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{"source_url": "https://www.business-standard.com", "url": "https://www.business-standard.com/article/news-cm/market-starts-2020-on-positive-note-120010100603_1.html", "title": "Market starts 2020 on positive note", "top_image": "https://bsmedia.business-standard.com/_media/bs/img/article/default/1200101/full-120010100603.jpg", "meta_img": "https://bsmedia.business-standard.com/_media/bs/img/article/default/1200101/full-120010100603.jpg", "images": ["https://bsmedia.business-standard.com/include/_mod/site/html5/images/addto_mypage.jpg", "https://bsmedia.business-standard.com/include/_mod/site/html5/images/no-meta-preview.jpg", "http://b.scorecardresearch.com/p?c1=2&c2=8021726&cv=2.0&cj=1", "https://bsmedia.business-standard.com/include/_mod/site/html5/images/down2.png", "https://bsmedia.business-standard.com/include/_mod/site/html5/images/icon/link-icon.png", "https://bsmedia.business-standard.com/include/_mod/site/images/refresh_btn.png", "https://bsmedia.business-standard.com/_media/bs/img/article/default/1200101/full-120010100603.jpg", "https://bsmedia.business-standard.com/include/_mod/site/html5/images/print.jpg", "https://bsmedia.business-standard.com/include/_mod/site/html5/images/subscribe_band.gif", "https://bsmedia.business-standard.com/include/_mod/site/html5/images/icon/close.png", "https://bsmedia.business-standard.com/include/_mod/site/html5/images/business-standard-logo.png", "https://bsmedia.business-standard.com/include/_mod/site/html5/images/email.jpg", "https://bsmedia.business-standard.com/include/_mod/site/images/close_img.png", "https://bsmedia.business-standard.com/include/_mod/site/html5/images/icon/next-icon.jpg", "https://bsmedia.business-standard.com/include/_mod/site/html5/images/fis-logo-130x58.png", "https://www.facebook.com/tr?id=550264998751686&ev=PageView&noscript=1", "https://bsmedia.business-standard.com/include/_mod/site/html5/images/icon/prev-icon.jpg", "https://bsmedia.business-standard.com/include/_mod/site/html5/images/bs-footer-logo.jpg"], "movies": [], "text": "The domestic stock market started the new year on a positive note after US President Donald Trump said that Phase 1 of the trade deal with China would be signed on 15 January. Meanwhile, the Indian government's Rs 102 lakh crore infrastructure push to realise $5 trillion GDP goal also boosted sentiment.\n\nThe Nifty ended below 12,200 mark. Gains in the HDFC twins and IT major Infosys offset losses in IndusInd Bank, Reliance Industries and Titan Company. Trading activity remained thin amid New Year holiday in major global stock markets.\n\nThe barometer index, the BSE Sensex, rose 52.28 points or 0.13% to 41,306.02, as per the provisional closing data. The Nifty 50 index rose 21.25 points or 0.17% to 12,189.70, as per the provisional closing data.\n\nIn the broader market, the S&P BSE Mid-Cap index advanced 0.21% while the BSE Small-Cap index gained 0.64%.\n\nThe market breadth was positive. On BSE, 1359 shares advanced while 1065 shares declined. A total of 197 shares were unchanged. In Nifty 50 index, 23 stocks advanced and 27 stocks declined.\n\nEconomy:\n\nFinance minister Nirmala Sitharaman on Tuesday unveiled Rs 102 lakh crore of infrastructure projects that will be implemented in the next five years as part of the government's spending push in the infrastructure sector. The projects identified are in sectors such as power, railways, urban irrigation, mobility, education and health.\n\nMeanwhile, India's current account deficit (CAD) shrank sharply in the September quarter to $6.3 billion or 0.9% of the gross domestic product (GDP) from 2% in the preceding quarter and 2.9% in the year-ago quarter. The contraction in the CAD was primarily on account of a lower trade deficit at $38.1 billion as compared with $50 billion a year ago.\n\nIndia's fiscal deficit hit 114.8% of 2019-20 budget estimate at Rs 8.07 lakh crore at the end of November, according to the data released by the Controller General of Accounts (CGA). The country's fiscal deficit stood at Rs 7.17 lakh crore in the same period of the previous fiscal.\n\nThe fiscal deficit rose on the back of higher spending and lower revenue collection. The government has received nearly Rs 10 lakh crore, which is 48.6% of the annual target, while it incurred an expenditure of Rs 18 lakh crore, which is 65.3% of the annual target.\n\nIndia's eight infrastructure sectors shrank for the fourth straight month in November at 1.5%, though the magnitude of contraction slowed from 5.8% in October. The Eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).\n\nStocks in spotlight:\n\nHDFC (up 0.84%), Infosys (up 0.70%) and HDFC Bank (up 0.60%) were the top contributors while Indusind Bank (down 1.69%) and Reliance Industries (down 0.29%) were the top drags.\n\nAdani Green Energy hit 5% upper circuit at Rs 174.80. The Adani Group company said its step down subsidiary, Adani Renewable Energy (GJ), has commissioned its 75 MW Wind Power Project having Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company (MSEDCL) at Rs 2.85/kWh for a period of 25 years. Commercial sale of power from the Project to MSEDCL is expected to commence w.e.f. 1 January 2020.\n\nSterling and Wilson Solar rose 2.86% to Rs 331.35. The company's promoters Shapoorji Pallonji and Company (SPCL) and Khurshed Daruvala have repaid Rs 1,000 crore they owed to the firm. The promoters now have to clear a balance of Rs 1,644 crore, which they intend to settle in a staggered manner by 30 September 2020.