Key indices sharply pared gains in mid-morning trade as profit booking emerged at higher levels. The Nifty gave up 13,400 mark and slipped towards 13,300 mark. Metal, pharma and banks shares declined.
At 11:31 IST, the barometer index, the S&P BSE Sensex, fell 85.31 or 0.19% at 45,341.75. The Nifty 50 index slipped 40.6 points or 0.3% at 13,315.40.
The Sensex hit a record high of 45,728.85 while the Nifty scaled fresh all time high of 13,435.45 in morning trade.
The broader market corrected after rally for the past seven days. The S&P BSE Mid Cap was down 0.83% while BSE Small Cap index lost 0.99%.
The market breadth turned negative. On the BSE, 1068 shares rose and 1562 shares fell. A total of 154 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 3,792.06 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,767.09 crore in the Indian equity market on 7 December 2020, provisional data showed.
COVID-19 Update:
Hyderabad-based Bharat Biotech filed an application seeking emergency use authorisation for Covaxin on Monday, becoming the third company to seek such regulatory approval in India after Pfizer and Serum Institute of India (SII). Covaxin is the first fully locally developed vaccine candidate against Covid-19 that will be considered for emergency use authorisation in the country.
Total COVID-19 confirmed cases worldwide stood at 67,559,804 with 1,543,803 deaths.
India reported 3,83,866 active cases of COVID-19 infection and 1,40,958 deaths while 91,78,946 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
Fitch Ratings on Tuesday raised India's GDP forecast to -9.4% in the current fiscal year to March 2021 from a previously projected contraction of 10.5% after the economy staged a sharper rebound in the second quarter. The projections compare to a GDP growth of 4.2% in 2019-20 (April 2019 to March 2020) fiscal and 6.7% annual expansion between 2015 and 2019.
Buzzing Index:
The Nifty Metal index slumped 1.45% to 3,115.30 on profit booking after rallying nearly 12.2% in the past six sessions.
Jindal Steel & Power (down 2.91%), NALCO (down 2.78%), Steel Authority of India (down 2.36%), Hindustan Zinc (down 2.02%), Coal India (down 1.79%), Hindalco Industries (down 1.59%), NMDC (down 1.46%), JSW Steel (down 1.22%), Tata Steel (down 1.06%) and Vedanta (down 0.38%) declined.
Stocks in Spotlight:
Godrej Properties rose 2%. The realty player announced that it has entered into an outright transaction to purchase a well located land parcel in Whitefield, Bangalore.
Spread across approximately 18 acres, this project will offer 0.22 million square meters (2.4 million square feet) of saleable area comprising primarily of residential apartments of various configurations.
Goa Carbon hit an upper circuit of 5% at Rs 287.35. The company said its production slipped 7.16% to 14,309.20 million tonnes (MT) in November 2020 as against 15,413.90 MT in November 2019. On a month-on-month (M-o-M) basis, the company's production soared 58.88% in November 2020 from 9,006 MT in October 2020.
NBCC (India) rose 1.56% to Rs 29.30 after the company on Monday (7 December 2020) said it secured total business of Rs 324.81 crore in the month of November 2020.
Global Markets:
Asian stocks were mixed on Tuesday as investors remained cautious over rising coronavirus cases, U. S. stimulus negotiations as well as Brexit talks between the U. K. and the European Union.
The U. K. and the European Union are making last efforts to reach a post-Brexit trade deal this week. Both sides remain divided over three issues: fisheries, competition rules and governance of their potential deal. They have been stuck on these three areas since early summer.
British Prime Minister Boris Johnson is set to travel to Brussels this week in a final push to clinch a post-Brexit trade deal with the EU. Johnson will meet European Commission chief Ursula von der Leyen in person after two phone calls between the leaders failed to bear fruit.
In US, the Dow Jones Industrial Average and S&P 500 fell on Monday as traders worried about rising coronavirus cases and searched for clues on additional fiscal aid. The Nasdaq Composite, meanwhile, rose 0.5% to 12,519.95 and hit a fresh record high.
Meanwhile, Japan will compile a fresh economic stimulus package worth 73.6 trillion yen ($708 billion), Prime Minister Yoshihide Suga said on Tuesday, signalling his resolve to pull the country out of its coronavirus crisis-induced slump. The new stimulus package will include fiscal spending worth around 40 trillion yen, Suga said.
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December 08, 2020 at 01:04PM
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Market breadth turns negative; metals shares correct - Business Standard
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