Domestic equity barometers ended near the day's low on Thursday, dragged by banks and financial stocks. FMCG stocks advanced on defensive buying amid broader selloff. Concerns about rising coronavirus infections across the globe eclipsed the enthusiasm surrounding COVID-19 vaccine development.

The barometer index, the S&P BSE Sensex, tumbled 580.09 points or 1.31% to 43,599.96. The Nifty 50 index slumped 166.55 points or 1.29% at 12,771.70.

Power Grid Corporation of India (up 2.43%), ITC (up 2.06%) and TCS (up 0.42%) supported the indices.

In the broader market, the BSE Mid-Cap index fell 0.65% and the BSE Small-Cap index rose 0.03%.

The market breadth was negative. On the BSE, 1322 shares rose and 1436 shares fell. A total of 180 shares were unchanged.

The US dollar index (DXY), which tracks the greenback's value against majors, advanced on Thursday as a bull run in stocks took a breather, with investors reassessing coronavirus vaccine optimism. The DXY traded 0.36% higher on the day near 92.65.

COVID-19:

Total COVID-19 confirmed cases worldwide stood at 56,202,247 with 1,349,339 deaths.

India reported 443,303 active cases of COVID-19 infection and 131,578 deaths while 8,383,602 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Pfizer Inc on Wednesday said that final results from the late-stage trial of its Covid-19 vaccine showed it was 95% effective, adding it had the required two-months of safety data and would apply for emergency US authorization within days.

The drug maker further added that the efficacy of the vaccine, developed with German partner BioNTech SE, was consistent across age and ethnicity demographics, and that there were no major side effects, a sign that the immunization could be employed broadly around the world.

Numbers to Watch:

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 74.27, compared with its close of 74.19 during the previous trading session.

The yield on 10-year benchmark federal paper fell to 5.876% as compared with 5.878% at close in the previous trading session.

In the commodities market, Brent crude for January 2021 settlement fell 41 cents at $43.93 a barrel. The contract rose 59 cents, or 1.35% to settle at $44.34 a barrel in the previous trading session.

Foreign Markets:

The US Dow Jones 30 Futures were currently down 143 points, indicating a weak start to equities on Wall Street today.

European shares declined across the board while most Asian markets ended lower Thursday as rising global coronavirus cases and renewed fears of possible shutdowns weighed on investor sentiment.

European Central Bank (ECB) President Christine Lagarde on Thursday cautioned that euro area inflation is likely to remain negative into early 2021 as fresh economic shutdowns sweep through the continent.

Lagarde also warned policymakers in Brussels of the potential damage that would be caused to the bloc's economy should they fail to implement its historic stimulus plan, after Hungary and Poland vetoed the agreement on Monday.

US stocks finished at session lows Wednesday, after New York City officials said its public school system would close in a bid to contain rising COVID-19 cases, adding another blow to the city's recovery. The worsening pandemic that brought on new restrictions overshadowed positive developments on the coronavirus vaccine front.

The Dow Jones Industrial Average tumbled 1.15%, the S&P 500 lost 1.2% and the Nasdaq Composite Index shed 0.8%. All three indexes were initially trading positive in early action.

New York City officials said its public school system, the nation's largest, will close to contain the virus.

Pfizer Inc. said on Wednesday that the vaccine candidate it has developed with BioNTech SE was 95% effective in a final analysis of clinical trial data. Pfizer plans to seek authorization for the vaccine within days, the companies said.

The vaccine news initially helped to lift stocks, but support waned as repercussions of the continuing surge in COVID-19 cases took center stage.

Buzzing Domestic Segments:

The Nifty Bank index slipped 2.85% to 28,903.05. The index gained 5.2% in the past three sessions.

Federal Bank (down 5.33%), State Bank of India (down 4.88%), RBL Bank (down 4.25%), Axis Bank (down 3.93%), ICICI Bank (down 3.84%), Bank of Baroda (down 3.83%), IDFC First Bank (down 2.77%), Punjab National Bank (down 2.6%), Bandhan Bank (down 2.52%), HDFC Bank (down 2.43%), IndusInd Bank (down 1.3%) and Kotak Mahindra Bank (down 0.49%) tumbled.

The Nifty FMCG index rose 0.43% to 31,085.20. The index fell 1.08% on Wednesday.

Jyothy Laboratories (up 3.15%), Bajaj Consumer Care (up 2.93%), Dabur India (up 0.47%), Britannia Industries (up 0.45%), Godrej Consumer Products (up 0.35%) and Nestle India (up 0.17%) advanced.

Stocks in Spotlight:

Hero MotoCorp rose 0.18%. The company said it sold over 14 lakh units of motorcycles and scooters in retail sales during the just concluded festive season, riding on robust customer demand for its range of products.

Despite the severe disruptions on account of the Covid-19 this year, the good retail off-take during the 32-day festival period - spread between the first day of Navratra and the concluding day after Bhai Duj - was 98% of the festive season volumes sold by the company in the previous year (2019) and 103% compared to the same period in 2018, Hero MotoCorp said. This has enabled the two-wheeler major to reduce the vehicle stocks at its dealerships to less than four weeks, the lowest ever post-festive inventory, it addded.

GPT Infraprojects spurted 9.85% after the company said it bagged a Rs 162.83 crore order from the Office of the Hooghly River Bridge Commissioners (HRBC), Transport Department, Government of West Bengal, Kolkata.

The order is for repair and Rehabilitation of second Hooghly Bridge (Vidyasagar Setu), Kolkata including replacement of stay & holding down cables and bearings etc.

ACC slipped 0.50%. The cement major has divested its non-operational wholly-owned subsidiary, National Limestone Company, to N.G. Ghadiya Group. The transaction is expected to close in next four weeks from signing of the SPA. ACC has received a consideration of Rs 20 crore from the disposal. N.G. Ghadiya Group is engaged in the business of construction and mining.

Dr Reddy's Laboratories gained 0.36%. The drug major on Thursday (19 November) said it has commenced a detailed investigation into an anonymous complaint. The complaint alleges that healthcare professionals in Ukraine and potentially in other countries were provided with improper benefits in violation of U.S. laws. The investigation is being carried out by an independent U.S. law firm.

SpiceJet jumped 12.06% after the US Federal Aviation Administration cleared Boeing's 737 Max for flight after a prolonged grounding. The scrip surged 15.75% to hit the day's high at Rs 76.80 in trade today.

Regulators around the world grounded the Boeing 737 Max in March 2019, after two crashes that killed a total of 346 people in 2018 and 2019. US regulators have cleared the Boeing 737 MAX after a comprehensive and methodical 20-month review process.

The media reported that the aircraft is yet to get go-ahead from Directorate General of Civil Aviation (DGCA) to resume operations in India. SpiceJet is reportedly the only Indian airline operating Boeing 737 Max planes in its fleet.

Titan Company added 1% after the company said it saw good traction across all its businesses in the festive season. The company said its jewellery business witnessed a mid-teens growth (around 15%) for the 30 day festive season starting from Dussehra till Diwali over the corresponding period last year, with a decent recovery in studded jewellery sales.

The watches and wearables business also did quite well in the festive season with recovery close to last year levels. Eyewear segment has also witnessed good traction, it added.

Powered by Capital Market - Live News