Key equity indices continued trading near the day's high in mid-morning trade. Buying was witnessed across all segments with metal and auto shares contributing the most. The Nifty briefly crossed the 12,000 mark and traded near that level. At 11:14 IST, the barometer index, the S&P BSE Sensex, was up 254.56 points or 0.63% at 40,613.97. The Nifty 50 index was up 77.45 points or 0.65% at 11,991.85.
The broader market underperformed the benchmark index. The S&P BSE Mid-Cap index was up 0.59%. The S&P BSE Small-Cap index was up 0.44%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1190 shares rose and 810 shares fell. A total of 153 shares were unchanged. In Nifty 50 index, 39 stocks advanced while 11 stocks declined.
Buzzing Index:
Auto stocks were in demand. The Nifty Auto index was up 0.75% at 8094.90 extended its gaining streak for second session.
Maruti Suzuki India (up 1.29%), Eicher Motors (up 1.26%), Ashok Leyland (up 1.17%), TVS Motors Company (up 1.01%) Mahindra and Mahindra (up 0.44%), Tata Motors (up 0.34%) and Hero MotoCorp (up 0.21%) were top gainers in auto segment.
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Stocks in Spotlight:
Zee Entertainment Enterprises (ZEEL) in an exchange filing reported that BlackRock Inc. has acquired 0.24% stake in the company and thereby increased its stake in ZEEL from 4.77% to 5.01%. The acquisition was carried out on 21 November 2019. The announcement of acquisition was made before market hours today. Shares of ZEEL were trading 1.8% lower at Rs 351.45.
ARSS Infrastructure Projects hit an upper circuit limit of 5% at Rs 23.75 after the company said it received work order worth Rs 45.80 crore for construction of a road and bridge in Sonepur, Odisha. The announcement was made after market hours on Friday, 22 November 2019.
Foreign Markets:
Overseas, Asian market was trading higher as investors watch market reaction to Hong Kong's district council elections amid months of civil unrest in the city.
US markets closed higher Friday as both Washington and Beijing made positive comments on the potential for a trade deal between the world's two biggest economies.
On the US-China trade front, a 'phase two' trade deal between the two economic powerhouses is reportedly unlikely to come soon. That comes as Washington and Beijing have yet to strike a phase one agreement ahead of 15 December 2019, when additional tariffs on Chinese exports to the U.S. are set to kick in.
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