Key indices hovered near day's high in mid-morning trade. At 11:16 IST, the barometer index, the S&P BSE Sensex, was up 280.53 points or 0.78% at 36,243.46. The Nifty 50 index was up 65.60 points or 0.61% at 10,871.05. Metal and mining stocks gained.
Trading for the week began on a positive note as the key benchmark indices drifted higher in early trade. Key benchmark indices extended gains and hit intraday high in morning trade.
The S&P BSE Mid-Cap index was up 0.28%. The S&P BSE Small-Cap index was up 0.25%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1277 shares rose and 871 shares fell. A total of 113 shares were unchanged.
Metal and mining stocks gained. Hindustan Copper (up 5.5%), JSW Steel (up 0.87%), Tata Steel (up 1.31%), Steel Authority of India (Sail) (up 2.73%), National Aluminium Company (up 0.94%), Jindal Steel & Power (up 1.46%), Hindalco Industries (up 1.13%) and NMDC (up 0.37%) edged higher. Hindustan Zinc (down 0.15%) fell.
Vedanta rose 2.73%. Vedanta announced that the National Green Tribunal vide its order dated 15 December 2018 has allowed the company to resume operations of its copper smelter at Thoothukudi and directed the Tamil Nadu Pollution Control Board (TNPCB) to pass fresh order of renewal of consent and restoration of electricity supply for the firm's operations within 3 weeks from the date of the order. The announcement was made on Saturday, 15 December 2018.
Cadila Healthcare rose 1.15%. Cadila Healthcare announced that Zydus Cadila has received the final approval from the US Food and Drug Administration (US FDA) to market Albendazole Tablets USP (US RLD ALBENZA tablets), 200 mg. It will be manufactured at the group's formulations manufacturing facility at SEZ, Ahmedabad. This medication is used to treat certain tapeworm infections (such as neurocysticercosis and hydatid disease). The group also received a tentative approval for Pregabalin Capsules (US RLD Lyrica) in the strengths of 25 mg, 50 mg, 75 mg, 100 mg, 150 mg, 200 mg, 225 mg and 300 mg. It will be manufactured at the group's formulations manufacturing facility at Moraiya, Ahmedabad. Pregabalin is used to help control certain kinds of seizures, painful nerve diseases and fibromyalgia. The group now has 239 approvals and has so far filed over 340 ANDAs since the commencement of the filing process in FY 2003-04. The announcement was made on Saturday, 15 December 2018.
Overseas, Asian stocks were trading mixed ahead of the US Federal Reserve meeting this week. Singapore's key non-oil exports fell unexpectedly in November. Exports of goods made in Singapore fell 2.6% in November compared with a year earlier, after a 8.2% rise in October, trade promotion agency Enterprise Singapore said Monday. Compared with the previous month, exports fell 4.2% in seasonally adjusted terms, after expanding 4.2% on month in October.
US stocks dropped sharply on Friday after a batch of weaker-than-expected economic data out of China and Europe sparked fresh worries about the state of the world's second-biggest economy and prospects for global growth.
The Federal Reserve holds its final policy meeting of 2018 on Tuesday and Wednesday. The Federal Open Market Committee is expected to raise its short-term interest rate by a modest quarter-point to a range of 2.25% to 2.5%. Investors are closely watching the Federal Reserve monetary policy guidance for 2019. The central bank forecasts three more rate hikes in 2019, but softer global growth could cause a shift in its hawkish stance. The Bank of Japan's monetary policy decision is due Thursday, followed by a briefing from Governor Haruhiko Kuroda.
In economic data, US industrial production rose 0.6% in November. Capacity utilization rose ten basis points to 78.5% from October. The US purchasing managers index for the manufacturing sector fell to a 13-month low of 53.9 in December, while the services sector survey fell to an 11-month low of 53.4. A reading of more than 50 indicates an expansion in activity.
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