The benchmark indices were trading near the flat line in early trade. The Nifty traded above the 21,450 mark. Negative Asian stocks dampened the sentiment. Pharma, healthcare, and consumer durables shares were in demand while media, realty and private bank stocks declined.
The barometer index, the S&P BSE Sensex, was down 33.78 points or 0.05% to 71,449.97. The Nifty 50 index added 5.55 points or 0.03% to 21,462.20.
In the broader market, the S&P BSE Mid-Cap index rose 0.09% and the S&P BSE Small-Cap index gained 0.45%.
The market breadth was strong. On the BSE, 1,884 shares rose and 1,115 shares fell. A total of 151 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 9,239.42 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,077.43 crore in the Indian equity market on 15 December, provisional data showed.
Economy:
India's forex reserves jumped $2.816 billion to $606.859 billion in the week ended December 8, the Reserve Bank of India (RBI) said on Friday.
Gold reserves were down $199 million to $47.13 billion during the week, the RBI said. The Special Drawing Rights were down $63 million to $18.188 billion, the apex bank said.
India's reserve position with the International Monetary Fund (IMF) was down $11 million to $4.842 billion in the reporting week, the apex bank data showed.
Stocks in Spotlight:
Adani Enterprises added 0.11%. Adani Enterprises announced that its wholly owned subsidiary, AMG Media Networks (AMNL) has acquired 50.50% stake in Indo-Asian News Service (IANS). IANS is a private news agency.
Tata Power Company rose 0.98%. The company said that Tata Power Solar Systems has signed a contract to supply 152 MWp DCR Solar PV Modules for NTPC?s Nokh Solar PV Project in Rajasthan.
Lupin advanced 2.41% after the drug major said that it has received an approval from US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Allopurinol Tablets.
Mazagon Dock Shipbuilders rallied 3.08% afer the company informed that it has signed shipbuilding contracts with the European client for construction of hybrid powered vessels worth $ 42 million.
Numbers to Track:
The yield on India's 10-year benchmark federal paper added 0.07% to 7.168 as compared with previous close 7.163.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.9600, compared with its close of 83.0300 during the previous trading session.
MCX Gold futures for 5 February 2024 settlement declined 0.34% to Rs 62,980.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.08% to 102.47.
The United States 10-year bond yield shed 0.18% to 3.922.
In the commodities market, Brent crude for February 2024 settlement added 35 cents or 0.46% to $76.90 a barrel.
Global Markets:
Most of the Asian stocks were trading lower on Monday ahead of Japan's monetary policy decision on Tuesday. The BOJ is likely to maintain its benchmark interest rate at -0.1%, as per reports.
US stocks ended mixed on Friday. Comments on Friday by Fed Bank of New York President John Williams that it was too soon to be talking about rate cuts, however, dampened some of the day's optimism.
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