Key equity market barometers were trading near the day's high in mid-afternoon trade. The gains were supported by positive global cues triggered by US reaching 'deal in-principle' with China and Boris Johnson heading for crushing UK election victory. A dovish stance by the European Central Bank further helped to provide support.
Finance Minister Nirmala Sitharaman will address the media at 03:15 pm today, 13 December 2019, at the National Media Centre, New Delhi. The agenda of the meet are unclear.
At 14:21 IST, the barometer index, the S&P BSE Sensex, was up 415.91 points or 1.03% at 41,000.22. The Nifty 50 index was up 107.75 points or 0.90% at 12,079.55.
The S&P BSE Mid-Cap index was up 0.70%. The S&P BSE Small-Cap index was up 0.66%.
The market breadth was titled in favour of buyers. On the BSE, 1446 shares rose and 927 shares fell. A total of 166 shares were unchanged. In Nifty 50 index, 37 stocks advanced while 13 stocks declined.
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Premier Explosives surged 9.66% to Rs 145.85. The company has received the license from Telangana state government to work a factory at Katepally, near Hyderabad.
Simplex Infrastructures fell 2.75% to Rs 33.60. CARE Ratings revised the credit ratings for long/short term bank facilities and NCDs of the company to 'CARE D' from 'CARE BB +, Negative'. The revision in the ratings of Simplex Infrastructures takes into account recent instance of delay by the company in repayment of non-convertible debenture after put option was exercised by one of the investors as well as overdrawals reported by few bankers. The liquidity profile of the company continues to be under stress on account of continued elongation in already high collection period and high working capital cycle.
Numbers to Watch:
The yield on 10-year benchmark federal paper rose to 6.783% at 14:18 IST compared with 6.770% in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 70.69, compared with its close of 70.835 during the previous trading session.
MCX Gold futures for 5 December 2019 settlement rose 0.26% to Rs 37,640.
In the commodities market, Brent crude for February 2020 settlement was up 61 cents at $64.81 a barrel. The contract rose 48 cents, or 0.75%, to settle at $64.2 a barrel during the previous trading session.
Politics:
President Ram Nath Kovind on Thursday gave his assent to the Citizenship (Amendment) Bill, 2019, turning it into an Act. According to an official notification, the Act comes into effect with its publication in the official gazette on Thursday. The Citizenship (Amendment) Bill was passed by Rajya Sabha on Wednesday and by Lok Sabha on Monday.
According to the Act, members of Hindu, Sikh, Buddhist, Jain, Parsi and Christian communities who have come from Pakistan, Bangladesh and Afghanistan till December 31, 2014 and facing religious persecution there will not be treated as illegal immigrants but given Indian citizenship. The Act will grant the refugees of the six communities Indian citizenship after residing in India for five years, instead of earlier requirement of 11 years. The Act also proposes to give immunity to such refugees facing legal cases after being found as illegal migrants.
Economy:
India's WPI inflation data for November 2019 is due today. WPI rose 0.16% year-on-year in October 2019, slowing from a 0.33% gain in the previous month. It was the lowest wholesale inflation rate since a decline in June 2016, as cost of both fuel and manufacturing continued to fall.
India's retail inflation jumped to a 40-month high in November on higher food prices, while industrial output contracted in October from a year earlier, data showed on Thursday.
India's IIP declined for third straight month at 3.8% in October 2019, in addition to 4.3% dip in September 2019 and 1.4% decline in August 2019. The numbers were better than expected given that in October there are several holidays when factories were shut.
The manufacturing sector output declined 2.1%, while electricity generation plunged 12.2% in October 2019 contributing to the overall decline in industrial production. Further, the mining sector production plunged 8.0% in October 2019.
The all-India general CPI-based retail inflation jumped to 5.54% in November 2019, compared with 4.62% in October 2019. The higher inflation was driven by transitory factors such as increase in food inflation while core inflation continued to remain subdued, reflecting the tepid demand in the economy. The core CPI inflation rose marginally to 3.50% in November 2019 compared with 3.44% in October 2019.
Food price inflation (rural and urban) climbed 10.01% in November 2019, as against 7.89% in October 2019. Food inflation rose sharply as unusually heavy rains at the end of the monsoon season hit crop yields and caused a spurt in prices of vegetables such as onions.
The RBI in its fifth bi-monthly monetary policy statement on 5 December 2019, revised retail inflation projection upwards to 4.7-5.1% for the second half of FY2020 and 3.8-4% for the first half of FY2021.
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