Key barometers traded near flat line in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex, was down 6.79 points or 0.02% at 40,644.85. The Nifty 50 index was down 23.25 points or 0.19% at 11,975.85.
In the broader market, the S&P BSE Mid-Cap index was up 0.12%. The S&P BSE Small-Cap index was up 0.23%. Both these indices outperformed the Sensex.
The market breadth was positive. On the BSE, 947 shares rose and 826 shares fell. A total of 96 shares were unchanged. In Nifty 50 index, 22 stocks advanced and 28 stocks declined.
Economy:
The Cabinet Committee on Economic Affairs yesterday, 20 November 2019 accorded 'In-principle' approval for strategic disinvestment in select CPSEs including Bharat Petroleum Corporation (BPCL), Shipping Corporation of India (SCI), Container Corporation of India, Tehri Hydro Development Corporation India and North Eastern Electric Power Corporation. The Union Cabinet also approved the proposal for Mitigating financial stress being faced by the Telecom Services Sector. Department of Telecommunication will give an option to the Telecom Service Providers (TSPs) to defer payment of the spectrum auction installments due for 2020-21 & 2021-22, either for one or both years. The decision for deferring spectrum payment installments for two years will be implemented within a fortnight.
Buzzing Index:
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Telecom stocks corrected after the Union Cabinet approved the proposal for mitigating financial stress on telcos. The S&P BSE Telecom index was down 1.76% at 1,061.17 amid profit booking in telecom shares.
Vodafone Idea (down 2.97%), Bharti Airtel (down 1.66%) and Reliance Industries (down 0.84%) tumbled.
As per the Union Cabinet proposal yesterday, 20 November 2019, the Department of Telecommunication will give an option to the Telecom Service Providers (TSPs) to defer payment of the spectrum auction installments due for 2020-21 & 2021-22, either for one or both years. These deferred amounts bill be spread equally in the remaining installments to be paid by TSPs. Interest as stipulated while auctioning of the concerned spectrum will however be charged so that NPV (net present value) is protected.
Stocks in Spotlight:
Jubilant Life Sciences spurted 4.06% to Rs 524.30 after the company announced that the Ministry of Commerce (MOFCOMW), People's Republic of China has decided to terminate the 17.6% anti‐dumping duty on imported pyridine originating in India.
Tata Motors was up 0.57% at Rs 168.2 after Moody's Ratings assigned a B1 rating on JLR's 500 million Euro proposed notes.
Share of Coffee Day Enterprises were locked in an upper circuit of 5% at Rs 55.65 after the lenders of the company invoked 4.2% pledged stake in the company on 19 November 2019. The pledge and invocation of pledged shares was done through IDBI Trusteeship Services
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