At 11:30 IST, the barometer index, the S&P BSE Sensex, gained 316.11 points or 0.69% at 45,924.48. The Nifty 50 index rose 90.15 points or 0.67% at 13,483.40.
The Sensex scaled record high of 45,970.29 while the Nifty scaled fresh all time high of 13,494.85 in morning trade.
The broader market resumed uptrend after yesterday's correction. The S&P BSE Mid-Cap index was up 0.64% while the S&P BSE Small-Cap index rose 0.74%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1664 shares rose and 973 shares fell. A total of 157 shares were unchanged.
COVID-19 Update:
Multiple vaccine candidates are in different stages of development, some may get licensed in next few weeks, Union Health Secretary Rajesh Bhushan said on Tuesday. "Current cold chain system is capable of storing additional quantity of COVID-19 vaccine required for first 3 crore health care workers and front line workers," he added.
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Total COVID-19 confirmed cases worldwide stood at 68,177,887 with 1,556,062 deaths.
India reported 3,78,909 active cases of COVID-19 infection and 1,41,360 deaths while 92,15,581 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
Paddy procurement for Kharif 2020-21 is progressing smoothly in the procuring states with purchase of over 344.86 lakh metric tonnes of paddy up to 6th of this month against the last year corresponding purchase of 282.66 LMT. This is an increase of 22% over last year. Out of the total purchase of 344.86 LMT, Punjab alone has purchased 202.77 LMT till the close of procurement season in the State on 30th November. This is 58.79% of total procurement in the country.
Buzzing Index:
The Nifty Bank index rose 0.56% to 30,430.05, extending its winning run to fourth consecutive trading session. The index has gained 3.33% in four days.
Federal Bank (up 1.68%), HDFC Bank (up 1.16%), Bank of Baroda (up 1.15%), Axis Bank (up 0.87%) and IndusInd Bank (up 0.86%) jumped.
Indian Bank rose 3.5%. In a BSE filing made after market hours yesterday, the public sector bank said that it had raised Tier 1 capital fund through private placement of Basel III compliant AT 1 perpetual bonds aggregating to Rs 1048 crore at a coupon of 8.44% p.a. payable annually.
Yes Bank hit an upper circuit of 10% at Rs 19.06 after the Brickwork Ratings upgraded the rating of Tier I Subordinated Perpetual Bonds (Basel II) to BWR BB+/ Stable from BWR D of Yes Bank. The credit rating agency said the rating upgrade factors in improvement in capitalisation ratios of the bank, strong shareholder base and experienced board members.
Stocks in Spotlight:
Aurobindo Pharma rose 1.13% to Rs 905.95 after the company said it received US drug regulator's approval for dexmedetomidine HCL in 0.9% sodium chloride injection. The drug is indicated for sedation of initially intubated and mechanically ventilated patients during treatment in an intensive care setting.
Gujarat Industries Power Company (GIPCL) rose 4.45% after the company secured a land for developing 2375 megawatts renewable energy park at Kutch, Gujarat.
Global Markets:
Asian markets advanced on Wednesday as a coronavirus vaccine rollout commenced in the U.K., fueling some of the optimism among investors.
Japan's core machinery orders rebounded sharply in October from the previous month's drop, the government said on Wednesday. Core machinery orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, soared 17.1% in October, recouping the previous month's 4.4% drop.
The U.K. administered the first Covid-19 vaccines to the public on Tuesday, making it one of the first countries in the world to do so. The Pfizer-BioNTech shots gained emergency approval from the U.K. drug regulator last week and will be given first to front-line health workers, nursing home workers and those over age 80.
In US, stocks rose to fresh all-time highs on Tuesday as Pfizer started to roll out its coronavirus vaccine in the U.K., lifting hope of the economy recovering in the near future.
Traders are also closely watching negotiations in the U.S. for additional fiscal stimulus as coronavirus infection cases in the country continue to rise.
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