The Sensex hit a record high of 46,309.63 while the Nifty 50 scaled a fresh record high of 13,579.35 in morning trade.
In the broader market, the S&P BSE Mid-Cap index was up 0.34% while the S&P BSE Small-Cap index rallied 0.83%.
The market breadth was strong. On the BSE, 1854 shares rose and 760 shares fell. A total of 133 shares were unchanged.
On Thursday, 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.
COVID-19 Update:
Also Read
Total COVID-19 confirmed cases worldwide stood at 6,95,31,812 with 15,80,867 deaths. India reported 3,63,749 active cases of COVID-19 infection and 1,42,186 deaths while 92,90,834 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
F&O Segment:
The National Stock Exchange of India (NSE) on Thursday announced that it has received Sebi's approval to launch derivatives on the Nifty Financial Services Index. NSE will launch the instrument from 11 January 2021. The contract size will be 40 with a strike price interval of 100. The expiry will be in line with Nifty and Bank Nifty F&O contracts.
Buzzing Index:
The Nifty PSU Bank gained 1.41% to 1,835.90, snapping its two day losing streak. The index fell 2.54% in previous two trading sessions.
Union Bank (up 2.45%), Punjab National Bank (up 2.34%), Central Bank of India (up 1.67%), J&K Bank (up 1.43%), Bank of Maharashtra (up 1.37%), Indian Overseas Bank (up 1.32%) and SBI (up 1.22%) advanced.
Canara Bank added 3.39%. Shares of the public sector bank rose 2.78% to Rs 125.90 after it said that the capital planning process committee of the board had approved the closure of the qualified institutions placement (QIP) issue on 10 December 2020. The sub-committee of the board approved the issue of 19,32,36,714 equity shares at a price of Rs 103.50 per share, aggregating to Rs 2000 crore, to the eligible qualified institutional buyers in the QIP.
Stocks in Spotlight:
Indian Hume Pipe Company jumped 4.31% after the company received letter of acceptance (LoA) for providing water supply schemes in 550 villages of Kanpur Division in Uttar Pradesh at an approximate value of Rs 550 crore. The total contract value of the work for 550 villages will be finalized and awarded after submission of detailed project report (DPR) by the company and approved by the state government.
United Spirits rose 0.14%. The liquor major on Thursday named Hina Nagarajan as the company's managing director (MD) and chief executive officer (CEO) effective 1 July 2021. Nagarajan, an MBA from IIM Ahmedabad, will succeed Anand Kripalu, who joined the company in May 2014. Kripalu will step down as MD and CEO and cease to have board responsibilities on 30 June 2021, the company informed the exchanges on Thursday.
Global Markets:
Asian stocks were 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
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