Key equity market barometers declined in a lackluster session on Tuesday. Selling pressure in the last hour of trade dragged the benchmark indices near the day's low. Trading activity remained thin amid the holiday season in major global markets. Premium valuation in largecaps and lack of fresh triggers influenced investors to lock profits.
The barometer index, the BSE Sensex, fell 282.17 points or 0.68% to 41,275.83, as per the provisional closing data. The Nifty 50 index fell 79.55 points or 0.65% to 12,176.30, as per the provisional closing data.
In the broader market, the S&P BSE Mid-Cap index fell 0.03% while the BSE Small-Cap index gained 0.37%.
The market breadth was positive. On BSE, 1359 shares advanced while 1205 shares declined. A total of 195 shares were unchanged. In Nifty 50 index, 11 stocks advanced and 39 stocks declined.
Economy:
Union Finance Minister Nirmala Sitharaman unveiled Rs 102 lakh crore plan for National Infrastructure Projects (NIP) to help make India a $5 trillion economy by 2025. Nearly Rs 25 lakh crore energy projects lined up under NIP; nearly Rs 20 lakh crore road and nearly Rs 14 lakh crore railway projects lined up under NIP; private sector to share a 22-25% of NIP investments, Centre and states the rest.
Buzzing Index:
Despite weak sentiment, the Nifty Metal index managed to end 0.24% higher at 2,803.15.
Among the sectoral constituents, NMDC (up 1.62%), Hindustan Zinc (up 0.41%), Hindustan Copper (up 0.26%) and Jindal Steel & Power (up 0.03%) advanced.
Vedanta (down 1.3%), Hindalco Industries (down 0.85%), Steel Authority of India (down 0.7%), Tata Steel (down 0.56%), JSW Steel (down 0.46%) and National Aluminium Company (down 0.46%) declined.
Stocks in Spotlight:
United Spirits rose 1.30% to Rs 600. The beverage maker said CRISIL has revised its outlook on the long term bank facilities and non convertible debentures of United Spirits (USL) to 'Positive' from 'Stable' while reaffirmed the rating at 'CRISIL AA+'. The short term rating and commercial paper has been reaffirmed at 'CRISIL A1+'. The outlook revision reflects the expectation of improvement in USL's credit profile, commensurate with better cash accrual and leverage over the medium term.
PTC India Financial services advanced 3.81% to Rs 57.20. The company informed that it has received sanction of fresh long term loan of Rs 500 crore for a period of ten years at interest rate of 8.50% per annum for onward lending to infrastructure projects and other operational requirements.
Shares of Kalpataru Power Transmission rose 1.94% to Rs 409. The firm secured new orders of Rs 979 crore across various businesses.
Premier Explosives slipped 2.13% to Rs 147 after rating agency ICRA revised the company's long-term rating to 'A-' from 'A' earlier.
In an exchange filing made after market hours yesterday, the company informed that ICRA has revised the credit rating for line of credit (LOC) of the company, on long term at [ICRA] [A-] (Stable) from [ICRA] A (Stable) while the rating on short term was downgraded to [ICRA][A2+] from [lCRA] A1 earlier. The said rating is valid till 19 December 2020, the company added.
Axis Bank slipped 0.05% at Rs 753.85. The bank announced the appointment of Naveen Tahilyani as the group executive - head banking operations and transformation, to lead operations, technology, strategy and analytics (BIU) and of Amit Talgeri as the chief risk officer (CRO) of the Bank with effect from the first week January 2020.
IT major Infosys declined 0.20% to Rs 731.35. The IT major informed that it will declare its Q3 December 2019 results on 10 January 2019.
Foreign Markets:
European shares were trading mixed on Tuesday as financial markets see the last trading session of the year. Germany's DAX index was closed.
Asian shares ended mixed on Tuesday. Markets in Indonesia, Japan and South Korea were closed for a holiday.
China's official manufacturing Purchasing Managers' Index (PMI) for December came in at 50.2. The 50 level in PMI readings separates expansion from contraction.
In US, markets retreated on Monday in the penultimate session of 2019, following a powerful stretch of returns, supported in the final few weeks by optimism over an initial trade pact with China.
On economic front, the November US trade deficit fell to a more than 27-month low, down 5.4%.
Contracts to buy previously-owned US homes rose in November, according to the National Association of Realtors.
The US November trade deficit fell to a more than 27-month low, down 5.4%, though 2019 is on track for the largest annual deficit in 11 years.
On the US-China trade front, White House trade adviser Peter Navarro reportedly said the pact was likely to be signed in the next week but that confirmation would come from President Donald Trump or U.S. Trade Representative Robert Lighthizer. A media report said Chinese Vice Premier Liu He would travel to Washington later this week to sign the deal.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
