Key barometers hovered in a narrow range near the flat line in mid-morning trade. The sentiment was cautious ahead of GST Council meet to be held on 18 December 2019. FMCG stocks witnessed heavy selling pressure. The Nifty held the 12,000 level.
At 11:22 IST, the barometer index, the S&P BSE Sensex, was up 17.12 points or 0.04% at 41,026.83. The Nifty 50 index was down 2.3 points or 0.02% at 12,084.40.
The S&P BSE Mid-Cap index was down 0.15%. The S&P BSE Small-Cap index was up 0.24%.
The market breadth was almost even. On the BSE, 986 shares rose and 953 shares fell. A total of 151 shares were unchanged. In Nifty 50 index, 21 stocks edged higher while 29 stocks declined.
Economy:
India's merchandise exports declined 0.3% to $25.98 billion in November 2019 over a year ago. Meanwhile, merchandise imports also dipped 12.7% to $38.11 billion. The trade deficit narrowed 31.0% to $12.12 billion in November 2019 from $16.67 billion in November 2018.
As per the data released by the Reserve Bank of India, India's services exports increased 5.3% to $17.70 billion in October 2019 over October 2018. Meanwhile, India's services imports jumped 7.6% to $10.86 billion in October 2019. India's services trade surplus rose 1.8% to $6.83 billion in October 2019 from $6.72 billion in October 2018.
The WPI Inflation (YoY) for November 2019 will be unveiled today, 16 December 2019.
Buzzing Index:
FMCG stocks witnessed selling pressure ahead of GST Council Meeting that will be held this week on Wednesday, 18 December 2019. Media houses reported that GST rates and slabs could be raised as the government faces revenue collection pressure. Media houses also reported that an increase in cess cannot be ruled out.
The Nifty FMCG index was down 0.88% at 30,157.75. The index rose 1.22% in the past three trading sessions.
Jyothy Laboratories (up 1.64%), GlaxoSmithkline Consumer Healthcare (down 1.35%), Tata Global Beverages (down 1.3%), ITC (down 1.28%), Hindustan Unilever (down 1.24%), Nestle India (down 0.73%), Dabur India (down 0.63%), Bajaj Consumer Care (down 0.4%) and Marico (down 0.22%) were top losers in FMCG segment.
Stocks in Spotlight:
Glenmark Pharmaceuticals rose 2% to Rs 346.50 after the European drug regulator issued a certificate of compliance for the company's Baddi unit in Himachal Pradesh.
Asian Oilfield Services was up 1.66% after the company received a Letter of Award (LOA) for acquisition of 2D and 3D seismic data of oil blocks located in Rajasthan and Gujarat State from a reputed oil and gas company in India. The value of the LOA received is about Rs 640 crore, company reported.
Shares of Granules India were trading 0.27% lower at Rs 130.65. The company has entered into an agreement with Hubei Biocause Heilen Pharmaceutical Co., joint venture partner, for sale of 3.30 crore equity shares of 1 renminbi (RMB) each fully paid-up held by the company in Granules-Biocause Pharmaceutical Co. for a consideration of RMB 109 million. Conclusion of this transaction is subject to fulfillment of certain closing conditions as well as applicable regulatory approvals. The announcement was made after market hours Friday, 13 December 2019.
Global Markets:
Asian markets were trading mixed after U.S. Trade Representative Robert Lighthizer reportedly said on Sunday that the phase one U.S.-China trade deal reached is totally done.
China reportedly announced an agreement on U.S.-China trade and said it would increase purchases of U.S. agricultural products and was offer new intellectual property protections in return for a reduction in U.S. tariffs.
U.S. markets closed slightly higher on Friday, after President Donald Trump and Chinese officials announced a trade pact.
In economic data, U.S. retail sales rose 0.2% in November, though sales in October were revised to show a 0.4% increase, up from 0.3%.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
