The market bounced back from early lows and hit fresh intraday high in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 55.78 points or 0.16% at 35,985.42. The Nifty 50 index was up 20.10 points or 0.19% at 10,811.65. The Nifty crossed the 10,800 mark in morning trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.42%. The BSE Small-Cap index was up 0.24%.
The market breadth, indicating the overall health of the market, turned positive from negative. On BSE, 1006 shares rose and 690 shares fell. A total of 86 shares were unchanged.
Most auto shares rose. Escorts (up 1.72%), TVS Motor Company (up 1.08%), Tata Motors (up 1.05%), Eicher Motors (up 0.72%), Mahindra & Mahindra (up 0.49%), Hero MotoCorp (up 0.33%) and Ashok Leyland (up 0.24%), edged higher. Maruti Suzuki India (down 0.66%) and Bajaj Auto (down 0.71%),
Metal shares advanced. Jindal Steel & Power (up 0.79%), Hindalco Industries (up 0.7%), Hindustan Zinc (up 0.58%), Steel Authority of India (up 0.58%), Vedanta (up 0.47%), Tata Steel (up 0.32%), Hindustan Copper (up 0.1%), National Aluminium Company (up 0.08%) and JSW Steel (up 0.02%), edged higher.
NMDC was down 0.05%. The company reported iron ore production of 18.76 million tonnes and iron ore sales of 19.30 million tonnes up to the month of November 2018. The announcement was made after market hours yesterday, 13 December 2018.
On the political front, the Congress party has reportedly chosen senior leader Kamal Nath, 72, as its chief minister in Madhya Pradesh.
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Overseas, Asian shares declined on Friday after China reported economic data that missed expectations. China on Friday reported industrial output and retail sales growth for the month of November. Industrial output in November grew 5.4% from a year ago. That figure was 5.9% in October. Retail sales rose 8.1%, down from 8.6% in October. Fixed asset investment rose 5.9% from January to November. It rose 5.7% from January to October.
In Japan, confidence among Japan's big firms remained unchanged from three months ago, a closely-watched central bank survey showed, but sentiment on the outlook soured for the first time in three quarters as trade frictions and global growth concerns hurt the business mood. The tankan's headline gauge of big manufacturers' sentiment stood at plus 19, unchanged from three months ago. The index for non-manufacturers rose to plus 24 from plus 22 in the September survey.
In Europe, the European Central Bank (ECB) on Thursday said it is bringing to an end a crisis-era bond-buying program this month. Bond purchases by the ECB will fall from 15 billion euros ($17.04 billion) a month to zero by the end of December, but the central bank plans to spend cash from maturing bonds to purchase additional debt. The ECB also left benchmark interest rates unchanged.
US stocks closed mostly lower after making small moves in and out of positive territory Thursday as investors continued to fret over the lack of clarity and progress in US-China trade talks.
On the data front, the Labor Department announced Thursday that initial jobless claims fell in the week ended December 8 by 27,000 to 206,000, easing fears that layoffs have been steadily rising. Further, the government also said that US import prices fell 1.6% in November, their largest decline in three years, led by the falling cost of oil.
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