Key indices are trading firm in early trade as on strong buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 338.59 points or 0.77% at 44,415.74. The Nifty 50 index was up 89.95 points or 0.7% at 13,016.40. The Sensex scaled record high above 44,400 mark in early trade. The Nifty also hit record high above the psychological 13,000 level in early trade.
The S&P BSE Mid-Cap index was up 0.52%. The S&P BSE Small-Cap index was up 0.79%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1256 shares rose and 526 shares fell. A total of 80 shares were unchanged.
Stocks in news:
Reliance Industries (RIL) rose 0.13%. After receipt of all requisite approvals, Jio Platforms, a subsidiary of the company, received the subscription amount Rs 33,737 crore from Google International LLC (a wholly owned subsidiary of Google LLC). Jio Platforms has allotted equity shares to Google International LLC following which Google International LLC holds 7.73% of the fully diluted equity share capital of Jio Platforms.
Coal India gained 0.86%. The company's board approved to enhance the non-coking coal price by Rs 10 per tonne for regulated and non-regulated sectors. This would come into force from 1 December 2020.
Exide Industries rose 1.18%. Exide Industries has further invested an amount aggregating to Rs 33.17 crore by way of subscription to the equity share capital of its subsidiary, Exide Leclanche Energy Private Limited. With the above investment, the equity shareholding of Exide Industries in Exide Leclanche Energy Private Limited stands increased from 77.87% to 80.15% of the total paid-up share capital.
Ingersoll-Rand (India) lost 5.02% to Rs 624.50. Ingersoll-Rand INC proposes to sell up to 1,425,798 equity shares (representing up to 4.52% of the total issued and paid-up equity share capital of the company on November 24, 2020 and November 25, 2020. The floor price for the sale shall be Rs 578.60 per equity share.
Jubilant Industries surged 8.84%. Jubilant Industries has executed an 'Agreement to Sell' for transfer of portable liquor license of the company for manufacturing of Indian Made Foreign Liquor ('License') on November 23, 2020. Consequent to the transfer of the License, the company shall no longer be manufacturing Indian Made Foreign Liquor.
Global Markets:
Overseas, Asian stocks are trading higher on Tuesday as investors in the region react to more positive coronavirus vaccine news, as well as U.S. President-elect Joe Biden's choice of former Federal Reserve Chair Janet Yellen as Treasury secretary. Yellen oversaw a solid economic expansion during her term as Fed chair from 2014 to 2018 in the wake of the financial crisis.
Meanwhile, the Trump administration has begun the transition process to President-elect Biden, making federal resources available for his transition into office.
In US, stocks rose on Monday after AstraZeneca and the University of Oxford said their coronavirus vaccine was up to 90% effective, becoming the third inoculation this month that was revealed to be effective in trial data.
In economic data, IHS Markit said their U.S. manufacturing and services purchasing managers' indexes hit multiyear highs. The flash U.S. services index rose to 57.7, its highest level in more than five years. The manufacturing PMI popped to 56.7, its highest level in over six years.
Meanwhile, UK Prime Minister Boris Johnson announced Monday the country's national lockdown would end on December 2 with certain conditions in place.
Back home, domestic benchmark indices ended with modest gains on Monday, tracking positive global cues on hopes for imminent coronavirus vaccines. The barometer index, the S&P BSE Sensex, rose 194.90 points or 0.44% at 44,077.15. The Nifty 50 index advanced 67.40 points or 0.52% at 12,926.45.
Foreign portfolio investors (FPIs) bought shares worth Rs 4,738.44 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,944.05 crore in the Indian equity market on 23 November, provisional data showed.
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