Key barometers traded sideways with minor losses in morning trade. Metal stocks were in demand. At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 27.71 points or 0.07% at 41,653.83. The Nifty 50 index was down 9.55 points or 0.08% at 12,262.25.
The broader market traded with marginal gains. The S&P BSE Mid-Cap index was up 0.27% and the S&P BSE Small-Cap index was up 0.16%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 969 shares rose and 774 shares fell. A total of 135 shares were unchanged. In Nifty 50 index, 34 stocks advanced and 16 stocks declined.
Politics:
The first round of counting is almost complete on 81 assembly seats in Jharkhand. The BJP is emerging as the single-largest party in the state but is falling short of a majority. Congress-JMM+ is holding an edge over the BJP so far. While the BJP is ahead on 29 seats, JMM is leading in 25 seats. Congress is ahead on 11 seats. The majority mark for winning the election is 41 seats.
Legislative Assembly elections were held in Jharkhand from 30 November to 20 December 2019 to elect the 81 members of Legislative Assembly.
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Economy:
India's foreign exchange reserves jumped by $1.07 billion to $454.49 billion in the week ended 13 December 2019. The foreign exchange reserves had stood at $453.42 a week ago. Within the foreign exchange reserves, the foreign currency assets moved up to $422.42 billion in the week ended 13 December 2019 from $421.26 billion a week ago.
Buzzing Index:
Metal stocks rose on the back of positive global sentiment. The Nifty Metal index was up 0.93% at 2,732.70, extending its winning streak for fifth session. The index has risen 5.46% in five trading sessions.
Hindustan Copper (up 3.59%), Vedanta (up 1.94%), JSW Steel (up 1.21%), Tata Steel (up 0.93%), NMDC (up 0.72%), National Aluminium Company (up 0.71%), Jindal Steel & Power (up 0.7%), Hindalco Industries (up 0.67%), Hindustan Zinc (up 0.38%) and Steel Authority of India (up 0.36%) were top gainers in metal segment.
Stocks in Spotlight:
Yes Bank (up 0.68%) and Dish TV India (up 1%) are banned from trading in NSE's F&O segment today after securities crossed 95% of market wide position limit.
Shares of Titan Company, UltraTech Cement and Nestle India were in the limelight ahead of the Sensex entry today, 23 December 2019. As a part of the rejig, Titan Company (up 0.67%), UltraTech Cement (down 0.39%), Nestle India (down 0.13%) will be added to BSE Sensex whereas Tata Motors (up 0.31%), Tata Motors DVR (up 0.34%), Vedanta (up 1.60%), Yes Bank (down 1.5%) will be deleted from the BSE Sensex. Any change in index weights can result in portfolio churns for major funds. The BSE will also rejig 14 other indices. However, there will be no change in the S&P BSE Bankex.
L&T Technology Services (LTTS) in an exchange filing during market hours today announced that the company has won a multi-million dollar project from one of the world's top plastics, chemicals and refining manufacturers. The scope of the project is to deliver the entire spectrum of Engineering, Procurement and Construction Management (EPCM) services for the expansion of an existing site in Europe.
Shares of LTTS were trading 0.62% higher at Rs 1478.4
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