Benchmark indices pared losses in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, dropped 148.52 points or 0.32% at 46,104.94. The Nifty 50 index declined 34.85 points or 0.26% at 13,523.30.
Sentiment was weak amid negative cues from other Asian markets as worries about increasing Covid-19 deaths and lockdowns overshadowed optimism about the roll-out of coronavirus vaccinations.
In the broader market, the S&P BSE Mid-Cap index fell 0.15%. The S&P BSE Small-Cap index lost 0.01%.
Sellers outpaced buyers. On the BSE, 1,353 shares rose and 1,476 shares fell. A total of 170 shares were unchanged. In Nifty 50 index, 23 stocks advanced while 27 stocks declined.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,264.38 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,721.11 crore in the Indian equity market on 14 December 2020, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 7,28,50,994 with 16,21,159 deaths.
India reported 3,39,820 active cases of COVID-19 infection and 1,43,709 deaths while 94,22,636 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
India's retail inflation declined to 6.93% in the month of November 2020 even though it remained above the Reserve Bank of India's (RBI) upper margin of 6%, 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%.
Gainers & Losers:
Eicher Motors (up 3.32%), Ultratech Cement (up 2.49%), Bajaj Finance (up 2.48%), Adani Ports & Special Economic Zones (up 2.29%) and Bajaj Finserv (up 1.97%) were major gainers in Nifty 50 index.
ICICI Bank (down 1.99%), Hindustan Unilever (down 1.85%), Nestle India (down 1.84%), Axis Bank (down 1.77%) and State Bank of India (down 1.62%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Majesco rose 1.59% to Rs 989.05 after the company said its board declared an interim dividend of Rs 974 per share for the financial year 2020-21. The company has fixed 25 December 2020 as the record date for determining the entitlement of the shareholder for the interim dividend. The company said the earliest dividend payout will be from 30 December 2020. Majesco further added the balance cash reserves estimated at Rs 103 crore will be distributed subject to board and regulatory approvals.
Snowman Logistics declined 2.12% after Adani Logistics sold another 0.75% stake in the company via bulk deal on Monday, 14 December 2020. As per the bulk deal data on the NSE, Adani Logistics sold 12,45,956 shares (0.75% of equity) of Snowman Logistics at average price of Rs 62.21.
Global Markets:
Most European shares opened higher amid post-Brexit deal negotiations. Coronavirus developments were also weighing on market sentiment with Germany and the Netherlands announcing tighter restrictions over Christmas in a bid to curb a sharp rise in infections.
Negotiations between the EU and U.K. aimed at reaching a post-Brexit trade deal continue to dominate the market sentiment. There seemed to be some positive momentum to talks on Monday with Ursula von der Leyen, president of the European Commission, saying there was some "movement" over sticking points in the talks.
Asian shares declined on Tuesday on concerns about rising coronavirus cases across the globe.
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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