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Shares firm up; auto stocks zoom

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Capital Market
Last Updated : Dec 09 2019 | 11:50 AM IST

Key benchmark indices firmed up and hit fresh intraday high in mid-morning trade. The recovery was supported by strength in auto, metal and pharma stocks. The Nifty traded crossed 11,950 level.

At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 128.68 points or 0.32% at 40,573.83. The Nifty 50 index was up 40.85 points or 0.34% at 11,962.35.

The S&P BSE Mid-Cap index was up 0.73%. The S&P BSE Small-Cap index was down 0.2%.

The market breadth turned positive. On the BSE, 1036 shares rose and 921 shares fell. A total of 151 shares were unchanged. In Nifty 50 index, 37 stocks advanced and 13 stocks declined.

Buzzing Index:

The Nifty Auto index was up 1.66% at 7,936.25. The index lost 2.38% in the past two trading sessions.

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Tata Motors (up 2.66%), Ashok Leyland (up 1.64%), Mahindra and Mahindra (up 1.55%), TVS Motors Company (up 1.38%), SML Isuzu (up 1.12%), Hero MotoCorp (up 1.1%), Eicher Motors (up 0.98%) and Bajaj Auto (up 0.75%) advanced higher.

Maruti Suzuki India advanced 3.13% to Rs 7096.75 after it announced its production figures for the month of November 2019. The auto maker's total production rose 4.3% to 1.41 lakh units in November 2019 from 1.35 lakh units in November 2018. Over the past nine months from February to October, the company announced production cuts ranging from 8.3% to 34%.

Auto stocks will remain in focus ahead of Society of Indian Automobile Manufacturers (SIAM) data that will be reported this week.

Stocks in Spotlight:

Shares of Goa Carbon were trading 2.2% higher at Rs 207. The company's total calcined petroleum cake production was 15,413.90 MT in November 2019 as compared to total production of 2,213.10 MT in November 2018.

Vodafone Idea extended its losses for second session and traded 5.92% lower after the company's chairman Kumar Mangalam Birla said the company will shut shop if there is no government relief. Birla was responding to a query, posed at an event, about the company's course of action going forward in the absence of government relief. Birla said the Aditya Birla Group will not invest any money in the company in the absence of relief from the government. Birla said the company will have to opt for insolvency route in the absence of relief.

Shares of Vodafone Idea have fallen 15.89% in three trading sessions to its current market price of Rs 6.51 from its recent closing high of Rs 7.74 on Wednesday, 4 December 2019.

Foreign Markets:

Asian shares edged higher on Monday, catching some of Wall Street's Friday's momentum. However gains were capped by concerns about China's economy due to the prolonged Sino-US trade war.

In US, markets closed sharply higher on Friday after the employment report from the Labor Department beat expectations, showing an estimated 266,000 new jobs created in November, the most since January. The unemployment rate fell to a 50-year low to 3.5% from 3.6%.

Investors also remained optimistic about the chances of a US-China trade deal, even though the deadline that will see import duties increased looms on 15 December.

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First Published: Dec 09 2019 | 11:22 AM IST

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