Barometers hovered in a narrow range near the day's high in afternoon trade. The Nifty was trading above 14,000 mark. At 13:20 IST, the barometer index, the S&P BSE Sensex, jumped 184.55 points or 0.39% at 47,935.88. The Nifty 50 index rose 52.40 points or 0.37% at 14,034.15.
The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index added 0.95%. The S&P BSE Small-Cap index gained 0.86%.
Buyers outpaced sellers. On the BSE, 1,985 shares rose and 866 shares fell. A total of 158 shares were unchanged. In Nifty 50 index, 38 stocks advanced while 12 stocks declined.
Robust FII inflows boosted investors sentiment. Foreign portfolio investors (FPIs) bought shares worth Rs 1,135.59 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 257.64 crore in the Indian equity market on 31 December 2020, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 8,34,45,600 with 18,18,387 deaths. India reported 2,54,254 active cases of COVID-19 infection and 1,48,994 deaths while 98,83,461 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
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Economy:
The Centre's fiscal deficit for April-November 2020 soared to Rs 10.76 lakh crore, or 135% of the full year budgeted target of Rs 7.96 lakh crore, as the government's finances continued to be stretched due to lower revenues arising from the COVID-19 pandemic and the economic slowdown. Expenditure for the period has been 62% of the Budgeted estimate vs 65.3% last year.
Contracting for the ninth consecutive month, the output of India's eight core infrastructure sectors dropped by 2.6% in November, mainly due to decline in production of natural gas, refinery products, steel and cement. The production of eight core sectors had recorded a growth of 0.7% in November 2019.
Barring coal, fertiliser and electricity, all sectors - crude oil, natural gas, refinery products, steel and cement - recorded negative growth in November 2020.
During April-November, the sectors' output dropped by 11.4% as compared to a growth of 0.3% in the same period of the previous year.
The government on Thursday said that foreign direct investment (FDI) equity inflows into India grew 21% to $35.33 billion in the April-October period of FY21 from $29.31 billion a year ago. In a statement on its highlights for 2020, the Department for Promotion of Industry & Internal Trade (DPIIT) also said that 26 FDI applications marked to it were disposed of during the year.
Gainers & Losers:
Mahindra & Mahindra (up 2.88%), Adani Ports & Special Economic Zones (up 1.96%), TCS (up 1.83%), ITC (up 1.41%) and State Bank of India (up 1.40%) were major gainers in Nifty 50 index.
ICICI Bank (down 1.21%), SBI Life Insurance Company (down 1%), Hindalco Industries (down 0.94%), Hindustan Unilever (down 0.52%) and Titan Company (down 0.34%) were major losers in Nifty 50 index.
Stocks in Spotlight:
MOIL advanced 2.52% after the company hiked prices of manganese ore and other products with effect from 1 January 2021. MOIL said prices of all Ferro grades of manganese ore having Manganese Mn-37% and above have been increased by 10% and all the other Ferro grades of Manganese Ore having Manganese below Mn-37% have been increased by 15%.
MOIL further added that prices of all SMGR grades (Mn-30% & Mn-25%) and all grades of Fines have been increased by 15%. The company hiked prices of all grades of chemical grades of manganese ore by 10%. The state-run miner said that price of Electrolytic Manganese Di-oxide (EMD) were kept unchanged.
Bharat Dynamics gained 1.30% after the company said that it is geared up to take up export orders for Akash Missile. With the announcement from the Union Cabinet regarding clearance of Akash Weapon System for export, Bharat Dynamics (BDL), the manufacturer of Akash Missile, is geared up to take up export order.
Given the export potential and demand of Akash in the international market, BDL has been promoting the product at various forums including national and international exhibitions The missile being offered for exports will be of a different version. BDL is already supplying Torpedoes to a foreign country, it added.
Global Markets:
Shares in Europe and Asia are shut today on account of New Year. US stocks advanced on Thursday as investors closed the book on a turbulent year of pandemic, recession and recovery. All three major indexes gained ground, with the Dow and S&P 500 picking up steam in the session's final minutes to exit 2020 at record highs.
All eyes are on two U.S. Senate races in Georgia next week that will determine control of the chamber and influence Democratic President-elect Joe Biden's ability to enact his agenda.
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