Key indices opened higher on positive Asian cues which saw Nifty regain 12,000 mark. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 227.29 points or 0.56% at 40,809.00. The Nifty 50 index was up 61.70 points or 0.52% at 12,033.50.
The S&P BSE Mid-Cap index was up 0.45%. The S&P BSE Small-Cap index was up 0.35%. Both these indices underperformed the BSE Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 561 shares rose and 135 shares fell. A total of 27 shares were unchanged.
Among stocks, Wipro rose 0.63%. Wipro said that it has been awarded a strategic multi-year cyber governance, cloud and infrastructure services transformation engagement by Olympus. Headquartered in Tokyo, Olympus is a global medtech company committed to Making people's lives healthier, safer and more fulfilling.
Infosys was up 0.38%. Infosys said its subsidiary, EdgeVerve Systems, announced partnership with IDEGO, a leading consulting firm for digital transformation, to develop and deliver innovative tech products to their customers across Latin America. Together, they will assist enterprises across telecom and financial services to help improve enterprise-wide productivity and efficiency.
Raymond rose 0.68. Raymond said it has allotted 33,38,278 Equity Shares at a price of Rs 674 per Equity Share aggregating to approximately Rs 225 crore and 18,54,599 0.01% Compulsorily Convertible Preference Shares, each carrying a right to convert to one Equity Share per Preference Share, at a price of Rs 674 per Preference Share, aggregating to approximately Rs 125 crore, on preferential basis to J. K. Investo Trade (India) Limited.
Bank of Baroda rose 1.38%. Bank of Baroda said it has issued and allotted 65,14,65,798 equity shares of Rs 2/- each fully paid up at an issue price of Rs 107.45 per equity share (premium of Rs 105.45 per share) aggregating to Rs 7,000 crore to Government of India (Promoter) on preferential basis. Bank of Baroda has also signed the binding Share Purchase Agreement for sale of business of Bank of Baroda (Trinidad & Tobago) Limited (BOBTTL) with Ansa Merchant Bank Ltd., subject to regulatory approval.
Navin Fluorine International was up 2.07%. Navin Fluorine International said the company is planning a capex program at Dahej (Gujarat) through a wholly owned subsidiary with an estimated aggregate capital outlay of over Rs 450 crore over the next 3 - 4 years. The Board of Directors has initially approved capital expenditure of approx. Rs. 90 crore for site development and related infrastructure on approx. 74 acres of land for greenfield projects at Dahej through a wholly owned subsidiary. The said capital expenditure will be funded out of its internal accruals. The development of the infrastructure will enable the Company to set up various future greenfield projects in fluorochemicals.
Biocon fell 0.07%. Biocon and Equillium Inc. a clinical-stage biotechnology company leveraging deep understanding of immunobiology to develop products to treat severe autoimmune and inflammatory disorders, announced that they have expanded their collaboration and license agreement for itolizumab to grant Equillium exclusive rights for developing and commercializing itolizumab in Australia and New Zealand. Equillium had originally secured exclusive rights to develop and commercialize Biocon's novel biologic, itolizumab, for the U.S. and Canada markets, in May 2017.
Overseas, Asian markets jumped on Friday on the emergence of a possible US-China trade deal. Also political risks appeared to abate, with the ruling Conservative party on course to win the UK's general election.
In US, stocks surged to new records on Thursday propelled by reports the US and China had reached at trade deal to avoid new tariffs due on Sunday, and roll back existing levies, in exchange for purchases of American agricultural products.
The benchmark S&P 500 and Nasdaq Composite indexes closed at record highs while the Dow Jones Industrial Average saw a new intraday record.
In US economic data, new unemployment claims jumped by 49,000 to 252,000 during the week ended 7 December 2019 the highest level since September 2017, though the data was likely affected by the US Thanksgiving holiday. Wholesale price inflation remained tame, with the producer-price index unchanged in November, with core producer prices, which strips out volatile energy and food prices, falling to a three-year low of 1.3%.
European Central Bank decided to keep its main deposit rate at negative 0.5%.
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