In the broader market, the S&P BSE Mid-Cap index rose 0.36% while the S&P BSE Small-Cap index gained 1.1%.
Buyers outnumbered sellers. On the BSE, 1,472 shares rose and 1,128 shares fell. A total of 196 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 6,207.19 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,463.86 crore in the Indian equity market on 11 November 2020, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 5,21,29,134 with 12,84,465 deaths. India reported 4,89,294 active cases of COVID-19 infection and 1,28,121 deaths while 80,66,501 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
FM Addresses Media:
Addressing the press conference in New Delhi today, Finance Minister Nirmala Sitharaman announced Atmanirbhar Bharat Rozgar Yojana, which will incentivise creation of new jobs. New employees hired by EPFO-registered organisations will get benefits during the COVID-19 pandemic. The scheme is effective from 1 October 2020.
Meanwhile, the Emergency Credit Line Guarantee Scheme (ECLGS) is extended till 31 March 2021. Entities with outstanding credit of above Rs 50 crore and up to Rs 500 crore will be covered.
The government has also launched credit guarantee support for 26 stressed sectors. It will allocate additional Rs 18,000 crore over budget estimate towards PM Awaaz Yojana Urban.
The government will make Rs 6,000 crore equity investment in debt platform of National Investment and Infrastructure Fund, which will help NIIF raise Rs 1.1 lakh crore by 2025 for financing infrastructure projects.
FM also announced tax relief for developers and home buyers for houses up to Rs 2 crore till 30 June 2021. Differential between circle rate and agreement value in real estate income tax is being increased from 10% to 20%.
FM said Rs 65,000 crore fertilizer subsidy will be provided to farmers. Fertilizer consumption is going up significantly, increased supply of fertilizers will ensure that forthcoming crop seasons will not be affected for want of adequate fertilizers.
Additional outlay of Rs 10,000 crore is being provided for 'PM Garib Kalyan Rozgar Yojana'. Funds can be used for MGNREGA or for Gram Sadak Yojana, will help accelerate rural economy.
FM said that the economy is emerging strong as key parameters of the economy are in the positive trajectory. She said India strongly dealt with the Covid-19 pandemic and active cases and mortality rate are showing a declining trend.
FM said rise in PMI Index, energy consumption, GST collection, bank credit, FPI investment show that India's economy is doing better. She said market capitalization and forex reserve are on all time high which is a positive indicator.
Yesterday, the Union Cabinet gave its approval to introduce the Production-Linked Incentive Scheme (PLI) in the 10 key sectors. This scheme will make Indian manufacturers competitive globally and attract investment in the areas of core competency with cutting-edge technology. It will also ensure efficiencies, enhance exports and make India a pivotal part of the global supply chain.
Buzzing Index:
The Nifty Metal index declined 1% to 2,619. It surged 13% in the past seven days.
Coal India (down 2.62%), JSW Steel (down 1.43%), National Aluminium Company (down 1.02%), Jindal Steel & Power (down 0.64%), Tata Steel (down 0.38%) and NMDC (down 0.22%) declined.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee edged lower to 74.66 compared with its previous closing 74.36.
The yield on 10-year benchmark federal paper rose to 5.907% compared with its closing of 5.903% in the previous trading session.
MCX Gold futures for 4 December 2020 settlement rose 0.26% to Rs 50,298.
In the commodities market, Brent crude for January 2021 settlement rose 23 cents to $44.03 a barrel. The contract surged 0.44% to settle at $43.8 in the previous trading sessions.
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