Sensex, Nifty hit record high

Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 256.97 points or 0.56% at 45,865.48. The Nifty 50 index was up 72.45 points or 0.54% at 13,465.40. The Sensex scaled record high a tad below 45,900 mark in early trade. The Nifty also hit record high above 13,450 mark in early trade.

The S&P BSE Mid-Cap index was up 0.6%. The S&P BSE Small-Cap index was up 0.56%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1359 shares rose and 468 shares fell. A total of 71 shares were unchanged.

 

Stocks in news:

ICICI Bank rose 0.84%. ICICI Securities rose 0.33%. ICICI Bank approved the sale of up to 7,121,403 equity shares of face value Rs. 5 each of ICICI Securities, representing up to 2.21% of its issued and paid-up equity share capital, through an offer for sale through stock exchange mechanism, in accordance with applicable law, towards compliance with the requirement of minimum public float of the company.

Tata Consultancy Services (TCS) rose 0.64%. TCS has launched a new transformative Digital Bank Guarantee platform, powered by the Quartz Blockchain solution, as part of the Banking Service Bureau (BSB), operated by TCS for the digital banking industry in Israel.

JSW Steel advanced 1.06%. JSW Steel said that Crude Steel production for November 2020 was at 13.32 lakh tonnes showing a growth of 3% YoY. The average capacity utilisation was 89% during November 2020. The shortage of Iron ore remained a constraint in November 2020 to achieve higher capacity utilisation.

Hindustan Aeronautics gained 2.27%. Hindustan Aeronautics said that ICRA and CARE Ratings have reaffirmed their ratings on the proposed commercial paper issue of Rs 2500 crore by the company.

Kalpataru Power Transmission dropped 5.05%. Kalpataru Power Transmission said the board of directors of the company has approved capital expenditure of approx. Rs 207 crore towards purchase of land and will further incur approx. Rs 170 crore towards construction, municipal charges, taxes and for other approvals for development & construction of corporate office of about 1, 79,000 sq. ft. of leasable area near its existing office at Santacruz, Mumbai.

Global Markets:

Overseas, Asian stocks are trading higher on Wednesday as a coronavirus vaccine rollout commenced in the U.K., fueling some of the optimism among investors.

Japan's core machinery orders rebounded sharply in October from the previous month's drop, the government said on Wednesday. Core machinery orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, soared 17.1% in October, recouping the previous month's 4.4% drop.

The U.K. administered the first Covid-19 vaccines to the public on Tuesday, making it one of the first countries in the world to do so. The Pfizer-BioNTech shots gained emergency approval from the U.K. drug regulator last week and will be given first to front-line health workers, nursing home workers and those over age 80.

In US, stocks rose to fresh all-time highs on Tuesday as Pfizer started to roll out its coronavirus vaccine in the U.K., lifting hope of the economy recovering in the near future.

Traders are also closely watching negotiations in the U.S. for additional fiscal stimulus as coronavirus infection cases in the country continue to rise.

Back home, domestic indices ended with modest gains on Tuesday. Gains were capped due to negative global shares on fresh concerns about a surge in Covid-19 infections. The barometer index, the S&P BSE Sensex, gained 181.54 points or 0.40% at 45,608.51. The Nifty 50 index gained 37.20 points or 0.28% to 13,392.95.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,909.60 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,640.93 crore in the Indian equity market on 8 December, provisional data showed.

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