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Mid Session
Home >> Markets >> Equity >> News >> Mid Session Detailed News
Barometers sharply pare losses; IT shares in demand
(12:32, 20 Nov 2020)

The equity barometers sharply pared losses in early afternoon trade. At 12:31 IST, the barometer index, the S&P BSE Sensex, was down 25.10 points or 0.06% at 43,625.06. The Nifty 50 index lost 8.85 points or 0.07% at 12,780.55.

Kotak Mahindra Bank (up 1.39%), HDFC (up 1.04%) and HDFC Bank (up 0.94%) were major market movers.

Index heavyweight Reliance Industries was down 2.79% to Rs 1917.55, dragging the indices lower.

In the broader market, the S&P BSE Mid-Cap index gained 0.72% while the S&P BSE Small-Cap index rose 0.50%.

The market breadth was negative. On the BSE, 1329 shares rose and 1238 shares fell. A total of 169 shares were unchanged.

Coronavirus Update:

Total COVID-19 confirmed cases worldwide stood at 56,895,516 with 1,360,342 deaths.

India reported 443,794 active cases of COVID-19 infection and 132,162 deaths while 8,428,409 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

The credit ratings agency, Fitch Ratings, has said that economic reforms in India could support the country's medium-term growth. Fitch expects Indian government to undertake more reform measures over next few years and while it also expects reforms to also take place at state-level.

Meanwhile, Moody's Investors Service has revised its GDP projection for India in 2020-21 to a 10.6% contraction compared to a 11.5% drop it had estimated. The rating agency has also marginally elevated its forecast for 2021-22 GDP growth from 10.6% to 10.8%.

Further, Barclays has modestly revised its expectations of India's gross domestic product (GDP) growth for FY21 to minus 6.4% from minus 6% earlier to reflect marginally weaker incoming data it had earlier anticipated. However, it is upbeat about an economic revival in the economy from the next fiscal year which is FY22 and has also raised its FY22 GDP growth forecast to 8.5% from 7% earlier, to reflect a faster recovery in services amid continued policy support. Barclays also held that a possible vaccine roll-out from Q1 21 should broaden the recovery from farm and manufacturing to services.

Buzzing Index:

The Nifty IT index rose 1.70% to 21,473.85. The index had slipped 1.74% in the past two sessions.

Info Edge India (up 4.01%), MindTree (up 3.32%), Larsen & Toubro Infotech (up 3.25%), Tech Mahindra (up 2.54%), HCL Tech (up 2.03%), Coforge (up 1.94%), Wipro (up 1.44%), Mphasis (up 1.40%) and TCS (up 1.35%) advanced.

Infosys gained 0.71% to Rs 1,104.50. Simplus, an Infosys company, announced a collaboration with Salesforce for a vaccine management cloud solution.

The solution has been built on the Salesforce Platform in support of Salesforce Work.com for Vaccines as the Covid-19 pandemic continues. Combining Simplus' resources, capabilities, and Salesforce consulting and product expertise, the companies have created an end-to-end vaccine management solution to help support the federal government's mandate for states to be ready to distribute a coronavirus vaccine.

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