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Key equity indices bounced back and were trading with small gains in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 33.11 points or 0.09% at 35,191.66. The Nifty 50 index was up 16.45 points or 0.16% at 10,601.65.

Broader market witnessed selling. Among secondary barometers, the BSE Mid-Cap index was down 0.11%. The BSE Small-Cap index was down 0.39%.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1085 shares rose and 1133 shares fell. A total of 131 shares were unchanged.

Most metal shares declined. Hindalco Industries (down 2.22%), NMDC (down 2%), Vedanta (down 1.51%), National Aluminium Company (down 1.49%), Jindal Steel & Power (down 1.38%), Hindustan Copper (down 0.76%), Steel Authority of India (down 0.61%) and JSW Steel (down 0.27%), edged lower. Hindustan Zinc (up 0.34%) and Tata Steel (up 0.34%), edged higher.

Most FMCG shares rose. Tata Global Beverages (up 1.40%), Marico (up 1.06%), Britannia Industries (up 0.78%), Godrej Consumer Products (up 0.69%), Dabur India (up 0.60%), GlaxoSmithKline Consumer Healthcare (up 0.38%), Procter & Gamble Hygiene & Health Care (up 0.06%) and Hindustan Unilever (up 0.02%), edged higher. Bajaj Corp (down 0.11%), Colgate Palmolive (India) (down 0.23%), Jyothy Laboratories (down 0.29%) and Nestle India (down 0.45%), edged lower.

Overseas, Asia markets were mixed as investors remain wary about global risks that include a trade fight between the US and China, growth outlook, as well as oil prices.

Oil prices will also be closely watched on Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies warned about surging oil output that is set to leave the crude market oversupplied in 2019.

US stocks finished Friday on a low note, halting a four-session rally, after a selloff in oil prices, a hotter-than-expected reading on producer prices, and uneasiness about the housing market resurrected fears of an uncertain path for the economy here and abroad.

Chairman Jerome Powell's Fed held benchmark rates at a range between 2% and 2.25% on Thursday, and said that the central bank expects further gradual increases in the target range for the federal-funds rate.

On the US data front, the producer-price index for October rose 0.6%. Excluding volatile food and energy prices, producer prices increased by 0.5%. The University of Michigan's consumer-sentiment index fell slightly to 98.3 in November from 98.6 in October.

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