After scaling record peaks in early deals, the benchmark indices trimmed gains in morning trade as profit booking emerged at high levels. At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 115.77 points or 0.25% at 46,214.78. The Nifty 50 index added 33.75 points or 0.25% at 13,547.60.
The undertone of the market was upbeat amid positive global cues following the progress in Covid 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 0.48%.
The market breadth was strong. On the BSE, 1680 shares rose and 844 shares fell. A total of 157 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.
New Listing:
Shares of Burger King were trading at Rs 115.80 at 10:24 IST on the BSE, a premium of 93% over the initial public offer (IPO) price of Rs 60.
The stock was listed at Rs 115.35, a premium of 92.25% to IPO price. So far the stock hit a high of Rs 119.50 and low of 108.40. On the BSE, 42.35 lakh shares were traded on the counter so far while on NSE 5.32 crore shares were traded.
The IPO of Burger King India received bids for 1,166.93 crore shares as against 7.44 crore shares on offer. The issue was subscribed 156.65 times. The non-institutional investors category was subscribed 354.11 times. The qualified institutional buyers (QIBs) category was subscribed 86.64 times. The retail individual investors category was subscribed 68.15 times.
The issue opened for subscription on Wednesday (2 December) and it closed on Friday (4 December). The price band for the IPO was set at Rs 59-60 per share.
Buzzing Index:
The Nifty Auto index declined 0.57% to 9,136.20, extending losses for fifth consecutive session. The index has lost 1.88% in five sessions while the benchmark Nifty 50 index has added 1.07% during the same period.
Eicher Motors (down 1.61%), Hero MotoCorp (down 1.20%), Bharat Forge (down 1.15%), Bajaj Auto (down 1.04%), TVS Motor Company (down 0.85%), Mahindra & Mahindra (down 0.81%), Tata Motors (down 0.75%) and Maruti Suzuki (down 0.15%) declined while Ashok Leyland advanced 0.21%.
Stocks in Spotlight:
KEC International rose 2.34% to Rs 375.65 after the company said it has secured new orders of Rs 1,438 crore across its various businesses. The company's railways business has secured orders of Rs 475 crore in the urban infra/ emerging segmentsin India while the civil business has secured orders of Rs 383 crore for infra works from reputed private playersin the chemical, cement & residential segments and a government order in the water pipeline segment in India.
KEC's transmission & distribution (T&D) business has secured orders of Rs 362 crore for T&D projects in Middle East and the Americas from various customers. Concurrently, its cables business has secured orders of Rs 218 crore for various types of cables/ cabling projects in India and overseas.
L&T Technology Services (LTTS) shed 0.31% at Rs 1,839.55. Switzerland-based Schindler has selected LTTS as one of its key partners to provide innovative digital engineering capabilities. According to the agreement, L&T Technology Services will provide product development, innovation and engineering services & solutions that will help Schindler to accelerate its digitization and connectivity initiatives.
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