Equity benchmarks pare some losses; European markets open higher ahead of Jeremy Hunt`s statement

The domestic equity benchmarks managed to pare some losses in afternoon trade. The Nifty traded tad above the 19,750 mark. Markets in Europe and Asia traded mostly in the green on Wednesday.

At 13:25 IST, the barometer index, the S&P BSE Sensex, was down 103.94 points or 0.16% to 65,826.83. The Nifty 50 index lost 31.20 points or 0.16% to 19,752.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.03% while the S&P BSE Small-Cap index fell 0.74%.

The market breadth was positive. On the BSE, 1,484 shares rose and 2,143 shares fell. A total of 137 shares were unchanged.

Stocks in Spotlight:

Adani Enterprises fell 1.60%. The company said that its wholly owned subsidiary Adani Defence Systems and Technologies has signed shareholders agreement and share subscription agreement with Elbit Systems, Israel. Accordingly, Elbit Systems (ESL) will acquire 44% stake in Atharva Advanced Systems and Technologies (AASTL), which is a wholly owned subsidiary of Adani Defence. As per the Agreements, AASTL will issue 7,857 equity shares at a price of Rs10 each to ESL.

Tata Power Company shed 0.70%. CRISIL Ratings has revised its outlook on the long-term bank facilities and non-convertible debentures of Tata Power to `positive� from `stable� while reaffirming its rating at `CRISIL AA�. The agency has reaffirmed its rating on the commercial paper programme and short-term bank facilities of the company at `CRISIL A1+`.

CG Power and Industrial Solutions was locked in 20% upper circuit. The company said that it has filed an application to Ministry of Electronics and Information Technology (MeitY) to set up an Outsourced Semiconductor Assembly and Test (OSAT) facility.

South West Pinnacle Exploration fell 1.83%. The company said that it has received a work order from Hindustan Copper for surface exploratory diamond core drilling in the state of Rajasthan. The aggregate value of work is approximately Rs 38 crore.

Global Markets:

European markets opened higher while most Asian stocks traded higher on Wednesday.

Minutes from the U.S. Federal Reserve�s recent meeting revealed that policy officials maintained that monetary policy had to be restrictive and had little appetite for rate cuts.

As per latest media reports, U.K. Finance Minister Jeremy Hunt will deliver his Autumn Statement budget shortly after midday London time, amid pressure from within the ruling Conservative Party to implement tax cuts as the country�s economy stagnates.

The reports said that Hunt is expected to announce measures to attract business investment and remove barriers to large scale infrastructure projects, and is under pressure from the right of his party to enact tax cuts.

US stocks dipped on Tuesday while minutes from the Federal Reserve�s most recent meeting showed the central bank is "in a position to proceed carefully". The Fed�s minutes from its October 31-November 1 meeting showed the policy makers wrestling with conflicting signals and agreeing to continue with caution after voting to leave the Fed funds target rate at 5.25-5.50%.

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