Key benchmark indices trimmed gains and were trading near the flat line in mid-afternoon trade. At 14:26 IST, the barometer index, the S&P BSE Sensex, was up 34.47 points or 0.08% at 41,288.21. The Nifty 50 index was up 8.25 points or 0.07% at 12,176.70.
The undertone of the market was bullish after US President Donald Trump said that Phase 1 of the trade deal with China would be signed on 15 January. Meanwhile, the Indian government's Rs 102 lakh crore infrastructure push to realise $5 trillion GDP goal also boosted sentiment.
The S&P BSE Mid-Cap index was up 0.23% while the S&P BSE Small-Cap index rose 0.59%. Both these indices outperformed the benchmark Sensex.
The market breadth was positive. On the BSE, 1288 shares rose and 1023 shares fell. A total of 180 shares were unchanged. In Nifty 50 index, 23 stocks advanced while 27 stocks declined.
Stocks in Spotlight:
CARE Ratings surged 11.16% to Rs 711.70 after the company on Tuesday said the Securities and Exchange Board of India (Sebi) has concluded its adjudication proceedings. Sebi on 26 December 2019 slapped Rs 25 lakh penalty on CARE Ratings pertaining to assigning of rating to various non-convertible debentures (NCDs) of IL&FS (Infrastructure Leasing and Financial Services). CARE said that it was reviewing the adjudication order and considering the appropriate course of action.
CreditAccess Grameen rose 1.01% to Rs 774.90. The financier completed the direct assignment of Rs 435 crore on 31 December 2019, which is also the total amount drawn during December quarter in the form of direct assignment. The company has completed one securitization and four direct assignment transactions and has drawn a total of Rs 816.69 crore in 2019-20.
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M&M rose 0.72% to Rs 535.30. The auto maker informed that its total automotive sales fell 1% to 39,230 units in December 2019, compared with 39,755 units in December 2018. The auto sales are also down by 4.86% from 41,235 units recorded in November 2019.
Mahindra's tractor segment reported 3% rise in total tractor sales as it sold 17,990 units in December 2019 as compared to 17,404 units in December 2018. On a monthly basis, the total tractor sales have fallen 14.46% from 21,032 in November 2019.
Numbers to Track:
The yield on 10-year benchmark federal paper fell to 6.521% at 14:20 IST compared with 6.554% in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was trading at 71.32, compared with its previous closing low of 71.36.
In the commodities market, Brent crude for March 2020 settlement was down 52 cents at $66.15 a barrel. The contract fell 67 cents or 1% to settle at $66 a barrel during the previous trading session.
MCX Gold futures for 5 February 2019 settlement slipped 0.19% to Rs 39,032.
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