The benchmark indices were hovering in a narrow range in afternoon trade. Barring the Nifty FMCG index, all the sectoral indices on the NSE declined. At 13:20 IST, the barometer index, the S&P BSE Sensex, tumbled 291.80 points or 0.63% at 45,811.70. The Nifty 50 index skid 92.10 points or 0.68% at 13,437.
Selling was broad based. The S&P BSE Mid-Cap index fell 0.82%. The S&P BSE Small-Cap index lost 0.67%.
Sellers outpaced buyers. On the BSE, 1,021 shares rose and 1,753 shares fell. A total of 155 shares were unchanged. In Nifty 50 index, 20 stocks advanced while 20 stocks declined.
Foreign portfolio investors (FPIs) bought shares worth Rs 3,564.23 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,493.10 crore in the Indian equity market on 9 December 2020, provisional data showed.
COVID-19 Update:
The expert committee of the Central Drugs Standard Control Organisation (CDSCO) on Wednesday sought additional safety and efficacy data from the Serum Institute of India and Bharat Biotech for their coronavirus disease (COVID-19) vaccine, after deliberating upon their applications seeking authorisation for the shots.
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Total COVID-19 confirmed cases worldwide stood at 6,89,00,483 with 15,69,454 deaths. India reported 3,72,293 active cases of COVID-19 infection and 1,41,772 deaths while 92,53,306 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Gainers & Losers:
Nestle India (up 3.23%), Britannia Industries (up 2.09%), Hindustan Unilever (up 1.76%), HDFC Life Insurance Company (up 1%) and ITC (up 0.85%) were major gainers in Nifty 50 index.
Ultratech Cement Co. (down 3.07%), Shree Cement (down 2.72%), Tata Motors (down 2.60%), Eicher Motors (down 1.93%) and GAIL (India) (down 1.80%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Agrochemical firm UPL skid 12.79% after a whistleblower reportedly alleged that the promoters have siphoned off money. According to the media report, the whistleblower alleged that UPL entered into rent deals with the shell company owned by its employees and paid crores of rupees in rent for properties held by the latter, which was earlier owned by UPL chief Jaidev Shroff himself. The whistle-blower also claimed that shell entities were used to carry out other illegal transactions, reports added.
Mahindra & Mahindra (M&M) declined 2.56% after the company said that the operations in the automotive sector will be affected by the global supply shortage of micro-processors (semiconductors). M&M clarified this will in reduction in production / sales volume of the company (automotive division) and Mahindra Vehicle Manufacturers, a wholly owned subsidiary of the company (MVML) in the last quarter of FY 2020-2021.
Global Markets:
European shares were trading higher as U.K. and European lawmakers vowed to decide on a potential post-Brexit trade agreement by the weekend, following an in-person meeting between British Prime Minister Boris Johnson and EU Commission President Ursula von der Leyen on Wednesday evening.
Talks remain at an impasse over several key issues, including fishing rights and competition rules. Downing Street said very large gaps remain, while Von der Leyen described the two sides as "far apart." EU leaders are gathering in Brussels on Thursday for a two-day EU Council meeting.
Markets will also be keeping an eye on the European Central Bank which will publish its latest monetary policy decision and macroeconomic projections on Thursday. The central bank is expected to expand its massive stimulus program as the continent deals with a second wave of the coronavirus pandemic.
Most Asian stocks were trading lower on Thursday as investors kept an eye on Brexit trade talks as well as ongoing negotiations in the U.S. for a coronavirus relief package.
In US, stocks fell on Wednesday, retreating from the record highs set earlier in the day, as tech shares struggled and traders weighed the prospects of new fiscal stimulus. All three averages also touched fresh intraday records.
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