The market further pared gains in mid-afternoon trade with the Nifty slipping below the 12,000 mark. At 14:26 IST, the barometer index, the S&P BSE Sensex, was up 173.03 points or 0.43% at 40,642.73. The Nifty 50 index was up 53.50 points or 0.45% at 11,993.60.
In the broader market, the S&P BSE Mid-Cap index was up 0.25%. The S&P BSE Small-Cap index was up 0.09%. Both these indices underperformed the Sensex.
The market breadth turned negative from positive. On the BSE, 1130 shares rose and 1321 shares fell. A total of 183 shares were unchanged. In Nifty 50 index, 25 stocks advanced and 25 stocks declined.
Buzzing Index:
Most sugar stocks declined after India's sugar production till mid-November reached only one-third of the sugar production during the same period of previous year.
Simbhaoli Sugars (down 4.62%), Dhampur Sugar Mills (down 2.88%), Bajaj Hindusthan Sugar (down 2.28%), Dwarikesh Sugar Industries (down 2%), EID Parry (India) (down 1.62%), Dalmia Bharat Sugar (down 1.53%), Sakthi Sugars (down 1.1%) and Triveni Engineering & Industries (down 1.02%) were top losers in sugar segment.
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During the current 2019-20 season, sugar production as on 15 November 2019 was 4.85 lakh tonnes, as compared to 13.38 lakh tonnes produced as on 15 November 2018 in 2018-19, a declined of 63.75%.
Stocks in Spotlight:
IT bellwether and index pivotal, TCS announced collaboration with Qualcomm to launch new lnnovation hub for developing Next-Gen Al Solutions with 5G. With the support from Qualcomm, TCS will be able to build domain-specific solutions that utilize the combinatorial power of Al, loT and 5G technologies.
Shares of TCS were trading 0.23% lower at Rs 2103.55.
Bandhan Bank fell 2.48% to Rs 522.70. Media reports suggested that women borrower groups staged protests in Assam, seeking a ban on microfinance companies. Local media reports said that several women organizations under an umbrella name Jagrata Mahila Suraksha Samaj demanded a ban on microfinance lenders from doing business. Jagrata Mahila Suraksha Samaj complains that the microfinance banks have ruined the rural economy. The reports added that 18% of Bandhan Bank's assets under management are from Assam.
SpiceJet was up 1.16% at Rs 111 after the domestic airline company announced the signing of Memorandum of Understanding (MoU) with Gulf Air for exploring cooperation. The MoU will be focused in the area of interlining and code sharing agreement, coordinating cargo services and pilot training.
Jagran Prakashan announced the issuance of commercial paper of Rs 50 crore with an interest rate of 5.75% for a period of 36 days. Credit rating agency, CRISIL has given a rating of CRISIL A1+ on company's commercial paper.
Shares of Jagran Prakashan were trading 4.5% higher at Rs 48.75.
Numbers to track:
The yield on 10-year benchmark federal paper fell to 6.469% at 14:18 IST compared with 6.473% in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.86, compared with its close of 71.7150 during the previous trading session.
In the commodities market, Brent crude for January 2020 settlement was down 22 cents at $60.69 a barrel. The contract fell 2.45% to settle at $60.91 a barrel during the previous trading session.
MCX Gold futures for 5 December 2019 settlement rose 0.21% to Rs 38,287.
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