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 217.13 points or 0.47% at 46,177.01. The Nifty 50 index was up 61.75 points or 0.46% at 13,540.05. The Sensex scaled record high above 46,200 mark in early trade. The Nifty also hit record high above 13,550 mark.
The S&P BSE Mid-Cap index was up 0.64%. The S&P BSE Small-Cap index was up 0.93%.
The market breadth, indicating the overall health of the market, is positive. On the BSE, 1512 shares rose and 418 shares fell. A total of 68 shares were unchanged.
Stocks in news:
Tata Consultancy Services (TCS) rose 0.21%. TCS has expanded its business operations in Austin, Texas with the construction of a new facility, doubling its presence to more than 400 professionals in the city and adding to its 5,500+ employees across the state.
Bank of Baroda rose 1.88%. Bank of Baroda revised the Marginal Cost of Funds Based Lending Rate (MCLR) with effect from 12 December 2020.
Ircon International jumped 6.43%. Ircon International has been awarded the work of upgradation of Gurgaon - Pataudi -Rewari section of NH-352W as 35 feeder route in Haryana on Hybrid Annuity Mode valuing Rs 900 crore on competive bidding basis by National Highways Authority of India (NHAI).
Kalpataru Power Transmission surged 8.5%. Kalpataru Power Transmission said the company has received certain observations and feedback from investors and on a reconsideration, the management has further reviewed the matter and decided to keep the proposal of construction of corporate office near its existing office at Santacruz, Mumbai in abeyance.
Gayatri Projects gained 4.93%. Gayatri Projects has received three Letter of Award (LOA) for Pipe Drinking Water Schemes from Namami Gange and Rural Water Supply Department in Uttar Pradesh, in joint venture where the company's share is 97.5%, for a total value of Rs 1,332 crore.
PNC Infratech advanced 4.28%. PNC Infratech received Letter of Acceptance (LOA) for an EPC project namely 'Survey, Design, Preparation of DPR, Construction, Commissioning and O&M for 10 years of Rural Water Supply Project in 952 villages in Devipatan Division of Uttar Pradesh' from the State Water Supply & Sanitation Mission, Namami Gange & Rural Water Supply Department on 10 December 2020 for approximate value of Rs 952 crore.
Global Markets:
Overseas, Asian stocks are trading mixed on Friday as investors kept an eye on negotiations over additional fiscal stimulus in the U.S.
In US, stocks closed little changed on Thursday as lawmakers struggled to push through new fiscal stimulus before year-end. Sentiment was also dampened by the release of weaker-than-expected jobless claims data.
U.S. Treasury Secretary Steven Mnuchin reportedly said negotiations over a new COVID-19 relief package were making a lot of progress, although lawmakers in both parties said action could take longer than originally hoped as sticking points remained and Republican Senate Majority Leader Mitch McConnell's staff were skeptical compromises could be made.
The House of Representatives passed a government funding extension Wednesday that would keep the federal government running through December 18 and buy time for further negotiations for a bigger relief bill.
Meanwhile, an important U.S. Food and Drug Administration advisory panel recommended approval of Pfizer's Covid vaccine for emergency use.
Initial weekly jobless claims jumped to 853,000 last week. That marks the highest number of initial claims being filed since September and the first time since October that they topped 800,000.
Back home, domestic indices ended with small losses on Thursday as investors locked profit after recent steep gains. The S&P BSE Sensex, lost 143.62 points or 0.31% at 45,959.88. The Nifty 50 index lost 50.80 points or 0.38% at 13,478.30.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,259.98 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,275.22 crore in the Indian equity market on 10 December, provisional data showed.
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