The domestic equity barometers continued to trade with modest losses in mid-morning trade. At 11:27 IST, the barometer index, the S&P BSE Sensex, was down 271 points or 0.59% to 45,982.46. The Nifty 50 index lost 79.80 points or 0.59% to 13,478.35.
In the broader market, the S&P BSE Mid-Cap index slipped 0.39% while the S&P BSE Small-Cap index shed 0.26%.
The market breadth was weak. On the BSE, 1090 shares rose and 1551 shares fell. A total of 134 shares were unchanged.
Economy:
India's retail inflation declined to 6.93% in the month of November even though it remained above the Reserve Bank of India's (RBI) upper margin of 6 per cent, data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed. The retail inflation, which is measured by the Consumer Price Index (CPI), for the month of October was 7.61%.
Coronavirus Update:
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Total COVID-19 confirmed cases worldwide stood at 72,824,936 with 1,620,490 deaths. India reported 339,820 active cases of COVID-19 infection and 143,709 deaths while 9,422,636 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty FMCG index slipped 1.16% to 34,013.20. The index has gained 4.75% in the past four sessions.
Hindustan Unilever (down 1.65%), Marico (down 1.64%), United Spirits (down 1.54%), ITC (down 1.51%), Nestle India (down 1.16%), Britannia Industries (down 1.04%), Jubilant Foodworks (down 0.96%) and Colgate-Palmolive India (down 0.98%) declined.
Meanwhile, Varun Beverages (up 1.32%), Procter & Gamble Hygiene (up 0.42%) and Dabur India (up 0.37%) advanced.
Burger King India hit an upper circuit of 20% at Rs 166.05. The stock has added 43.95% in two sessions.
Yesterday, shares of Burger King debuted on the bourses at Rs 115.35 apiece, at a premium of 92.25% to the initial public offer (IPO) price of Rs 60 per share. The initial public offer (IPO) of Burger King India received bids for 1,166.93 crore shares as against 7.44 crore shares on offer. The issue was subscribed 156.65 times. The issue opened for subscription on Wednesday (2 December) and it closed on Friday (4 December). The price band for the IPO was set at Rs 59-60 per share.
Stocks in Spotlight:
Borosil Renewables surged 9.88% to Rs 173.50. The securities issue committee of the board, at its meeting held on 14 December 2020, authorised the opening of the QIP issue and approved the floor price of Rs 133.19 per equity share, the company said in a regulatory filing. The floor price is at a 15.65% discount to Monday's closing price of Rs 157.90 per share.
A meeting of the board's securities issue committee is scheduled to be held on 17 December 2020 to consider and approve the issue price for the equity shares as well as the number of shares to be allotted to qualified institutional buyers, pursuant to the QIP, the company said.
On 17 December 2020, the company's board will also consider issue of securities (equity shares and instruments convertible or exchangeable into equity shares) to P. K. Kheruka, the promoter of the company, through a preferential allotment. The value of the securities issued would not exceed Rs 25 crore.
Avenue Supermarts was down 0.95% to Rs 2,646.30. Udaya Bhaskar Yarlagadda, the chief operating officer, retail - west of Avenue Supermarts has tendered his resignation on 14 December 2020 due to his personal commitments.
Global Markets:
Asian shares declined across the board on Tuesday as concerns about rising coronavirus cases in various countries across the globe overshadowed optimism over the vaccine rollout in the U.S.
China's industrial production grew 7% year-on-year in November, the country's National Bureau of Statistics announced Tuesday. Meanwhile, retail sales in China increased 5% in November as compared with a year ago.
China's central bank on Tuesday rolled over maturing medium-term loans while keeping the interest rate unchanged for an eighth straight month. The People's Bank of China (PBOC) said in a statement it was keeping the rate on 950 billion yuan ($145 billion) worth of one-year medium-term lending facility (MLF) loans to financial institutions steady at 2.95% from previous operations.
In US, the Dow Jones Industrial Average and S&P 500 fell on Monday as fears of additional Covid-19 restrictions offset the optimism around a vaccine rollout. The Nasdaq Composite outperformed.
Meanwhile, lawmakers in Washington tried once again to push forward on a new coronavirus stimulus package. A bipartisan group of congressional members plans to release a $908 billion stimulus package. However, some key disagreements remain between both parties, particularly over state and local government aid.
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