Barometers were trading near the day's high in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, jumped 263.73 points or 0.57% at 46,270.42. The Nifty 50 index gained 75.40 points or 0.56% at 13,541.70.
The broader market rallied. The S&P BSE Mid-Cap index advanced 1.42%. The S&P BSE Small-Cap index rallied 2.06%.
Buyers outpaced sellers. On the BSE, 2,112 shares rose and 681 shares fell. A total of 161 shares were unchanged. In Nifty 50 index, 30 stocks advanced while 20 stocks declined.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,153 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 661.51 crore in the Indian equity market on 22 December 2020, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 7,80,18,199 with 17,17,124 deaths. India reported 2,89,240 active cases of COVID-19 infection and 1,46,444 deaths while 96,63,382 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
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J&K District Development Council (DDC) polls:
The People's Alliance for Gupkar Declaration (PAGD), a conglomeration of seven parties, on Tuesday took a significant lead in the first-ever District Development Council (DDC) elections in Jammu and Kashmir even as the alliance's main opponent, the BJP, emerged as the single largest party, sweeping the polls in many districts in the Jammu region while making some inroads in the valley.
The Gupkar alliance, a grouping of seven mainstream J&K-based parties including rivals National Conference and Mehbooba Mufti's People's Democratic Party (PDP), won 112 seats; the BJP has emerged as the single largest party as it won 75 seats. The Congress has won 26 seats.
Gainers & Losers:
Cipla (up 2.77%), Infosys (up 2.38%), State Bank of India (SBI) (up 1.98%), Bajaj Finance (up 1.91%) and IndusInd Bank (up 1.72%) were major gainers in Nifty 50 index.
Divis' Laboratories (down 1.59%), ONGC (down 1.27%), Titan Company (down 0.79%), HDFC (down 0.54%) and Eicher Motors (down 0.44%) were major losers in Nifty 50 index.
Stocks in Spotlight:
Mahindra & Mahindra (M&M) advanced 2.14%. Life Insurance Corporation of India (LIC) sold 2.006% stake in M&M through market sale between 10 May 2019 and 21 December 2020. Post transaction, LIC's stake in M&M reduced to 8.430% from 10.436% earlier.
Meanwhile, JP Morgan has issued a notice to M&M's SsangYong Motor Company (SYMC), a material subsidiary, demanding the repayment of outstanding loan amount of 40 billion KRW (Korean Won) (approximately Rs 268 crore) along with interest. SYMC has intimated to the Korean Stock Exchange that it could not repay the loan amount of 40 billion KRW to JP Morgan on account of SYMC's application for rehabilitation.
Wipro spurted 5% after the company announced a strategic digital and IT partnership deal with Metro AG. The estimated deal value for the duration of the first five years is approximately $700 million. With the intention to extend up to 4 additional years, it can be a potential spend of up to $1 billion. Wipro will deliver a complete technology, engineering and solutions transformation program for Metro AG as it positions itself as a Wholesale 360-degree provider in the hotel, restaurant and catering food industry fuelled by quality, focus and flexibility.
Separately, Wipro announced that its proposed share buyback offer will open on Tuesday, 29 December 2020 and close on Monday, 11 January 2021. The company plans to buyback upto 23.75 crore equity shares at Rs 400 each.
Forbes & Company jumped 4.25% after the company's board approved selling 3.80 acre-land in Chandivali (Mumbai) to GPX India and Equinix India for Rs 200 crore. The company said that the board of directors had approved entering into memorandum of understanding (MOU) with GPX India (GPX) and Equinix India (Equinix) for sale of approximately 3.804 acre of land at Chandivali for a consideration of Rs 200 crore.
Global Markets:
European shares were mixed on Wednesday. The muted market action in Europe comes after Trump suggested he may not sign the $900 billion COVID-19 relief bill passed by Congress earlier this week. President Trump called the measure an unsuitable "disgrace" and urged lawmakers to make a number of changes, including larger direct payments to individuals and families.
France reopened its border to England on Wednesday, requiring passengers arriving at the border to have a negative coronavirus test result. It comes after France imposed a ban on people and freight coming from the U.K. amid concerns over a fast-spreading COVID-19 mutation first identified in southeast England.
On Tuesday, EU chief Brexit negotiator Michel Barnier said the bloc was making a "final push" to strike a Brexit trade deal with Britain, but disagreements over fishing rights remain. There have been positive reports about the talks, claiming a deal could be reached on Wednesday.
Asian stocks advanced across the board on Wednesday as the investor focus swung between concerns about a new faster-spreading variant of the coronavirus and hopes that more U.S. fiscal aid would propel an economic recovery.
In US, the S&P 500 fell for a third straight session on Tuesday even after Congress approved a long-delayed coronavirus relief package. The broad equity benchmark dipped 0.2%, or 7.66 points, to 3,687.26 in relatively thin trading. The Dow Jones Industrial Average slipped 200.94 points, or 0.7%, to 30,015.51. The Nasdaq Composite eked out a 0.5% gain to close at 12,807.92, a new record.
Congressional leaders had attached $900 billion in pandemic aid to a $1.4 trillion measure to fund the government through 30 September 2020. President Donald Trump is expected to sign it into law in the coming days, weeks before he will leave office.
On the data front, a final reading showed third-quarter gross domestic product grew 33.4% on an annualized basis. That was revised slightly up from the 33.1% pace reported last month. The economy contracted at a 31.4% rate in the April-June quarter.
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