The Sensex hit a fresh record high of 45,291.56 while the Nifty 50 index scaled new high of 13,322.25 in early trade.
The broader market outperformed the benchmark index. The S&P BSE Mid-Cap index was up 0.82% while the S&P BSE Small-Cap index rose 1.19%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1901 shares rose and 723 shares fell. A total of 182 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,969.59 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,971.60 crore in the Indian equity market on 4 December, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 67,027,780 with 1,535,492 deaths. India reported 3,96,729 active cases of COVID-19 infection and 140,573 deaths while 91,39,901 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
The Ministry of Commerce and Industry and the Ministry of AYUSH have decided to work together to set up an Export Promotion Council to boost AYUSH exports. This decision was taken recently in a joint review of AYUSH trade and Industry by Piyush Goyal, Minister of Commerce and Industry and Shripad Naik, Minister of AYUSH. It was also decided in the review that the entire AYUSH sector will work together to achieve price and quality competitiveness to boost AYUSH exports. The review was held through video conference on 4th December 2020, which was attended by nearly 50 industry and trade leaders from the AYUSH Sector. More than 2000 stake-holders of the AYUSH Sector also attended the e-event through live streaming on virtual platforms.
Buzzing Index:
The Nifty Pharma index surged 1.41% to 12,527.30, extending its winning run to seventh consecutive trading session. The index has added 7.67% in seven trading sessions.
Dr. Reddy's Laboratories (up 2.46%), Sun Pharmaceutical Inds (up 2.32%), Cadila Healthcare (up 1.55%), Aurobindo Pharma (up 1.37%), Lupin (up 1.31%), Cipla (up 1.11%) and Biocon (up 1.1%) surged.
Stocks in Spotlight:
Tata Chemicals gained 3.91%. Tata Sons, promoter of Tata Chemicals, on Friday (4 December 2020) bought over 25 lakh shares of the company worth over Rs 121 crore via bulk deal. As per the bulk deal data on the NSE, Tata Sons acquired 25,71,651 shares (1.01% equity) of Tata Chemicals at an average price of Rs 471.88 each. On 2 December 2020, Tata Sons had purchased 18,07,245 shares (equivalent to 0.71% stake) of the company at an average price of Rs 420.92 per share. As on 30 September 2020, Tata Sons held 29.39% stake in the company.
Likhitha Infrastructure gained 2.47% to Rs 162.10 after the company secured an order for laying pipeline in Gujarat which is part of Kandla Gorakhpur Pipeline Project. The order is received from from IHB (a joint venture company of Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum).
Global Markets:
Most Asian stocks advanced on Monday on hopes of a much-needed U.S. stimulus package before year-end just as coronavirus vaccines roll out.
In US, Wall Street's main indexes gained as data showing the slowest U.S. jobs growth in six months raised investors' expectations for a new fiscal relief bill to help revive the coronavirus-hit economy.
The Dow Jones Industrial Average rose 248.74 points, or 0.83%, to 30,218.26, the S&P 500 gained 32.40 points, or 0.88%, to 3,699.12 and the Nasdaq Composite added 87.05 points, or 0.7%, to 12,464.23. All three of major indexes posted intraday and closing record highs.
House Speaker Nancy Pelosi reportedly said Friday that talks on a COVID-19 relief package have momentum, and that the weaker-than-expected November jobs report gives more reason for Congress to act.
The U.S. Labor Department report showed that 245,000 jobs were created in November, marking the smallest monthly gain since the economy began to emerge from lockdown in the spring. The November gain represented a pronounced slowdown from the 610,000 positions added in October. The unemployment rate fell to 6.7% in November from 6.9% in October.
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