Key barometers traded in a narrow range near day's high in mid-afternoon trade. Buying was wide spread with metal, auto and IT stocks making the biggest upmoves. At 14:32 IST, the barometer index, the S&P BSE Sensex, was up 645.51 points or 1.164% at 39,886.68. The Nifty 50 index was up 178.20 points or 1.53% at 11,805.35.
The market breadth was positive. On BSE, 1290 shares rose and 902 shares fell. A total of 155 shares were unchanged. In Nifty 50 index, 38 stocks advanced and 12 stocks declined.
In the broader market, the BSE Mid-Cap index was up 1%. The BSE Small-Cap index was up 0.61%.
Media reports of a major tax tweak from the government boosted investor sentiment. Media houses reported that existing structures of long-term capital gains (LTCG) tax, the securities transaction tax (STT) and dividend distribution tax (DTT) are being reviewed by the Prime Minister's Office in consultation with the Finance Ministry's Revenue Department and NITI Aayog. The steps are likely to be announced before or in the February Union Budget.
Meanwhile, Prime Minister Narendra Modi said on Tuesday Saudi Arabia will invest in downstream oil and gas projects in India as part of a strategic partnership between the two countries. Modi, who is on a two-day visit to Riyadh to participate in an investor summit, will meet King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman later on Tuesday.
A total of 47 stocks hit their 52-week high on NSE today. Abbot India (up 0.65%), Atul (up 1.07%), GlaxoSmithKline Pharmaceuticals (up 3.26%), Granules (up 2.7%), GlaxoSmithKline Consumer Healthcare (up 0.82%), ICICI Bank (up 2.07%), ICICI Prudential Life Insurance Company (up 4.19%), India Tourism Development Corporation (up 8.96%), Jubilant Foodworks (up 3.69%), Kansai Nerolac (up 1.43%), KEI Industries (up 4.83%) and Voltas (up 2.34%) registered their 52-week high.
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IT stocks were trading in green. Tech Mahindra (up 3.78%), Persistent Systems (up 1.21%), HCL Technologies (up 1.16%), Wipro (up 0.28%), Mphasis (up 0.24%), Infosys (up 0.18%) and MindTree (up 0.18%) edged higher.
The Nifty IT index was trading 1.47% higher at 15,176.35.
In the foreign exchange market, the Indian rupee edged higher against the dollar in mid afternoon trade. In the spot currency market, the Indian unit was last seen trading at 70.8100. The Indian rupee on Wednesday closed at 70.9 against the US dollar.
Index pivotal TCS surged 3.37% higher and pulled the benchmark indices higher. The stock has advanced 6.71% in five consecutive trading session from its previous closing low of Rs 2051.65 on 22 October 2019.
Shares of Adani Enterprises were trading 5.94% higher at Rs 194.30. The company said it formed a strategic partnership with U.S. based Digital Realty for building India's Data Center Infrastructure. According to the MoU signed, Adani Enterprises and Digital Realty, will jointly evaluate developing and operating data centers, data center parks and cultivating undersea cable provider communities of interest across India.
Meanwhile, the yield on 10-year benchmark federal paper rose to 6.802% at 14:21 IST compared with 6.670% in the previous trading session.
In the commodities market, Brent crude for December 2019 settlement was down 36 cents at $61.21 a barrel. The contract fell 0.73% to settle at $61.57 a barrel during the previous trading session.
MCX Gold futures for 5 December 2019 settlement edged 0.16% higher to Rs 37,984.
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