Key equity benchmarks bounce back after briefly slipping in the negative terrain in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, rose 65.89 points or 0.14% at 46,164.90. The Nifty 50 index gained 14.20 points or 0.11% at 13,528.05.
The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index rose 0.60%. The S&P BSE Small-Cap index gained 0.65%.
Buyers outpaced sellers. On the BSE, 1,810 shares rose and 1,077 shares fell. A total of 182 shares were unchanged. In Nifty 50 index, 31 stocks advanced while 19 stocks declined.
The undertone of the market was upbeat amid positive global cues following the progress in coronavirus vaccine. Robust inflows from foreign institutional investors and improving domestic economic scenario also boosted the investor's risk appetite.
Foreign portfolio investors (FPIs) bought shares worth Rs 4,195.43 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 2,359 crore in the Indian equity market on 11 December 2020, provisional data showed.
COVID-19 Update:
In the United States, Centre for Disease Control (CDC) has accepted the advisory panel's recommendation for use of Pfizer-BioNTech's COVID-19 vaccine. The move will facilitate a massive vaccination campaign in the US beginning today (14 December). Healthcare workers and nursing home residents are likely to be first ones to get the shots.
Total COVID-19 confirmed cases worldwide stood at 7,22,53,804 with 16,12,367 deaths. India reported 3,52,586 active cases of COVID-19 infection and 1,43,355 deaths while 93,88,159 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
India's COVID-19 recovery rate has improved to 94.98%, in the past 24 hours.
Economy:
The rate of inflation, based on monthly Wholesale Price Index (WPI), rose to 1.55% (provisional) in November 2020 (over November 2019) compared with 0.58% during the corresponding month of the previous year. The figure was 1.48% in October 2020.
Meanwhile, Industrial output of the country for the month of October this year stood at 3.6%, against 0.5% in the previous month. According to the Ministry of Statistics and Programme Implementation data released on Friday, the Index of Industrial Production (IIP) logged the highest growth since the end of March when the COVID-19 hit lockdowns came into the force.
As per the data, in October, manufacturing sector production witnessed a growth of 3.5% and electricity grew 11.2% while mining contracted 1.5%. For the same period in 2019, IIP had contracted 6.6%.
Gainers & Losers:
Coal India (up 3.51%), L&T (up 3.45%), ONGC (up 3.25%) and IOCL (up 2.02%) were major gainers in Nifty 50 index.
Eicher Motors (down 2.40%), Hero MotoCorp (down 2.24%), Mahindra & Mahindra (down 1.80%), Wipro (down 1.56%) and HDFC Life Insurance Company (down 1.41%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Cipla rose 4.11%. after the drug major announced the settlement of its litigation with Celgene Corporation relating to patents for Revlimid (lenalidomide). As part of the settlement, the parties will file consent judgments with the United States District Court for the District of New Jersey that enjoin Cipla from marketing generic lenalidomide before the expiration of the patents-in-suit, except as provided for in the settlement.
In the US, Revlimid (lenalidomide) in combination with dexamethasone is indicated for the treatment of patients with multiple myeloma.
Delta Corp rallied 3.32% after the company said it received regulatory approval for setting up an integrated resort in Goa. Delta Corp on Saturday (12 December 2020) announced that it has received an in-principle approval from the Goa Investment Promotion and Facilitation Board for setting up of an integrated resort consisting of hotels, convention centre, multiplex cinema, retail area, electronic casino, water park and other facilities at Pernem, Goa.
Zensar Technologies dropped 3.88%. The board has designated Ajay S. Bhutoria who will succeed Sandeep Kishore as the chief executive officer (CEO) and managing director (MD). Extant term of Sandeep Kishore as a managing director and CEO of the company will end on 11 January 2021. He has expressed his intention not to seek re-appointment as managing director and CEO of the company and would thus accordingly cease to hold office effective from close of business hours on 11 January 2021.
Snowman Logistics skid 3.08% after Adani Logistics sold 1.83% stake in the company via bulk deal on Friday. As per the bulk deal data on the NSE, Adani Logistics on Friday (11 December 2020) sold 30,62,932 shares (1.83% of equity) of Snowman Logistics at average price of Rs 64.92.
Global Markets:
US Dow Jones futures were up 200 points, indicating a rebound from a losing week.
European market opened higher as investor's focused on negotiations between the U.K. and EU on a post-Brexit trade deal.
Britain and the EU agreed on Sunday to keep negotiating over a Brexit trade deal, taking talks to the wire as key differences remain. However, U.K. Prime Minister Boris Johnson still warned businesses to be ready for a "no-deal" exit on 31 December 2020 when the transition period ends.
A deal must be struck before the end of 2020 or the U.K.'s current commercial and trading ties with the EU will expire on 1 January without an agreement in place, an outcome that could roil global markets anew.
Meanwhile, Germany will go into a full lockdown over the Christmas period amid a rise in coronavirus deaths and infections. Non-essential shops and schools will close across the country starting from Wednesday.
Asian stocks mostly advanced on Monday as investors react to the approval of Pfizer's COVID-19 vaccine in the US.
The Centers for Disease Control and Prevention (CDC) Director Robert Redfield has signed off on Pfizer's COVID-19 vaccine, allowing inoculations to officially move forward for people ages 16 or older in the US. That came following the USFDA emergency authorization of Pfizer's vaccine. The U.S. government, FedEx and the United Parcel Service have begun the logistical undertaking of delivering millions of vaccine doses across the country.
The Bank of Japan's quarterly tankan survey showed on Monday business sentiment in Japan improving in the three months to December.
In the US, the S&P 500 fell 0.13% on Friday as the outlook for additional fiscal stimulus remained uncertain. The Nasdaq Composite dipped 0.23% to 12,377.87. The Dow Jones Industrial Average eked out a gain of 47.11 points, or 0.16%, to 30,046.37 as shares of Disney rallied. Unsuccessful negotiations to date on Britain's trade relationship with the European Union weighed on investor sentiment.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
