Key benchmark indices are trading near flat line amid volatility after scaling record high in early trade. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 6.57 points or 0.01% at 48,444.35. The Nifty 50 index was down 2.55 points or 0.02% at 14,196.95.
The S&P BSE Mid-Cap index was up 0.29%. The S&P BSE Small-Cap index was up 0.48%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1469 shares rose and 686 shares fell. A total of 98 shares were unchanged.
The Union Budget for 2021-2022 will be presented on February 1 and President Ram Nath Kovind will address a joint sitting of both the Houses of Parliament on January 29.
Stocks in news:
HDFC Bank shed 0.19%. The bank's advances aggregated to approximately Rs 10,820 billion as of December 31, 2020, a growth of around 16% as compared to Rs 9,360 billion as of December 31, 2019 and a growth of around 4% as compared to Rs 10,383 billion as of September 30, 2020. The bank's deposits aggregated to approximately Rs 12,710 billion as of December 31, 2020, a growth of around 19% as compared to Rs 10,674 billion as of December 31, 2019 and a growth of around 3% as compared to Rs 12,293 billion as of September 30, 2020.
ACC rose 0.27%. ACC announced the successful commissioning of its new Grinding Unit (GU) at Sindri in the State of Jharkhand effective 2 January 2021. The new facility will add an additional capacity of 1.4 MTPA cement to the existing 3.0 MTPA unit, taking the total capacity at Sindri to 4.4 MTPA.
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BEML advanced 2.4%. BEML received orders from MoD for supply of High Mobility vehicles, at an approximate value of Rs 758 crore.
Ircon International rose 1.44%. Ircon International said its wholly owned subsidiary Ircon Davanagere Haveri Highway (IrconDHHL) has refunded the loan of Rs 326.72 crore to Ircon International. On 1 January 2021, Ircon International had intimated about Corporate Guarantee furnished to Punjab National Bank for loan to Ircon Davanagere Haveri Highway (IrconDHHL).
Tips Industries slipped 0.55%. The board of directors has in-principally agreed to explore demerger of film business of Tips Industries into separate entity.
Global Markets:
Overseas, Asian stocks are trading mixed on Wednesday as investors anxiously awaited results of U.S. runoff elections that would determine the legislative balance of power in the world's largest economy.
A private survey showed services sector activity in China expanding at a slower pace in December, with the Caixin/Markit services Purchasing Managers' Index coming in at 56.3. That compared against November's reading of 57.8.
US stocks ended higher on Tuesday in choppy trading, ahead of the outcome of the Senate runoff elections in the battleground state of Georgia, which will determine the balance of power in Washington.
Investors also looked ahead to two key elections in Georgia, which will determine whether Republicans can hold on to control in the Senate. Many fear that increased tax rates and more progressive policies could weigh on the market if Democrats gain control of the Senate. However, such an outcome could create an opportunity for a bigger and faster spending package.
In U.S. economic data, the Institute for Supply Management said its manufacturing index rose to 60.7 in December its highest level since August 2018 from 57.5 in November.
Back home, domestic indices ended with modest gains on Tuesday, led by strength in IT, banks and financial shares. The barometer index, the S&P BSE Sensex, gained 260.98 points or 0.54% to 48,437.78. The Nifty 50 index added 66.60 points or 0.47% to 14,199.50.
Foreign portfolio investors (FPIs) bought shares worth Rs 986.30 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 490.03 crore in the Indian equity market on 5 January, provisional data showed.
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