Key indices are trading lower in early trade on negative Asian stocks. At 9:24 IST, the barometer index, the S&P BSE Sensex, was down 129.94 points or 0.32% at 41,000.23. The Nifty 50 index was down 29.95 points or 0.25% at 12,121.20.
The S&P BSE Mid-Cap index was up 0.45%. The S&P BSE Small-Cap index was up 0.4%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 668 shares rose and 393 shares fell. A total of 60 shares were unchanged.
On the macro front, India's GDP data for September quarter is scheduled to be published after market hours today, 29 November 2019. Ratings firm ICRA expects further deterioration in the growth of India's GDP to 4.7% in Q2 of FY2020, due to weakening momentum in the industry.
Among stocks, Aurobindo Pharma rose 1.62%. Aurobindo Pharma said that Auro Vaccines LLC, 100% subsidiary of Aurobindo Pharma USA Inc., USA, which in turn is 100% subsidiary of the company, has entered into a definitive agreement to acquire certain business assets from Profectus BioSciences Inc., USA., a clinical-stage vaccine development company.
HDFC Bank slipped 0.07%. The board of directors of the bank has constituted a Search Committee to identify a successor to Aditya Puri, the current Managing Director of the Bank, whose tenure ends on 26 October 2020. The Search Committee, over the next few months, shall evaluate internal and external candidates to ensure smooth transition.
BPCL gained 1.42%. In accordance with the decision of the National Convention of Oil and Petroleum Workers held on 26 October 2019, the Unions had called for a strike on 28 November 2019 as a mark of protest against Govt. of India's decision to disinvest its entire stake in the corporation with transfer of management control. In line with the aforementioned, the labour and clerical workmen of Marketing and Refineries are observing one day's strike from the morning of 28 November 2019 till the morning of 29 November 2019. Necessary arrangements have been made to maintain normal supplies in the market.
ONGC shed 0.15%. ONGC announced the issuance of US$300 Million 3.375% Notes under the US$2,000,000,000 Medium Term Note Programme established by the company and ONGC Videsh (Programme). The Notes will mature on 5 December 2029, unless redeemed earlier subject to the terms and conditions of the Notes.
CG Power and Industrial Solutions advanced 2.19%. The company has intimated Avantha Holdings (AHL) of rescinding the Royalty Agreement and consequently does not have any liability towards payment of brand royalty including the monetisation proposal.
The Royalty Agreement envisaged 50% of brand royalty payable by the company to AHL in perpetuity aggregating to Rs 411.20 crores for part settlement of outstanding loans due from Avantha group of companies and reducing the regular royalty payments to 0.50% of annual consolidated net operating revenues of the company.
Overseas, Asian stocks were trading lower as investors worried a new US law backing Hong Kong protests could derail Washington's and Beijing's efforts to end their trade war. Hong Kong has been rocked by months of civil unrest initially sparked by a since-withdrawn extradition bill.
Japan's industrial output slipped at the fastest pace since early last year in October. Factory output fell 4.2% in October from the previous month, trade ministry data showed on Friday, swinging from a 1.7% rise the previous month.
The Bank of Korea announced on Friday its decision to keep the benchmark interest rate steady at 1.25%, in line with expectations.
U.S. financial markets were closed Thursday for Thanksgiving Day and will have an abbreviated trading schedule on Friday.
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