The benchmark indices were trading flat in mid-morning trade. At 11:26 IST, the barometer index, the S&P BSE Sensex, were currently trading flat at 46,214.78. The Nifty 50 index shed 2.05 points or 0.02% at 13,511.80.
The undertone of the market, however, 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.
In the broader market, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index advanced 0.38%.
The market breadth was strong. On the BSE, 1635 shares rose and 1070 shares fell. A total of 178 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 Metal index rose 1.51% to 3,193.65. The index has added 2.83% in three sessions.
NMDC (up 3.97%), Coal India (up 3.40%), Tata Steel (up 1.67%), SAIL (up 1.30%), MOIL (up 1.13%), Hindustan Copper (up 1.02%), Jindal Steel & Power (up 0.84%), Hindustan Zinc (up 0.60%), APL Apollo Tubes (up 0.58%), Hindalco Industries (up 0.45%), JSW Steel (up 0.15%) and Ratnamani Metals Tubes (up 0.02%) advanced.
Welspun Corp (down 2.23%), Mishra Dhatu Nigam (down 0.8%) and National Aluminum Company (down 0.35%) declined.
Global markets:
US Dow Jones futures were up 153 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. Unsuccessful negotiations to date on Britain's trade relationship with the European Union weighed on investor sentiment.
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 Jan 1 without an agreement in place, an outcome that could roil global markets anew.
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