The domestic equity benchmarks were trading with modest gains in early trade on buying demand in index pivotals. The Nifty traded above the 18,450 mark. All the sectoral indices on the NSE were in the green with PSU bank, realty and IT stocks gaining the most.
At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 241.7points or 0.39% to 61,943.99. The Nifty 50 index gained 70.10 points or 0.38% to 18,455.40.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.70% while the S&P BSE Small-Cap index added 0.71%.
The market breadth was strong. On the BSE, 2,154 shares rose and 600 shares fell. A total of 121 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 455.94 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 494.74 crore in the Indian equity market on 20 December, provisional data showed.
Stocks in Spotlight:
Bharti Airtel shed 0.01%. The telecom major announced that it has acquired a strategic stake in Lemnisk (Immensitas Private Limited) under Airtel's Start Up Accelerator Program. Airtel and Lemnisk will work together to build world's largest CDP platform.
Dabur India added 0.92%. Gyan Enterprsises and Chowdry Associates, the entities of Barman family, who are part of the majority shareholders of Dabur India, have sold approximately 1% shares through a block deal which was completed on 20th December 2022. The purpose of doing this transaction is to raise funds for financing some ventures in private hands of the Burman family.
Jubilant FoodWorks gained 1.85%. The QSR chain operator announced on Tuesday that the 20-minute delivery has been introduced in 20 zones across 14 cities in India.
Uno Minda rose 1.29%. Uno Minda announced that it has entered into Technical License agreement with Asentec Co Ltd. (Asentec) of Korea, a leading global supplier of Automotive sensors and actuators, to design, develop, manufacture and market wheel speed sensors in India.
VIP Clothing locked in an upper circuit of 5% after the company said that it has recently sold its Umbergaon factory and raised 104.1 million. The capital gained by selling this idle asset will now be utilized in business at different level from production, technology, innovation and marketing.
Global Markets:
Asian stocks were trading mixed on Wednesday after Wall Street ended its four-day losing streak as global bonds rose after the Bank of Japan adjusted its yield curve control tolerance. Meanwhile, Hong Kong's Chief Executive John Lee is reportedly scheduled to travel to Beijing as part of his annual visit until Saturday to brief state leaders on the city's economic, social and political situation.
US stocks closed slightly higher on Tuesday after four sessions of declines, but investors fretted about weak holiday shopping and rising bond yields added pressure after the Bank of Japan's (BoJ) surprise tweak of monetary policy.
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