Key barometers extended losses and hit fresh intraday low in mid-morning trade. At 11:19 IST, the barometer index, the S&P BSE Sensex, was down 44.1 points or 0.11% at 41,598.56. The Nifty 50 index was down 13.6 points or 0.11% at 12,249.15
The broader market traded flat. The S&P BSE Mid-Cap index was down 0.04% and the S&P BSE Small-Cap index was up 0.05%.
The market breadth was almost even. On the BSE, 993 shares rose and 969 shares fell. A total of 137 shares were unchanged. In Nifty 50 index, 33 stocks advanced while 17 stocks declined.
Stocks in Spotlight:
Sterling Tools (STL) rose 3.24% to Rs 185 after the company entered into a joint venture (JV) agreement with Jiangsu Gtake Electric Company (GTAKE) to provide the Indian electric vehicle OEM's with best in class motor control units (MCUs). In the proposed joint venture company (JVC), STL will hold 51% stake while the remainder 44% stake will be held by GTAKE. The joint venture company would be a subsidiary of STL and will commence production by Q1 FY2021.
Shares of Alembic Pharmaceuticals were trading 1.12% higher at Rs 546.40. Alembic Pharmaceuticals during market hours today announced that it received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Travoprost Ophthalmic Solution. Travoprost Ophthalmic Solution is indicated for the reduction of elevated intraocular pressure in patients with open angle glaucoma or ocular hypertension.
GE T&D India was up 2.98%. GE T&D India said it has executed an agreement to sell its undertaking at Naini, Allahabad to Shirdi Sai Electricals. This will result in optimising the utilisation level of the transformer manufacturing factories in the company and consolidation of company's transformer manufacturing related operations in India.
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Foreign Markets:
Asian markets were mixed on Tuesday as investors across the region traded with an eye on the early finish ahead of the Christmas break.
China's cabinet has reportedly agreed to lower tariffs for all trading partners on more than 859 types of products to below the rates that most-favored nations enjoy. The lowered import duties will apply to frozen pork, as China aims to shore up its meat supplies amid an outbreak of swine fever. Tariffs on some of the products will fall to zero.
In US, stocks recorded closing records on Monday as investors focused on a report that China will cut import tariffs for frozen pork, pharmaceuticals and some high-tech components starting 1 January 2020. The S&P and Nasdaq both hit new intraday highs Monday morning.
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