Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 309.81 points or 0.67% at 46,572.98. The Nifty 50 index was up 87.50 points or 0.64% at 13,655.35. The Sensex scaled record high a tad below 46,600 mark in early trade. The Nifty also hit record high above 13,650 mark. Positive Asian stocks boosted sentiment.
The S&P BSE Mid-Cap index was up 0.54%. The S&P BSE Small-Cap index was up 0.66%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1552 shares rose and 539 shares fell. A total of 78 shares were unchanged.
Stocks in news:
Mahindra & Mahindra (M&M) rose 3.42%. M&M announced that effective 1 January 2021, the company will increase the price of its range of passenger and commercial vehicles, across models. This has been necessitated due to the increase in commodity prices and various other input costs.
Biocon rose 0.57%. Biocon said its subsidiary Biocon Biologics has signed a Memorandum of Understanding (MoU) with the Christian Social Services Commission (CSSC), a faith-based organization active in Africa. CSSC works closely with the government as well as international and national partners to facilitate health and education services. Tanzania will be the first country in Africa that will benefit from this collaboration between Biocon Biologics and CSSC.
PVR rose 0.35%. PVR said that the meeting of the board of directors of the company is scheduled on 18 December 2020, to consider and approve raising of funds, in one or more tranches. The funds may be raised through issue of equity shares or securities convertible into equity shares, and/or issuance of depository receipts including American depository receipts and global depository receipts or bonds including foreign currency convertible bonds or non-convertible debt instruments along with warrants, or any combination thereof, either by way of private placement.
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HG Infra Engineering gained 5.12%. HG Infra Engineering said the company has been declared as L-1 bidder by Ircon International for contract with bid price of Rs. 784.99 crore.
Indian Bank shed 0.27%. Indian Bank informed that it has fully provided Non Performing Account namely, IL&FS Financial Services with outstanding dues of Rs 408 crore has been declared as fraud and reported to RBI as per regulatory requirement.
Global Markets:
Overseas, Asian stocks are trading higher on Wednesday following an overnight bounce on Wall Street as optimism grew over the prospect of more stimulus.
The Bank of Japan has decided to tap $6 billion in cash from a government account in a rare arrangement to ensure it has enough ammunition to combat any market disruptions caused by a recent resurgence in coronavirus infections. Under the arrangement announced on Wednesday, the central bank will buy dollar cash from the Ministry of Finance any time through to the end of March next year at the prevailing market exchange rate at the time.
Japan's exports declined 4.2% in November as compared with a year ago, according to Ministry of Finance data released Wednesday.
In US, stocks rose sharply on Tuesday as traders grew more optimistic about Congress passing another economic relief package. The Nasdaq closed at a record high.
Optimism over a $1.4 trillion U.S. spending package increased after House of Representatives Speaker Nancy Pelosi reportedly invited other top congressional leaders to meet late on Tuesday to hammer out a deal to be enacted this week.
Markets will now look to the U.S. Federal Reserve for new projections on whether the economy will suffer a double-dip recession or is on the cusp of a vaccine-inspired boom. The central bank is to release a statement on Wednesday.
Back home, the domestic equity benchmarks ended near the flat line on Tuesday. The S&P BSE Sensex, added 9.71 points or 0.02% to 46,263.17. The Nifty 50 index added 9.70 points or 0.07% at 13,567.85.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,484.09 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,666.79 crore in the Indian equity market on 15 December, provisional data showed.
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