At 9:27 IST, the barometer index, the S&P BSE Sensex, was up 248.88 points or 0.56% at 44,771.90. The Nifty 50 index was added 76.15 points or 0.58% at 13,131.40.
The Sensex hit a record high of 44,708.11 while Nifty scaled fresh high of 13,145.85 in early deal today.
The broader market lagged the benchmark indices. The S&P BSE Mid-Cap index was up 0.12% while the S&P BSE Small-Cap index was up 0.37%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1164 shares rose and 537 shares fell. A total of 78 shares were unchanged.
Buzzing Index:
The Nifty Bank index jumped 1.07% to 30,054.25, rising for second trading session. The index has gained 3.55% in two days. The index scaled the psychological 30,000 mark and now trades 8.5% away from its record high of 32,613.10 posted on 30 December 2019.
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RBL Bank (up 2.47%), Bank of Baroda (up 2.45%), HDFC Bank (up 1.37%), Bandhan Bank (up 1.35%), Federal Bank (up 1.28%), SBI (up 1.21%), ICICI Bank (up 1.17%) and Axis Bank (up 1.05%) advanced.
Stocks in Spotlight:
Muthoot Finance fell 0.9%. The gold loan NBFC on Tuesday said Reserve Bank of India (RBI) has rejected its proposal to acquire IDBI Asset Management on the grounds that the activity of sponsoring a mutual fund or owning an asset management company is not in consonance with the activity of an operating NBFC. A share purchase agreement dated 22 November 2019 was entered into between Muthoot Finance, IDBI Bank, IDBI Capital Markets & Securities, IDBI Asset Management and IDBI MF Trustee Company to purchase 100% equity shares of IDBI AMC subject to receipt of necessary regulatory approvals.
Tata Chemicals gained 2.3%. The Tata Group company has appointed N. Chandrasekaran as an additional director and chairman of the board of directors of the company effective 24 November 2020. Bhaskar Bhat has resigned as the director of the company, effective 24 November 2020.
Global Markets:
Asian stocks advanced on Wednesday, following an overnight rally in the US stock market. Positive momentum in the race for a coronavirus vaccine has boosted global markets. Uncertainty in US politics has also eased after the Trump administration officially began the transition process to President-elect Joe Biden following weeks of delay.
In the United States, the Dow Jones industrial average closed at 30,046 points, up 1.5% or 455 points, hours after hitting the 30,000 mark for the first time ever. Strong gains across the market lifted the broader S&P 500 to a new record closing high. It finished 58 points or 1.62% higher, at 3,635 points.
Energy stocks, financial companies, basic materials producers and industrial firms led the rally, as investors anticipated a growth-friendly stimulus package.
US president-elect Joe Biden moved swiftly to make Cabinet choices after defeating President Donald Trump, who gave the go-ahead for Biden to start receiving daily intelligence briefings. Investors now await the FOMC's minutes from its last meeting due later today for clues on the direction of monetary policy.
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