The domestic equity benchmarks hit record high levels in early trade. Global cues were positive as progress on coronavirus vaccines boosted risk appetite. At 09:25 IST, the barometer index, the S&P BSE Sensex, was up 234.46 points or 0.51% at 46,333.47. The Nifty 50 index added 76.15 points or 0.56% at 13,590.
The Sensex hit a record high of 46,370.61 and the Nifty hit record high of 13,597.40 mark in initial deals.
In the broader market, the S&P BSE Mid-Cap index added 0.51% while the S&P BSE Small-Cap index rose 0.77%.
The market breadth was strong. On the BSE, 1527 shares rose and 439 shares fell. A total of 88 shares were unchanged.
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.
Economy:
India's industrial output grew at the fastest pace in eight months in October 2020 at 3.6%, with consumer durables production surpassing levels last seen prior to the COVID-19 pandemic, as per quick estimates from the National Statistical Office (NSO) released on Friday.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 72,201,716 with 1,611,758 deaths. India reported 352,586 active cases of COVID-19 infection and 143,355 deaths while 9,388,159 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty PSU Bank index rose 1.69% to 1,859.30, advancing for second day in a row. The index has added 2.71% in two sessions.
In the past one month, the index has zoomed 28.3% while both, the Nifty 50 index and the Nifty Bank index, have added 5.5% each.
Among PSU banks, Bank of Maharashtra (up 2.42%), Bank of Baroda (up 2.06%), Bank of India (up 1.96%), Punjab National Bank (up 1.85%), Indian Bank (up 1.57%), Canara Bank (up 1.40%), Indian Overseas Bank (up 1.30%) and SBI (up 0.79%) advanced.
Central Bank of India gained 2.35% to Rs 15.25. The capital raising committee of the board of the PSU bank at its meeting on 11 December 2020 approved raising upto Rs 500 crore by issuing of non-convertible redeemable unsecured basel III compliant tier 2 bonds in the nature of promissory notes.
Union Bank of India rose 2.87% to Rs 34.10. The PSU bank is issuing basel III compliant perpetual debt instruments in the nature of debentures eligible for inclusion in additional tier 1 capital series XXVII of Rs 500 crore with green shoe option up to Rs 1,000 crore (maximum Rs 1,500 crore) on private placement basis.
Stocks in Spotlight:
Cipla jumped 4.52% to Rs 790. The drug major announced the settlement of its litigation with Celgene Corporation, and wholly owned subsidiary of Bristol Myers Squibb relating to patents for Revlimid (lenalidomide).
Jindal Steel & Power (JSPL) added 2.17% to Rs 266.25. The steel major witnessed year on year growth of 15% in standalone steel production with 6,14,000 tonnes in November 2020 as against 533,000 tonnes of standalone steel production a year ago during the same period.
JSPL's standalone sales also increased with 562,000 tonnes in November 2020 compared with 557,000 tonnes in the previous year during the same period. The export sales contributed to 21% of total sales volumes in November 2020. The company's exports grew at a rate of 10% (Y-o-Y) in November 2020.
Global markets:
US Dow Jones futures were up 192 points, indicating a rebound from a losing week.
Overseas, 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.
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