\n\nSkipper slumped 4.31% to Rs 48.90. The company said that CARE Ratings had downgraded long term rating on the company's bank facilities to BBB+ with a stable outlook, from A with a negative outlook. The revision in the ratings is on account of deterioration in the financial performance of the company in FY19 and H1 FY20 on account of weak operational performance.\n\nTitan Company fell 2.87% to Rs 1153.50. CRISIL upgraded the company's Long Term Rating to CRISIL AAA from CRISIL AA+. Short Term Ratings were reaffirmed at CRISIL A1+. CRISIL maintained a stable outlook with an expectation that the company will improve over the medium term on account of dominant market position in jewellery retail segment, aided by healthy store additions and strong financial profile. In addition, watch segment is expected to witness healthy growth while sustaining the improvement in profitability.\n\nPremier Explosives rose 0.1% at Rs 150.35. The company received a rate contract for supply of bulk loading explosives from Jaiprakash Power Ventures. The contract is for one year with an expected value of Rs 15.44 crore.\n\nMaruti Suzuki India was trading 0.47% lower at Rs 7332.40. The car major reported 11.5% decline in total auto sales to 1.33 lakh units in December 2019 compared with 1.50 lakh units in November 2018. Total sales, however, rose 3.9% last month compared with 1.28 lakh units in December 2018. Total domestic sales rose 3.5% to 1.25 lakh units while total exports sales jumped 10.2% to 7,561 units in December 2019 over December 2018.\n\nYes Bank slipped 0.11% to Rs 46.90. CARE downgraded the rating on infrastructure bonds to A/Negative {from A+ (Credit Watch with Developing implications) and Negative outlook assigned. The outlook for the ratings is Negative considering the uncertainty related to equity raising, which is critical for the bank to maintain adequate capital buffers over the minimum regulatory requirement as well as fund future growth of the bank.\n\nPraj Industries jumped 2.49% after CRISIL reaffirmed its rating on company's long term facility at CRISIL AA with a stable outlook. The short term facility was reaffirmed at CRISIL A1+. The disclosure was made after market hours on Tuesday, 31 December 2019.\n\nFor securing these bonds, the promoters of Prince Pipes and Fittings had on 30 March 2019 pledged certain equity shares in their capacity as first holders or second holders of such equity shares, aggregating 35% of the equity share capital of the company on a fully diluted basis.\n\nCARE Ratings surged 5.65% to Rs 676.45 after the company on Tuesday said the Securities and Exchange Board of India (Sebi) has concluded its adjudication proceedings. Sebi on 26 December 2019 slapped Rs 25 lakh penalty on CARE Ratings pertaining to assigning of rating to various non-convertible debentures (NCDs) of IL&FS (Infrastructure Leasing and Financial Services). CARE said that it was reviewing the adjudication order and considering the appropriate course of action.\n\nM&M rose 0.93% to Rs 535.30. The auto maker informed that its total automotive sales fell 1% to 39,230 units in December 2019, compared with 39,755 units in December 2018. The auto sales are also down by 4.86% from 41,235 units recorded in November 2019.\n\nM&M's tractor segment reported 3% rise in total tractor sales as it sold 17,990 units in December 2019 as compared to 17,404 units in December 2018. On a monthly basis, the total tractor sales have fallen 14.46% from 21,032 in November 2019.\n\nEscorts fell 3.54% to Rs 607.20. The company recorded 10.5% decline in total tractor sales to 4,114 units in December 2019 from 4,598 units in December 2018.\n\nMeanwhile, Escorts informed that Girish Behari Mathur resigned from the company's board effective from 31 December 2019.\n\nSML Isuzu slipped 0.53% to Rs 559.55 after the company said its total sales tumbled 32.8% to 549 units in December 2019 over 817 units in December 2018. Sequentially, total sales rose 5.37% in December 2019 from 521 units in November 2019.\n\nForeign Markets:\n\nMarkets in Asia and Europe were closed on account of the New Year holiday. China's central bank on Wednesday announced a decision to cut the reserve requirement ratio (RRR) for financial institutions by 50 basis points from 6 January, to support the development of the real economy.\n\nWall Street's major indexes edged higher on Tuesday on a renewed rally fuelled by trade optimism. US market remains shut on Wednesday for the New Year holiday.\n\nUS President Donald Trump said on Tuesday that Phase 1 of trade deal with China would be signed on 15 January at the White House. Trump tweeted that he would sign the deal with high level representatives of China and that he would later travel to Beijing to begin talks on the next phase.\n\nThe Phase 1 deal, struck earlier this month, is expected to reduce tariffs and boost Chinese purchases of American farm, energy and manufactured goods while addressing some disputes over intellectual property.\n\nIn U.S. economic news, the October Case-Shiller home price index showed home prices rising by 3.3% in 20 major metropolitan areas across the U.S., up from a 3.2% rise in September.\n\nPowered by Capital Market - Live News\n\n(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)", "keywords": [], "meta_keywords": ["Companies", "BSE SENSEX", "CNX Nifty", "Economy of India", "States and union territories of India", "Reliance Industries Limited", "Adani Group", "Maharashtra State Electricity Distribution Company Limited", "NIFTY 50", "HDFC Bank", "Reliance Capital", "S&P BSE SENSEX INDEX", "New"], "tags": ["Business Finance"], "authors": ["Capital Market"], "publish_date": null, "summary": "", "article_html": "", "meta_description": "Read more about Market starts 2020 on positive note on Business Standard. 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