Local stocks were trading on a firm note in early trade on buying demand in index pivotals. At 9:24 IST, the barometer index, the S&P BSE Sensex, was up 226.70 points or 0.56% at 41,048.00. The Nifty 50 index was up 69.60 points or 0.58% at 12,107.30.
The S&P BSE Mid-Cap index was up 0.45%. The S&P BSE Small-Cap index was up 0.38%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 741 shares rose and 316 shares fell. A total of 62 shares were unchanged.
On the political front, Sena chief Uddhav Thackeray will be reportedly sworn in on Thursday as Chief Minister of a Shiv Sena-NCP-Congress government. In a special assembly session in Maharashtra, interim speaker Kalidas Kolambkar is administering oath to the MLAs today. Governor Bhagat Singh Koshyari on Tuesday called the special session hours after BJP's Devendra Fadnavis resigned as the Chief Minister in a dramatic turn of events. NCP's Ajit Pawar, his deputy, had also resigned on Tuesday afternoon.
Among stocks, Yes Bank surged 5.84%. The meeting of the board of directors of the bank is scheduled on 29 November 2019 to consider and approve raising of funds by issue of equity/ equity linked securities through permissible modes.
HCL Technologies rose 0.48%. HCL Technologies said that the record date for determining the entitlement of the equity shareholders of the company for the bonus shares has been fixed for 7 December 2019. On 23 October 2019, the board of directors had considered, approved and recommended issue of one bonus share for every one equity share held by the equity shareholders of the company.
L&T Finance Holdings gained 0.83%. L&T Finance Holdings announced that the Committee of Directors of the company will approve raising of funds through proposed issue aggregating up to Rs. 60 crore and determine the issue price for the proposed issue on 29 November 2019.
Max India slipped 0.36%. Max India informed that the divestment of entire equity shareholding of the company in Pharmax Corporation has been completed on 25 November 2019 and the company has received Rs 60.73 crore as consideration for the divestment in terms of the Share Purchase Agreement executed amongst Max Estates, Max India and Pharmax Corporation. Consequently, Pharmax Corporation ceased to be a subsidiary of Max India with effect from 25 November 2019.
Overseas, Asian stocks were trading mixed on Wednesday as investors look for concrete developments on U.S.-China trade as the threat of increased tariffs looms.
U.S. stocks advanced to close at new all-time highs Tuesday, as investors focused on U.S.-China trade talks and an upbeat assessment of the economy from Federal Reserve Chairman Jerome Powell.
Top Chinese and U.S. negotiators reportedly agreed on talks toward a preliminary phase one deal, China's Commerce Ministry said Tuesday. The ministry said Vice Premier Liu He, the country's top negotiator, spoke by phone with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.
Fed Chair Powell, in remarks Monday evening, outlined an optimistic view of the U.S. economy but signaled that low inflation would likely keep interest rates low. The Fed chief said that the central bank's three rate cuts this year have helped to spur home purchases, contributing to the economy's longest expansion on record.
In US economic data, consumer confidence fell in November for the fourth month in a row, with the Conference Board's index falling from 125.5 from 126.1 in October. New-home sales fell in October to a seasonally adjusted annual rate of 733,000, from 738,000 in September. But the Case-Shiller home-price index for September showed home prices rising nationally at a 3.2% annual pace, up from a 3.1% rise in August.
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