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 366.54 points or 0.78% at 47,340.08. The Nifty 50 index was up 106.30 points or 0.77% at 13,855.55. The Sensex scaled record high above 47,300 mark in early trade. The Nifty also hit record high above 13,850 mark. Positive Asian stocks boosted sentiment.
The S&P BSE Mid-Cap index was up 0.8%. The S&P BSE Small-Cap index was up 1.07%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1653 shares rose and 481 shares fell. A total of 98 shares were unchanged.
Stocks in news:
Reliance Industries (RIL) rose 0.96%. RIL has entered into definitive agreements to acquire the shares held by IMG Singapore Pte. Ltd in IMG-R, for a cash consideration not exceeding Rs 52.08 crore. Post completion of acquisition, IMG-R will become a wholly-owned subsidiary of the company and will be rebranded by the company. IMG Reliance (IMG-R) is a joint venture between IMG Worldwide LLC (IMG) and RIL. IMG Singapore Pte. Ltd., a wholly owned subsidiary of IMG, holds 50% of the share capital of IMG-R. IMG-R is engaged in the business of creation, management, implementation and commercialisation of sporting, fashion and entertainment events in India.
Also Read
Lupin rose 0.82%. Lupin announced that it has received tentative approval for its Efinaconazole Topical Solution, 10%, from the United States Food and Drug Administration, to market a generic equivalent of Jublia Topical Solution, 10%, of Bausch Health Americas, Inc.
DLF gained 3.86%. DLF Cyber City Developers (DCCDL), the rental arm of DLF Group, has entered into a Securities Purchase Agreement with funds managed by Hines (Hines) for acquisition of their stake in Fairleaf Real Estate Fairleaf, which owns and operates One Horizon Center. The purchase consideration for this acquisition is approximately Rs 780 crore.
Coal India rose 2.13%. The company's board has accorded approval to venture into aluminium value chain (mining-refining-smelting) and solar power value chain (Ingot-wafer-cell-Module-and-generation).
Cadila Healthcare slipped 0.48%. Zydus Cadila announced that its plasmid DNA vaccine to prevent COVID-19, ZyCoV-D was found to be safe, well tolerated and immunogenic in the Phase I/II clinical trials. The company is now planning to initiate Phase III clinical trial in around 30,000 volunteers upon receiving necessary approvals.
Global Markets:
Overseas, Asian stocks edged higher on Monday as the final trading week of 2020 kicked off. Markets in Australia and New Zealand are closed on Monday for a holiday.
Profits at Chinese industrial firms in November rose 15.5% as compared with a year earlier, according to data released by the country's National Bureau of Statistics over the weekend.
In US, the S&P 500 ended higher at the close of a shortened session on Thursday as investors headed into the long Christmas weekend.
U.S. President Donald Trump signed into law a $2.3 trillion pandemic aid and spending package he had until now refused to sign.
Meanwhile, finally the United Kingdom prime minister Boris Johnson and European Commission president Ursula von der Leyen struck a trade deal on December 24 after hard negotiations for last nine months. The trade agreement contains provisions on several subjects including nuclear energy, fishing, aviation and medicines.
Back home, domestic indices ended with robust gains on Thursday, extending their winning run to third consecutive session. The S&P BSE Sensex, jumped 529.36 points or 1.14% at 46,973.54. The Nifty 50 index gained 148.15 points or 1.09% at 13,749.25. Domestic stock market remained shut on Friday, 25 December 2020 on account of Christmas.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,225.69 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,897.92 crore in the Indian equity market on 24 December, provisional data showed.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content