Key indices opened higher on select buying on index stocks. At 9:15 IST, the barometer index, the S&P BSE Sensex, was up 90.58 points or 0.22% at 41,442.75. The Nifty 50 index was up 15.10 points or 0.12% at 12,180.10.
The S&P BSE Mid-Cap index was up 0.03%. The S&P BSE Small-Cap index was unchanged. Both these indices underperformed the BSE Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 396 shares rose and 147 shares fell. A total of 38 shares were unchanged.
Among stocks, TCS rose 0.73%. TCS said it has been selected by Petco, America's leading pet specialty retailer, to deploy TCS Optumera, an Al-powered merchandise optimization suite. TCS Optumera leverages the power of Al and machine learning to localize and right-size store spaces, curate shopper centric omni-channel experiences, anticipate competitor pricing strategies in real-time, and enable optimal price recommendations.
Bank of Baroda fell 1.27%. Bank of Baroda said FY19 gross & net NPA divergence was at Rs 5,250 crore each. FY19 divergence in provisions was at Rs 4,090 crore. Out of Rs 4090 crore divergence in provision for NPA, the bank has already made provision of Rs 1475 crore during the current financial year. Hence the remaining impact is Rs 2615 crore. All the figures is for the amalgamated entity i.e. Bank of Baroda, erstwhile Dena Bank and erstwhile Vijaya Bank.
Zee Entertainment was up 0.02%. Zee Entertainment said Brickwork Ratings India Private Limited downgraded ratings on 6% Cumulative Redeemable Non Convertible Preference Shares with outstanding of Rs 1210.16 crore from AA+ to AA (credit watch with negative implications). The downgrade factors the resignation of certain Independent Directors and the Company Secretary, along with dilution of controlling stake of the promoter and promoter group which now owns 5% in the Company and the stepping down of Mr Subhash Chandra as Chairman of the Board who, however, will remain as Non-Executive Director of the Company.
Goodyear India was down 1.62%. Goodyear India informed that the company has decided to close its manufacturing operations of the Plant situated at Ballabgarh, (District-Faridabad) Haryana, from December 21, 2019 to December 30, 2019 (both days inclusive) to align production in line with the market demand.
Allahabad Bank fell 0.26%. Allahabad Bank said CRISIL assigned AA-/Rating Watch With Negative implications to the Bank's proposed Basel-III compliant Tier 2 Bonds aggregating to Rs 1500 crore.
Prestige Estates Projects rose 3.22%. Prestige Estates Projects informed that the meeting of the board of directors of the company is scheduled on 20 December 2019 to consider and approve raising of funds through preferential issue to an identified allottee.
Overseas, most Asian markets were trading higher on Wednesday as revived Brexit fears came to the fore.
In US, stock indexes closed at records again on Tuesday supported by positive economic data and relief over a truce in President Trump's trade war with China.
In US economic data, home builders increased new construction at an annual pace of 1.365 million in November, an increase of 3.2% from October's pace and a 13.6% increase on a year ago.
Industrial production rose 1.1% in November, the largest monthly increase in two years, but is down 0.8% for the past year.
The US reportedly said China agreed to increase imports of goods in 2020 and 2021 by a total of $200 billion more than the total in 2017, including about $40 billion of US farm goods. The deal also included Chinese action to protect American intellectual property and vague assurances not to manipulate its currency.
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