Key barometers traded sideways with marginal gains in morning trade. The Nifty hovered above the 12,100 level. At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 62.44 points or 0.15% at 41,083.05. The Nifty 50 index was up 21.4 points or 0.18% at 12,122.10.
In the broader market, the S&P BSE Mid-Cap index was up 0.22%. The S&P BSE Small-Cap index was up 0.08%.
The market breadth was positive. On the BSE, 615 shares rose and 463 shares fell. A total of 69 shares were unchanged.
Indices may witness a dash of volatility on account of monthly F&O expiry. The November 2019 F&O contracts expire today, 28 November 2019.
Politics :
Shiv Sena president Uddhav Thackeray will take oath as chief minister of Maharashtra on Thursday evening at the Shivaji Park in Mumbai. Uddhav will be the first member from the Thackeray family to become the chief minister and the third Shiv Sena leader to hold the top post after Manohar Joshi and Narayan Rane. He will be leading a government of the Maha Vikas Aghadi, an alliance of Shiv Sena, Nationalist Congress Party (NCP), and the Congress.
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In a shocking development, BJP's Devendra Fadnavis and Ajit were sworn-in as chief minister and deputy chief minister on Saturday morning. The duo stepped down from their posts on Monday evening after the Supreme Court ordered a floor test in the 288-member Assembly the next day.
Buzzing Index:
Nifty Bank index will be in focus ahead of monthly F&O expiry. The bank index could be volatile as traders roll over positions in the F&O segment from the near month November 2019 series to December 2019 series.
The Nifty Bank index was up 0.32% at 31,978.80. The index has risen 2.92% in four trading sessions to hit a record high of 32,045.75 today.
Punjab National Bank (up 4.4%), Bank of Baroda (up 2.84%), RBL Bank (up 2.8%), Yes Bank (up 1.98%), ICICI Bank (up 1.88%), SBI (up 1.16%), Federal Bank (up 0.97%) and IndusInd Bank (up 0.3%) were top gainers in Nifty Bank index.
Stocks in Spotlight:
Reliance Industries (RIL) was up 0.5% at Rs 1577.60. RIL has become the first Indian company to a hit a 10-lakh crore market capitalisation. The stock hit a record high of Rs 1581.25.
Ashok Leyland was trading 0.61% lower at Rs 81.20. The commercial vehicle maker announced that it has signed MoU and entered into a strategic partnership with Axis Bank. The partnership will focus on strategic financing for two years to offer customised financial solution to the customers based across India, including semi-urban and rural regions.
Yes Bank was up 2.34% to Rs 69.85 after surging 7.65% in the previous session. Yes Bank continued to be in spotlight after the bank's board will meet on 29 November 2019 to consider raising of funds by issuing equity/equity linked securities through permissible modes, subject to necessary shareholders and regulatory approvals.
Yes Bank is banned from trading in NSE's F&O segment after crossing 95% of market wide position limit for second day in a row.
Tata Communications jumped 5.68% after the company in an exchange filing announced that Kacific Broadband Satellites Group has selected Tata Communications to provide terrestrial connectivity services as it readies for the launch of its first satellite. The company will provide global internet and state-of-the-art cyber security services for Kacific's Ka-band satellite network.
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