At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 57.4 points or 0.13% at 43,299.23. The Nifty 50 index fell 7.5 points or 0.06% at 12,683.45.
In broader market, the S&P BSE Mid-Cap index was up 0.35% while the S&P BSE Small-Cap index was gained 0.71%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1300 shares rose and 983 shares fell. A total of 147 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,514.12 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,239.43 crore in the Indian equity market on 12 November, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 5,26,78,681 with 12,92,228 deaths.
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India reported 4,84,547 active cases of COVID-19 infection and 1,28,668 deaths while 81,15,580 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
India's industrial production saw 0.2% growth in September, rising for first time in seven months. According to the Index of Industrial Production (IIP) data, manufacturing sector production registered a decline of 0.6% while output of mining and power segments grew at 1.4% and 4.9%, respectively. The IIP had contracted by 4.6% in September 2019.
India's Consumer Price Index (CPI) extended upward momentum and rose to 7.61% in the month of October. This is around six year high for the index. The CPI for the month of September was revised to 7.27% from 7.34%. The Consumer Food Price Index (CFPI) jumped to 11.07% in the month of October, up from 10.68% in September.
Buzzing Index:
The Nifty Bank index was down 0.7% to 28,082.10, slipping for second consecutive trading session. The index has lost 2.64% in two days.
IDFC First Bank (down 2.28%), Federal Bank (down 1.69%), SBI (down 1.63%), IndusInd Bank (down 1.39%), Bandhan Bank (down 1.33%), Bank of Baroda (down 1.2%), Punjab National Bank (down 1.03%) and HDFC Bank (down 0.91%) declined.
Stocks in Spotlight:
TCS fell 0.96%. The IT major will acquire the staff and select assets of Pramerica Systems Ireland, Prudential Financial Inc. (PFI)'s subsidiary based in Letterkenny, Ireland. PFI is a financial wellness leader and premier active global investment manager with more than $1.5 trillion in assets under management as of 30 September 2020, has operations in the United States, Asia, Europe, and Latin America. TCS will establish new global delivery centre in Ireland to provide Prudential with a range of business and technology services. Over 1,500 staff of Pramerica Systems Ireland will transfer to TCS and further expand the latter's global delivery capability.
Grasim Industries rose 0.54% after the company's consolidated net profit rose 3.30% to Rs 1,521.40 crore in Q2 September 2020 over Q2 September 2019. Revenue from operations were almost flat at Rs 18,400.25 crore in Q2 September 2020 as against Rs 18,400.17 crore in Q2 September 2019.
Global Markets:
Most Asian stocks declined on Friday as surging COVID-19 cases globally and more lockdowns clouded the region's recovery prospects.
The US stock market declined on Thursday as U.S. coronavirus infections surged and investors weighed the timeline for the mass rollout of an effective vaccine.
Investor focus on Friday was likely on the coronavirus situation in the U.S., as daily new cases of the virus continue to rise in the country, setting fresh records.
U.S. Federal Reserve Chairman Jerome Powell warned Thursday that the next few months could be challenging despite recent developments on the vaccine front. From our standpoint, it's just too soon to assess with any confidence the implications of the news for the path of the economy, especially in the near term, Powell said regarding the vaccine.
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