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14 jan (3)

Barometers trade sideways; Asian shares mixed.

The key indices traded almost flat in mid-morning trade. Banks shares extended gains for third consecutive session. At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 7.65 points or 0.02% at 49,499.97. The Nifty 50 index lost 4.25 points or 0.03% to 14,560.60.

Larsen & Toubro (up 2.62%), TCS (up 1.36%) and Reliance Industries (up 0.88%) were the top Nifty gainers while HCL Technologies (down 2.95%), Infosys (down 1.55%) and HDFC (down 0.45%) were major Nifty losers.

US President-elect Joe Biden is expected to unveil a major Covid-19 relief package on Thursday.

In the broader market, the S&P BSE Mid-Cap index gained 0.31% while the S&P BSE Small-Cap index added 0.03%.

The market breadth was almost even. On the BSE, 1361 shares rose and 1317 shares fell. A total of 156 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,879.06 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,370.17 crore in the Indian equity market on 13 January, provisional data showed.

Buzzing Index:

The Nifty Bank index rose 0.15% to 32,622, rising for third day in a row. The index has added 1.95% in three sessions.

Bank of Baroda (up 1.79%), IDFC First Bank (up 1.52%), Punjab National Bank (up 1.09%), Kotak Mahindra Bank (up 0.91%), RBL Bank (up 0.57%), Federal Bank (up 0.27%), Bandhan Bank (up 0.29%), SBI (up 0.05%) advanced.

Axis Bank (down 0.58%), ICICI Bank (down 0.49%) and HDFC Bank (down 0.45%) declined.

IndusInd Bank rose 3.27% to Rs 973.55 after Sebi granted additional two weeks to promoters of the bank for infusion of residual capital in lieu of conversion of shares warrants issued to them worth over Rs 2,695.26 crore.

Indian Bank jumped 6% to Rs 95.40. The bank has raised Tier 2 Capital Fund through private placement of Basel III compliant Tier 2 bonds aggregating to Rs 2,000 crore at a coupon of 6.18% p.a. payable annually.

Global Markets:

Asian stocks were mixed on Thursday. On the coronavirus vaccine front, trial data published Wednesday in the New England Journal of Medicine reportedly showed Johnson & Johnson’s one-shot Covid vaccine is safe and appears to generate a immune response in both young and elderly volunteers. J&J’s vaccine candidate, which only requires one dose, could simplify logistics for health-care providers. The two vaccines currently authorized by the Food and Drug Administration from Pfizer-BioNTech and Moderna require two doses about three to four weeks apart.

In US, the S&P 500 and Nasdaq Composite closed slightly higher on Wednesday, led by tech shares, as traders kept an eye on interest rates, the political uncertainty coming out of Washington and a still raging pandemic. President-elect Joe Biden is expected to release details on his economic plan on Thursday.

The S&P 500 index gained 0.2% to end the day at 3,809.84, and the tech-heavy Nasdaq advanced 0.4% to 13,128.95. The Dow Jones Industrial Average closed just 8.22 points lower, or 0.03%, at 31,060.47.

Meanwhile, turmoil in Washington continues with the House on Wednesday impeaching U.S. President Donald Trump for inciting the attack on the U.S. Capitol last week.

The riots led to the death of five people and raised questions in the U.S. and around the world about the integrity of U.S. democracy and a smooth transfer of presidential power. The Wall Street Journal reported that it was the fastest impeachment vote assembled in the nation’s history.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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