Trading for the week began on a positive note as the key indices are trading with modest gains on buying demand in index pivotals. At 9:22 IST, the barometer index, the S&P BSE Sensex, was up 79.91 points or 0.19% at 41,089.62. The Nifty 50 index was up 19.65 points or 0.16% at 12,106.35. The Sensex hit fresh record high in early trade.
The S&P BSE Mid-Cap index was up 0.12%. The S&P BSE Small-Cap index was up 0.26%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 676 shares rose and 377 shares fell. A total of 58 shares were unchanged.
On the macro front, the WPI Inflation (YoY) for November 2019 will be unveiled today, 16 December 2019.
India's merchandise exports declined 0.3% to US$ 25.98 billion in November 2019 over a year ago. Meanwhile, merchandise imports also dipped 12.7% to US$ 38.11 billion. The trade deficit narrowed 31.0% to US$ 12.12 billion in November 2019 from US$ 16.67 billion in November 2018.
As per the data released by the Reserve Bank of India, India's services exports increased 5.3% to US$ 17.70 billion in October 2019 over October 2018. Meanwhile, India's services imports jumped 7.6% to US$ 10.86 billion in October 2019. India's services trade surplus rose 1.8% to US$ 6.83 billion in October 2019 from US$ 6.72 billion in October 2018.
Among stocks, Sun Pharmaceutical Industries lost 2.03%. The company in an exchange filing after market hours on Friday, 13 December 2019, said that the US Food and Drug Administration (USFDA) conducted a Good Manufacturing Practices (GMP) inspection at the company's Halol facility in Gujarat from 3-13 December 2019. At the conclusion of the inspection, the agency issued a Form 483, with eight observations.
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The company said it is preparing the response to the observations, which will be submitted to the USFDA within 15 business days. The firm is committed to addressing these observations promptly. The company remains committed to working closely with the USFDA and continues to enhance its GMP compliance on an ongoing basis, it said.
Reliance Industries (RIL) rose 0.14%. RIL's subsidiary, Reliance Strategic Business Ventures (RSBVL), acquired 57.18% equity stake in Asteria Aerospace for Rs 23.12 crore. RSBVL proposed to make a further investment of up to Rs 125 crore provided Asteria Aerospace achieves set milestones. The further investment is expected to be completed by December 2021. Post the further investment, RSBVL's shareholding will increase to 87.3% of the equity share capital of Asteria. Asteria Aerospace is a full-stack drone technology company with in-house drone manufacturing capabilities and also offers software solutions to provide actionable insights from aerial data, intending to deliver "drone-as-a-service" digital platform. The announcement was made after trading hours on Friday, 13 December 2019.
Adani Ports & Special Economic Zone fell 1.09%. The company incorporated a wholly-owned subsidiary, Adani Pipelines, on 12 December 2019 and it is yet to commence its business operations. Adani Pipelines was incorporated as a wholly owned subsidiary of the company for carrying out business of transportation of crude, oil, gas, petroleum products through rail, road pipeline, sea, waterways & other related activities. The announcement was made after market hours on Friday, 13 December 2019.
Adani Transmission (ATL) rose 0.86%. The company has received the Letter of Intent (LOI) from Maharashtra State Electricity Transmission Company (MSETCL) to build, own, operate and maintain a transmission project in Maharashtra for a period of 35 years. This will be first ever 400 kilovolt substation facility in the city of Mumbai, the company said in an exchange filing made on Saturday, 14 December 2019.
Punjab National Bank (PNB) fell 1.94%. The bank had under-reported its non-performing assets by Rs 2617 crore for the year ended 31 March 2019. The announcement was made on Saturday, 14 December 2019.
Overseas, Asian stocks were trading mixed after trade agreement between Beijing and Washington over the weekend. U.S. Trade Representative Robert Lighthizer reportedly said on Sunday that the phase one U.S.-China trade deal reached on Friday is totally done.
China reportedly announced an agreement on U.S.-China trade and said it would increase purchases of U.S. agricultural products and was offer new intellectual property protections in return for a reduction in U.S. tariffs.
U.S. stocks closed slightly higher Friday, after President Donald Trump and Chinese officials announced a trade pact.
In economic data, U.S. retail sales rose 0.2% in November, though sales in October were revised to show a 0.4% increase, up from 0.3%.
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