Local stocks are trading weak in early trade. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 219.75 points or 0.48% at 45,883.75. The Nifty 50 index was down 80.15 points or 0.59% at 13,448.95. Most Asian stocks are trading lower.
The S&P BSE Mid-Cap index was down 1.09%. The S&P BSE Small-Cap index was down 0.98%.
The market breadth, indicating the overall health of the market, is weak. On the BSE, 713 shares rose and 1346 shares fell. A total of 79 shares were unchanged.
Stocks in news:
TCS fell 0.31%. TCS said that its share buyback share will open on 18 December 2020 and close on 1 January 2021.
Mahindra & Mahindra (M&M) fell 0.9%. M&M has subscribed to 1,050 equity shares of Sampo Rosenlew Oy, Finland, a subsidiary of the company (Sampo). Pursuant to the transaction, the voting rights of the company in Sampo would increase from 74.97% to upto 79.13%.
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Maruti Suzuki India rose 1.43%. Maruti Suzuki India said over the past year, the cost of vehicles has been impacted adversely due to increase in various input costs. Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase in January 2021.
IRCTC lost 9.27% to Rs 1,468. The Government proposes to sell 20% stake in the company through an Offer for Sale on 10 December 2020 and 11 December 2020 . The floor price for the Offer shall be Rs 1,367 per share.
Federal-Mogul Goetze (India) dropped 3.02%. Federal-Mogul Goetze (India) said that IEH FMGI Holdings LLC, promoter of the company, announced offer for sale of up to 1,15,43,531 equity shares, through the stock exchange mechanism.
Varroc Engineering rose 0.39%. Varroc Engineering informed that VarrocCorp Holding B.V., the Netherlands ("VCHBV"), wholly-owned subsidiary of the company, has acquired balance 30% stake i.e. 60,000 equity shares of VARROC- ELBA ELECTRONICS S.R.L held by the other JV Partner, ELBA SA, Romania for an aggregate consideration of 1.05M (Euros One Million Fifty thousand only).
Global Markets:
Overseas, most Asian stocks are 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.
A three-hour meeting between U.K. and European Union leaders on Wednesday evening failed to break an impasse in Brexit trade talks. British Prime Minister Boris Johnson and European Commission President Ursula von der Leyen agreed that a firm decision should be made by Sunday about the future of the talks, as per reports.
The U.K. left the EU in January but agreed to keep the same standards and regulations until the end of the year. That was intended for both sides to have time to develop new trading arrangements. The transition period is due to end in three weeks and there are growing concerns that a new agreement may not be ready by then.
Back home, domestic equity indices closed at record high levels with strong gains on Wednesday. Positive global shares and hopes for vaccine approvals in India boosted investor sentiment. The S&P BSE Sensex, rallied 494.99 points or 1.09% at 46,103.50. The Nifty 50 index added 136.15 points or 1.02% at 13,529.10.
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, provisional data showed.
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