Key indices turned negative zone after opening higher amid volatility. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 127.35 points or 0.28% at 45,426.61. The Nifty 50 index was down 46.95 points or 0.35% at 13,281.45. Asian stocks are trading lower.
The S&P BSE Mid-Cap index was down 1.66%. The S&P BSE Small-Cap index was down 2%.
The market breadth, indicating the overall health of the market, is weak. On the BSE, 437 shares rose and 1678 shares fell. A total of 62 shares were unchanged.
Stocks in news:
Tata Motors fell 1.25%. Tata Motors announced that there will be a price increase across its commercial vehicle range, effective 1 January 2021. The steady rise in material and other input costs, impact of forex and transition to BS6 norms, have cumulatively escalated the cost of manufacturing vehicles.
Lupin rose 0.39%. Lupin announced that it has received approval for its Rufinamide Oral Suspension, 40 mg/ml, from the United States Food and Drug Administration, to market a generic equivalent of Banzel Oral Suspension, 40 mg/ml, of Eisai Inc.
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Thermax dropped 1.05%. Thermax said that the company has acquired remaining 24% stake in First Energy Private Limited (FEPL), an alternative energy solution company, effective December 21, 2020. Accordingly, the equity shareholding of the Company in FEPL stands increased from 76% to 100%.
Shares of Wendt (India) lost 6.82% to Rs 2,921.50. Carborundum Universal and Wendt GmBH propose to sell up to an aggregate of 94,704 equity shares of Wendt (India) (representing 4.74% of the total issued and paid-up Equity Share capital) on December 22, 2020 and on December 23, 2020. The floor price for the sale shall be Rs 2,200 per share.
NIIT rose 2.99%. NIIT said that the meeting of the board of directors of the company is scheduled on 24 December 2020, to consider proposal for buyback of equity shares of the company.
Global Markets:
Overseas, Asian stocks are trading lower on Tuesday, as investors worried a highly infectious new strain of COVID-19 that shut down much of Britain could lead to a slower economic recovery.
Developments surrounding the coronavirus pandemic likely continued to weigh on investor sentiment, following the discovery of a new Covid strain in the U.K. that has prompted tighter lockdowns and travel restrictions across Europe.
In US, the S&P 500 closed lower on Monday, having clawed its way back from steep losses early in the session as investors juggled the outbreak of an ominous new strain of COVID-19 with the passage of a long-anticipated stimulus package.
The Dow Jones Industrial Average rose 37.4 points, or 0.12%, to 30,216.45, the S&P 500 lost 14.49 points, or 0.39%, to 3,694.92 and the Nasdaq Composite dropped 13.12 points, or 0.1%, to 12,742.52.
Monday's choppy trading came as lawmakers reached an agreement on a $900 billion relief package, which would provide direct payments and jobless aid to struggling Americans. The announcement came after negotiators resolved a key sticking point by rolling back the Federal Reserve's emergency lending powers. Lawmakers will vote on the relief and funding bill on Monday.
Back home, key equity indices corrected sharply on Monday, tracking weak global cues. The barometer index, the S&P BSE Sensex, lost 1,406.73 points or 3% to 45,553.96. The Nifty 50 index slumped 432.15 points or 3.14% at 13,328.40.
Foreign portfolio investors (FPIs) sold shares worth Rs 323.55 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 486.12 crore in the Indian equity market on 21 December, provisional data showed.
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