Key equity indices trimmed gains in mid-morning trade. Sentiment was still positive amid firm cues from other Asian stock markets. Metal stocks were trading higher. The Nifty failed to cross 12,100 level. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 111.82 points or 0.27% at 40,933.12. The Nifty 50 index was up 45.15 points or 0.38% at 12,082.85.
The broader market traded near the flat line. The S&P BSE Mid-Cap index was up 0.28%. The S&P BSE Small-Cap index was up 0.1%.
The market breadth was positive. On the BSE, 1068 shares rose and 925 shares fell. A total of 154 shares were unchanged. In Nifty 50 index, 38 stocks advanced and 12 stocks declined.
Buzzing Index:
Metals stocks were upbeat after media houses reported that US-China are close to an agreement on the first phase of a trade deal. The Nifty Metal index was trading 0.6% higher at 2,596.
Hindustan Zinc (up 1.59%), Hindalco Industries (up 1.23%), Vedanta (up 0.96%), JSW Steel (up 0.75%), NMDC (up 0.64%) and National Aluminium Company (up 0.23%) were top gainers in metal segment.
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Stocks in Spotlight:
BASF India rose 1.46% to Rs 1,003 after the company in an exchange filing announced that it is planning to double its capacity for polymer dispersions with a new production line at its site in Dahej, Gujarat. Through this investment, the firm aims to provide a reliable supply of high-quality dispersion solutions to its customers in both Indian and South Asian markets. The announcement was during trading hours today, 27 November 2019.
Ashok Leyland rose 2.41% to Rs 82.7 after the company bagged an order from TN STU (Tamil Nadu State Transport Undertakings) for 1750 buses. This order comes closely on the back of orders received from various state transport undertakings recently, the company added. The announcement was made during market hours today, 27 November 2019.
Thomas Cook was trading 1.35% higher at Rs 154. Credit rating agency CRISIL has reaffirmed its corporate credit rating at CCR AA- with a stable outlook. Additionally, CRISIL has reaffirmed its ratings on company's debt programmes and bank facilities at 'CRISIL AA- and CRISIL A1+ respectively with a stable outlook.
Foreign Markets:
Asian shares were trading higher on Wednesday as investors focused on U.S.-China trade talks and an upbeat assessment of the economy from Federal Reserve Chairman Jerome Powell.
US markets advanced to close at new all-time highs Tuesday after top Chinese and U.S. negotiators reportedly agreed on talks toward a preliminary 'phase one' deal, China's Commerce Ministry said Tuesday. The ministry said Vice Premier Liu He, the country's top negotiator, spoke by phone with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.
Fed Chair Powell, in remarks Monday evening, outlined an optimistic view of the US economy but signaled that low inflation would likely keep interest rates low. The Fed chief said that the central bank's three rate cuts this year have helped to spur home purchases, contributing to the economy's longest expansion on record.
In US economic data, consumer confidence fell in November for the fourth month in a row, with the Conference Board's index falling from 125.5 from 126.1 in October. New-home sales fell in October to a seasonally adjusted annual rate of 733,000, from 738,000 in September. But the Case-Shiller home-price index for September showed home prices rising nationally at a 3.2% annual pace, up from a 3.1% rise in August.
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