Key equity barometers were trading with modest gains in early trade on Thursday. Metal and PSU banks were in demand, while IT and realty stocks declined. At 09:25 IST, the barometer index, the S&P BSE Sensex, was up 158.22 points or 0.35% to 44,776.26. The Nifty 50 index added 58.10 points or 0.44% to 13,171.85.
In the broader markets, the S&P BSE Mid-Cap index gained 0.80% while the S&P BSE Small-Cap index rose 0.73%.
The market breadth was strong. On the BSE, 1387 shares rose and 406 shares fell. A total of 59 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 357.35 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,635.97 crore in the Indian equity market on 2 December 2020, provisional data showed.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 64,447,657 with 1,491,559 deaths. India reported 422,943 active cases of COVID-19 infection and 138,648 deaths while 8,973,373 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
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Buzzing Index:
The Nifty Metal index rose 1.28% to 3,089.15. The index has gained 9.68% in five sessions while the benchmark Nifty 50 index has added 2.39% during the same period.
SAIL (up 2.22%), NMDC (up 1.36%), Tata Steel (up 1.19%), Hindustan Zinc (up 1.12%), Hindalco Industries (up 1.04%), MOIL (up 1.04%), National Aluminum Co. (up 0.96%), Jindal Steel & Power (up 0.96%) and JSW Steel (up 0.60%) advanced.
Stocks in Spotlight:
Bharti Airtel shed 0.11% to Rs 484.35. The telecom major informed that its wholly-owned subsidiary, Nettle Infrastructure Investments, acquired an additional equity stake of about 4.94% in Bharti lnfratel on Wednesday, 2 December 2020. As on 20 November 2020, Nettle Infrastructure Investments held 13.68% in Bharti Infratel.
Apollo Hospital Enterprises rose 1.85% to Rs 2456.35. The company's board approved the proposal to raise upto Rs 1,500 crore in one or more tranches through further issue of securities on a preferential allotment basis and/or through Qualified Institutional Placement (QIP).
Tata Chemicals jumped 4.88% to Rs 448.20. On Wednesday (2 December), promoter Tata Sons bought 18,07,245 shares (0.7% equity) of Tata Chemicals at Rs 420.92 per share via bulk deal on the NSE. It held 29.39% stake in the company at the end of September.
Wipro rose 0.28% to Rs 360. The IT major announced that it has won a multi-year contract from Verifone, a global leader in payments and commerce solutions, to drive agility across its cloud services offerings.
Global markets:
Overseas, most Asian stocks advanced on Thursday as investors reacted to the release of a private survey on China's services sector activity in November.
China's Caixin/Markit services Purchasing Managers' Index for November released Thursday came in at 57.8, rising from October's reading of 56.8. PMI readings above the 50 mark expansion, while those below that level represent contraction.
Investors also monitored developments on US coronavirus stimulus negotiations, as lawmakers race to pass a pandemic relief package before the end of the year.
US stock benchmarks finished the session slightly higher on Wednesday. The Dow and S&P 500 gained 0.2%, while the Nasdaq Composite slipped 0.05%. The slight move higher for the S&P 500 resulted in a new record high.
Markets turned positive late in the session after Democratic congressional leaders threw their weight behind a coronavirus fiscal stimulus proposal that has bipartisan support in both chambers of Congress on Wednesday.
In economic reports, U.S. businesses created 307,000 private-sector jobs in November, ADP said Wednesday.
On Wednesday evening, the House of Representatives unanimously passed a bill that would require Chinese companies to adhere to U.S. auditing standards if they want their stocks to be to be listed on exchanges in the United States. The bill now goes to President Donald Trump, who is expected sign it into law.
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