At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 152.71 points or 0.25% to 62,283.28. The Nifty 50 index added 36.40 points or 0.20% to 18,533.55.
In the broader market, the S&P BSE Mid-Cap index rose 0.10% while the S&P BSE Small-Cap index gained 0.43%.
The market breadth was strong. On the BSE, 2,096 shares rose and 1,073 shares fell. A total of 156 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 138.81 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 695.60 crore in the Indian equity market on 12 December, provisional data showed.
Economy:
India's consumer price inflation moderated to 5.88% in November on an annual basis - marking an 11 month low. The inflation stood at 6.77 per cent in October. The number has dropped within RBI's tolerance band after 10 months. The Food inflation eased sharply to 4.67% in November compared to 7.01% in previous month.
Ministry of Statistics & Programme Implementation stated that for the month of October 2022, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 129.6, marking a 4% drop compared to October 2021. The IIP has turned negative for first time in four months.
Buzzing Index:
The Nifty PSU Bank index rose 1.28% to 4,414.80. The index has advanced 2.68% in two trading sessions.
Punjab & Sind Bank (up 9.42%), Indian Bank (up 4.55%), UCO Bank (up 1.86%), Indian Overseas Bank (up 1.49%) and Punjab National Bank (up 1.29%) Union Bank of India (up 1.14%), Bank of Maharashtra (up 1.02%), Bank of Baroda (up 0.74%), Bank of India (up 0.66%) and Canara Bank (up 0.62%) were the gainers.
On the other hand, State Bank of India (down 0.02%) declined.
Stocks in Spotlight:
Mahindra CIE Automotive gained 1.17%. The automotive component supplier on Monday said that it has subscribed to 3,03,250 equity shares of of Strongsun Solar at Rs 80 per share. Post allotment, Mahindra CIE Automotive will hold 27.35% of the post issue paid-up capital of Strongsun. The shares will be allotted on or before 5th January, 2023. The total investment in Strongsun is expected to be completed by April, 2023.
Route Mobile rose 0.95%. 365squared, a wholly-owned step-down subsidiary of Route Mobile, has signed an exclusive agreement with Uganda Telecommunications Corporation ("UTCL/Uganda Telecom) to provide comprehensive Artificial Intelligence ("AI")/Machine Learning ("ML") based A2P SMS firewall solutions and managed services to empower UTCL to effectively analyze A2P SMS traffic terminating on its network.
Godrej Agrovet advanced 1.15% after the company said that it has entered into two sale deeds for transfer of total land admeasuring 3.92 acres situated at Ambattur, Tamil Nadu, for a total consideration of Rs 71.36 crore.
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