, extending gains for sixth consecutive session. The index has risen 4% in six sessions.
Hindustan Copper (up 2.55%), Jindal Steel & Power (up 1.64%), Steel Authority of India (up 1.05%), JSW Steel (up 0.96%), National Aluminium Company (up 0.69%), Hindustan Zinc (up 0.55%), Tata Steel (up 0.43%), Hindalco Industries (up 0.28%), Vedanta (up 0.23%) and NMDC (up 0.05%) were top gainers in metal segment.
Stocks in Spotlight:
Titan Company was up 0.82%. CRISIL upgraded the company's Long Term Rating to CRISIL AAA from CRISIL AA+. Short Term Ratings were reaffirmed at CRISIL A1+. CRISIL maintained a stable outlook with an expectation that the company will improve over the medium term on account of dominant market position in jewellery retail segment, aided by healthy store additions and strong financial profile. In addition, watch segment is expected to witness healthy growth while sustaining the improvement in profitability.
Shares of Premier Explosives were trading 0.1% higher at Rs 150.35. The company received a rate contract for supply of bulk loading explosives from Jaiprakash Power Ventures. The contract is for one year with an expected value of Rs 15.44 crore.
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