Equity indices traded sideways with small losses in early afternoon trade. At 12:26 IST, the barometer index, the S&P BSE Sensex, was down 68.88 points or 0.16% at 43,288.23. The Nifty 50 index fell 16.55 points or 0.13% at 12,674.45.
The broader market continued trading higher. The S&P BSE Mid-Cap index was up 0.22% while the S&P BSE Small-Cap index was gained 0.72%.
The market breadth was positive. On the BSE, 1354 shares rose and 1066 shares fell. A total of 159 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,514.12 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,239.43 crore in the Indian equity market on 12 November, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 5,26,78,681 with 12,92,228 deaths.
India reported 4,84,547 active cases of COVID-19 infection and 1,28,668 deaths while 81,15,580 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
India's industrial production saw 0.2% growth in September, rising for first time in seven months. According to the Index of Industrial Production (IIP) data, manufacturing sector production registered a decline of 0.6% while output of mining and power segments grew at 1.4% and 4.9%, respectively. The IIP had contracted by 4.6% in September 2019.
India's Consumer Price Index (CPI) extended upward momentum and rose to 7.61% in the month of October. This is around six year high for the index. The CPI for the month of September was revised to 7.27% from 7.34%. The Consumer Food Price Index (CFPI) jumped to 11.07% in the month of October, up from 10.68% in September.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 2.12% to 20.1825. The Nifty November 2020 futures were trading at 12,704.90, at a premium of 20 points compared with the spot at 12,684.90.
The Nifty option chain for 19 November 2020 expiry showed maximum Call OI of 30.27 lakh contracts at the 13,000 strike price. Maximum Put OI of 25.61 lakh contracts was seen at 12,600 strike price.
The Nifty option chain for 26 November 2020 expiry showed maximum Call OI of 19.38 lakh contracts at the 13,000 strike price. Maximum Put OI of 33.55 lakh contracts was seen at 12,000 strike price.
Buzzing Index:
The Nifty Metal index was up 0.48% at 2,649.55, reversing yesterday's 0.31% decline.
Ratnamani Metals & Tubes (up 3.31%), Coal India (up 2.13%), Apl Apollo Tubes (up 1.18%), NMDC (up 0.99%), JSW Steel (up 0.58%), Tata Steel (up 0.33%) and MOIL (up 0.24%) advanced.
Stocks in Spotlight:
Indiabulls Real Estate jumped 11.06% to Rs 61.25. On Thursday, 12 November 2020, Rakesh Jhunjhunwala's Rare Enterprises bought 50 lakh shares, or 1.09% equity, of Indiabulls Real Estate through a bulk deal on the NSE at an average price of Rs 57.73. Morgan Stanley Asia (Singapore) sold 75.80 lakh shares of the company at an average price of Rs 57.16 on the same day. It held 3.70% stake or 1.67 crore shares of Indiabulls Real Estate as on 30 September 2020.
Sun TV Network fell 2.62% to Rs 431.45. On a standalone basis, net profit fell 5.6% to Rs 345.91 crore on a 2.3% decrease in net sales to Rs 756.16 crore in Q2 September 2020 over Q2 September 2019. EBITDA for the quarter ended 30 September 2020 rose 7.10% to Rs 502.03 crore over Rs 468.74 crore for the previous quarter ended 30 September 2019. The subscription revenues for the quarter jumped 14% to Rs 427.04 crore as against Rs 375.65 crore for the corresponding quarter ended on 30 September 2019.
Natco Pharma was up 0.3%. The drug maker said that its marketing partner, Breckenridge Pharmaceutical Inc., had received approval from U.S. Food and Drug Administration (USFDA) for Pomalidomide Capsules. Celgene, sells Pomalidomide Capsules under Brand name POMALYST, in the USA market which is indicated for the treatment of patients suffering from multiple myeloma cancer. As per industry sales data, POMALYST had annual sales of $957 million during the twelve months ending September 2020.
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