Key barometers continued trading with modest losses in afternoon trade. The Nifty was trading below the 12,250 level. At 13:21 IST, the barometer index, the S&P BSE Sensex, was down 77.19 points or 0.19% at 41,565.47. The Nifty 50 index was down 15.60 points or 0.13% at 12,247.15.
The broader market bucked trend. The S&P BSE Mid-Cap index was up 0.09% and the S&P BSE Small-Cap index was up 0.06%.
The market breadth favoured bears with 1189 shares losing against 1060 shares advancing on the BSE. A total of 159 shares were unchanged. In Nifty 50 index, 31 stocks advanced while 19 stocks declined.
Stocks in Spotlight:
Yes Bank (up 4.23%), IndusInd Bank (up 2.03%), Zee Entertainment Enterprises (up 1.92%), ONGC (up 1.40%) and JSW Steel (up 1.22%) were the top gainers.
HCL Technologies (down 1.75%), Reliance Industries (down 1.13%), Eicher Motors (down 1.04%), Wipro (down 0.85%) and Tech Mahindra (down 0.64%) were the top losers.
Hindalco Industries gained 0.91%. The company said its Muri refinery in Jharkhand restarted production of Alumina after receiving consent to operate from Jharkhand State Pollution Control. On 10 April 2019 the company had informed that operations of Alumina plant were suspended due to the spillage in the red mud cake storage area. Going forward, the company may not need to import Alumina.
Tata Motors was up 0.57%. The auto major said it has received NCLT order sanctioning the Scheme of Arrangement between the company and Tata Advanced Systems for transfer of the defense undertaking.
Politics:
Bharatiya Janata Party (BJP)'s political troubles deepened with the party losing control of the mineral-rich eastern state of Jharkhand just months after losing the crucial state of Maharashtra.
The Jharkhand Mukti Morcha's (JMM) legislature party will reportedly elect its leader at a meeting in Ranchi on Tuesday. JMM fought the election in alliance with Congress and Lalu Prasad's Rashtriya Janta Dal (RJD) to win a comfortable majority with 47 seats.
Jharkhand Mukti Morcha's (JMM) won 30 seats, Congress 16 and RJD one seat in the election. BJP, which went solo, won 25 seats.
Legislative Assembly elections were held in Jharkhand from 30 November to 20 December 2019 to elect the 81 members of Legislative Assembly. The election results were declared on Monday.
Foreign Markets:
Overseas, shares in Europe declined while Asian shares ended mixed on Tuesday in a shortened trading session due to the Christmas holidays.
In US, stocks recorded closing records on Monday as investors focused on a report that China will cut import tariffs for frozen pork, pharmaceuticals and some high-tech components starting 1 January 2020. The S&P and Nasdaq both hit new intraday highs Monday morning.
Investors cheered the news that China will cut import tariffs on a wide range of goods. China's finance ministry announced starting January 1, it will lower import tariffs on over 850 products ranging from frozen pork to some types of semiconductors. China is making efforts to boost imports amid a slowing economy and a trade war with the U.S.
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