After an upbeat start and a subsequent gradual fall into the red, the Indian stock market recovered to eventually end on a firm note on Monday.
Buoyant industrial production data and positive updates on the coronavirus vaccine front lifted the market up sharply early on in the session, data showing another increase in inflation weighed on sentiment.
Metal, capital goods and oil stocks rallied. Several stocks from banking, healthcare and power sectors too closed higher, while automobile stocks drifted lower. Information technology and realty stocks too exhibited weakness.
The benchmark BSE Sensex, which rose to a new all-time high of 46,373.34, ended the session with a gain of 154.45 points or 0.34% at 46,253.46. The National Stock Exchange's Nifty closed with a gain of 44.30 points or 0.33% at 13,558.15, after posting a new high of 13,597.50.
ONGC gained nearly 6%. Larsen & Toubro advanced 4.3%. Cipla ended 4.1% up, lifted by an announcement from the company that it has reached the settlement of its litigation with Celgene Corporation relating to patents for REVLIMID (lenalidomide).
Coal India gained nearly 4%. Indian Oil Corporation, NTPC, ICICI Bank and BPCL moved up 2 to 2.6%, while UPL, Sun Pharmaceutical Industries, HCL Technologies, Titan, Graim Industries and Kotak Bank ended higher by 1.2 to 1.6%.
Among the losers in the Nifty index, Eicher Motors slid 2.5%, Hero Motocorp ended 2.2% down and Mahindra & Mahindra closed lower by 2%.
HDFC Life, Tech Mahindra, Wipro, Bajaj Auto and Divi's Laboratories declined 1 to 1.4%.
Burger King India made a sparkling debut. The stock settled at Rs 138.40 on BSE, gaining 130.7% over its issue price of Rs 60.
Burger King India's initial public offer consisted of fresh equity shares worth Rs 450 crore and an offer for sale worth Rs 360 crore by the promoter QSR Asia. The issue, which came with a price band of Rs 59-60 per share, was subscribed 156.65 times.
According to the data released by the government after trading hours on Friday, industrial production in India jumped 3.6% year-on-year in October, after rising by an upwardly revised 0.5% a month earlier. Markets had expected an increase of 1.1% in the month. October's gain is the strongest since February.
The data also showed India's manufacturing sector saw a growth of 3.5% in October, the first increase in eight months.
According to the data released by the Ministry of Commerce and Industry today, India's wholesale inflation jumped to the highest since February as prices of manufactured products increased. Inflation as measured by the wholesale price index rose to 1.55% in November from 1.48% in the previous month. It was the fourth straight annual increase in prices and the strongest since February.
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