Nifty above 13,000; breadth strong

Benchmark indices were trading at record high levels in morning trade. The Nifty was trading above 13,000 level. Global cues were positive on optimism over an imminent rollout of a Covid-19 vaccine. Buying was broad based with banks, financials and IT stocks gaining the most.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 381.57 points or 0.87% at 44,458.74. The Nifty 50 index was up 115.25 points or 0.89% at 13,041.40.

The Sensex hit a record high of 44,499.62 while the Nifty hit a record high of 13,048.75 in morning session today.

In broader market, the S&P BSE Mid-Cap index was up 0.56% while the S&P BSE Small-Cap index was rallied 0.88%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1488 shares rose and 729 shares fell. A total of 136 shares were unchanged.

Economy:

Finance minister Nirmala Sitharaman said the momentum of reforms has continued even during the pandemic and this will continue in future as well. Sitharaman was speaking at the National MNCs' Conference 2020 organised by Confederation Of Indian Industry (CII). She added that six states were setting up special manufacturing zones for pharmaceuticals, medical devices and active pharmaceutical ingredients with an effective, unified single window. Today not just the MNC's, but the entire industry & the economy is facing a reset exercise of doing business and this is being further strengthened by the Govt's Atmanirbhar Bharat program, FM stated.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 59,128,645 with 13,95,658 deaths.

India reported 4,38,667 active cases of COVID-19 infection and 134,218 deaths while 86,04,955 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

Shares of healthcare and medical diagnostic companies were in demand after the Maharashtra Government on Monday made COVID-19 testing compulsory for people entering into the state from Delhi, Rajasthan, Gujarat and Goa. The government order, which comes into effect on 25 November, said that for the air passengers, the RT-PCR sample should have been collected within 72 hours of the scheduled time of landing at any airport in Maharashtra.

Narayana Hrudayalaya (up 1.96%), Fortis Healthcare (up 0.74%) and Apollo Hospitals Enterprise (up 0.6%) rose

Metropolis Healthcare (up 1.46%), Dr. Lal PathLabs (up 1.42%), Thyrocare Technologies (up 1%) advanced.

Stocks in Spotlight:

Exide Industries invested an additional amount aggregating to Rs 33.17 crore by way of subscription to the equity share capital of its subsidiary, Exide Leclanche Energy (JVC). With this investment, the equity shareholding of Exide Industries in the JVC stands increased to 80.15% stake from 77.87% stake.

Biocon rose 0.80% to Rs 423.25 after the company announced the acquisition of 26% stake in Hinduja Renewables Two (HRTPL). The acquisition is being done for a cash consideration of Rs 5.91 crore in one or more tranches. Biocon said the acquisition will enhance renewable based power consumption and the company expects to complete the acquisition by 15 December 2020.

Powered by Capital Market - Live News