Market back in the green after a day of pause; Sensex rise 86 points, Nifty closed above 12,700 ahead of Muhurat trading

After a day's correction, the equity indices ended a volatile session with small gains on Friday, November 13, 2020. The market rose due to the gains in pharma, financials and realty stocks. The Nifty managed to close above 12,700 mark after slipping below that level in intraday.

The S&P BSE Sensex rose 85.81 points or 0.20 per cent to 43,443. The Nifty 50 went up 29.15 points or 0.23 per cent to close at 12,719.95. The Nifty Bank rose 186.90 points or 0.66 per cent to settle at 28,465.70.

On the other hand, the broader market at BSE surged, outperformed the Sensex. The BSE Mid-Cap index rose 0.86 per cent and the BSE Small-Cap index jumped 1.12 per cent up.

The market breadth was positive. On the BSE, 1588 shares rose and 1074 shares fell. Following the pattern, 26 shares advanced on Nifty 50 block while 24 shares declined. The major gainers on Nifty 50 were Eicher Motors (up 7.46 per cent), Bajaj Finserv (up 3.74 per cent), Coal India (up 3.07 per cent), Tata Steel (up 2.98 per cent) and Divi's Laboratories (up 1.90 per cent). The major losers include Tata Motors (down 3.34 per cent), Larsen & Turbo (down 1.93 per cent), HDFC (down 1.11 per cent), HDFC Bank (down 1.07 per cent) and UPL (down 0.93 per cent).

This year Muhurat trading will take place on Saturday, November 14, 2020. The trading hour is scheduled in the evening from 06:15 pm to 07:15 pm.

COVID-19 Update

Total COVID-19 confirmed cases worldwide were at 5,26,78,681 with 12,92,228 deaths. India reported 4,84,547 active cases of COVID-19 infection and 1,28,668 deaths while 81,15,580 patients have been discharged, data showed.

US Federal Reserve Chairman Jerome Powell warned on Thursday that the next few months could be challenging despite recent developments on the vaccine front.

India's IIP & CPI Data

India's industrial production saw 0.2 per cent growth in September, rising for the first time in seven months. According to the index of industrial production (IIP) data, manufacturing sector production registered a decline of 0.6 per cent while the output of mining and power segments grew at 1.4 per cent and 4.9 per cent, respectively. The IIP had contracted by 4.6 per cent in September 2019.

India's Consumer Price Index (CPI) extended upward momentum and rose to 7.61 per cent in October. This is around a six-year high for the index. The CPI for September was revised to 7.27 per cent from 7.34 per cent. The Consumer Food Price Index (CFPI) jumped to 11.07 per cent in October, up from 10.68 per cent in September.