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Shares turn rangebound; Asian stocks advance

Capital Market 

The domestic equity barometers traded in a narrow range with modest gains in mid-morning trade. At 11:27 IST, the barometer index, the S&P BSE Sensex, was up points 286.57 or 0.59% to 49,069.08. The Nifty 50 index added 74.80 points or 0.52% at 14,422.05.

Financial stocks were in the green as the Nifty Financial Services Index (FINNIFTY) F&O contracts started trading from today. It is a diversified index of banks, insurance companies, NBFCs, etc. compared with the Bank Nifty index which includes only banks stocks. NSE has waived transaction charges for 6 months.

The broader market corrected. The S&P BSE Mid-Cap index shed 0.58% while the S&P BSE Small-Cap index lost 0.38%.

The market breadth was negative. On the BSE, 1291 shares rose and 1572 shares fell. A total of 160 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 6,029.83 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,372.54 crore in the Indian equity market on 8 January, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 90,260,464 with 1,934,605 deaths. India reported 222,526 active cases of COVID-19 infection and 151,160 deaths while 10,092,909 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty Financial Services index added 0.09% 15,524.65, extending gains for sixth day. The index has added 2.24% in six sessions.

In the derivatives market, the Nifty Financial Services 28 January futures were currently trading at 15,599.80, at a 75.15 points premium as compared to the spot of 15,524.65.

Among the index constituents, HDFC (up 1.61%), HDFC Bank (up 1.17%), HDFC Life (up 0.91%), HDFC Asset Management (up 0.91%) and ICICI Prudential Life Insurance (up 0.68%) advanced.

Concurrently, Mahindra & Mahindra Financial (down 3.29%), Shriram Transport (down 3.23%), Piramal Enterprises (down 2.37%), REC (down 2.04%) and Bajaj Finance (down 1.55%) declined.

Global Markets:

Most Asian stocks are trading higher on Monday. Markets in Japan are closed on Monday for a holiday.

Shares in South Korea's auto sector surged again on Monday following reports that Hyundai Motor and Apple are set to sign a partnership deal on autonomous electric cars.

China's producer price index fell 0.4% in December as compared to a year earlier, according to the country's Bureau of Statistics. Meanwhile, China's consumer price index rose 0.2% year-on-year in December.

In US, Wall Street scaled new highs on Friday as hopes of more stimulus from Washington were bolstered after U.S. President-elect Joe Biden said his economic package will be in the trillions of dollars.

In economic data, the US economy shed jobs for the first time in eight months in December. Nonfarm payrolls decreased by 140,000 jobs last month, the Labor Department said on Friday. Data for November was revised up to show 336,000 jobs added instead of 245,000 as previously reported.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, January 11 2021. 11:27 IST