Key benchmark indices slipped into the negative terrain and hit fresh intraday low in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, was down 36.96 points or 0.09% at 40,972.75. The Nifty 50 index was down 19.6 points or 0.16% at 12,067.10.
In the broader market, the S&P BSE Mid-Cap index was down 0.32%. The S&P BSE Small-Cap index was up 0.05%.
The market breadth turned negative from positive. On the BSE, 1009 shares rose and 1141 shares fell. A total of 165 shares were unchanged. In Nifty 50 index, 18 stocks edged higher while 32 stocks declined.
Economy:
The annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 0.58% (provisional) in November 2019 (over November 2018) compared with 0.16% (provisional) for the previous month and 4.47% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was 2% compared to a buildup rate of 4.56% in the corresponding period of the previous year.
The rate of inflation based on WPI Food Index consisting of 'Food Articles' from Primary Articles group and 'Food Product' from Manufactured Products group increased from 7.65% in October 2019 to 9.02% in November 2019.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.2% to 13.46. The Nifty December 2019 futures were trading at 12,078.75, a premium of 32.25 points compared with the spot at 12,111.
On the options front, the Nifty option chain for 26 December 2019 expiry showed maximum call open interest (OI) of 24.48 lakh contracts at the 12,000 strike price. Maximum put OI of 42.51 lakh contracts was seen at 12,000 strike price.
The option chain indicates that the 12,000 will be a crucial level for Nifty till December expiry.
Buzzing Index:
The Nifty Metal index was down 0.93% at 2,602.30.The index surged 4.67% in the past two trading sessions.
Jindal Steel & Power (down 3.78%), Steel Authority of India (down 2.34%), National Aluminium Company (down 2.3%), JSW Steel (down 1.34%), Tata Steel (down 1.14%), Vedanta (down 0.57%), Hindustan Copper (down 0.21%) and Hindalco Industries (down 0.2%) were top losers in metal segment.
Stocks in Spotlight:
Sun Pharmaceutical Industries declined 0.99% to Rs 434.30. 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. The company said it is preparing the response to the observations, which will be submitted to the USFDA within 15 business days. The company remains committed to working closely with the USFDA and continues to enhance its GMP compliance on an ongoing basis, it said.
Maruti Suzuki India was trading 0.85% lower at Rs 7159.70. The car major said it sold over 6 lakh automatic transmission passenger vehicles. Out of these 6 lakh automatics sold, over 5 lakh vehicles are equipped with popular Auto Gear Shift (AGS) technology.
Shares of Future Retail were trading 0.35% lower at Rs 331.45. Future Retail announced after trading hours on Friday, that Brickwork Ratings India's rating for commercial paper (proposed) has been reaffirmed as BWR A1+ and for non-convertible debentures (NCDs) (proposed) has been reaffirmed at BWR AA with change in outlook from stable to negative.
Adani Green Energy rose 1.06% to Rs 134 after the media reported that the company may buy the remaining solar energy portfolio of the Essel Group. Adani Group had signed an agreement in August this year to acquire the 205 megawatt (MW) of operational solar assets for Rs 1,300 crore. Essel Group's total solar energy portfolio consists of 685 MW of installed and under-construction projects. According to media reports, the Essel Group has reached an agreement to sell the remaining 480 MW (currently under construction) to Adani Green Energy. The sale of solar energy assets was part of Essel Group promoters' overall divestment process to reduce debt and repay lenders.
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