Market Wrap, Dec 8: Here's all that happened in the markets today

The benchmark indices ended Tuesday's volatile session on a positive note amid buying in counters such as Reliance Industries (RIL), TCS, Infosys, and UltraTech Cement.
 

The S&P BSE Sensex gained 182 points, or 0.4 per cent to settle at a fresh closing peak of 45,609 levels while NSE's Nifty, too, ended at a record closing high of 13,393, up 37 points, or 0.28 per cent. During the day, the index breached 13,400 level to hit a high of 13,435.45 points.
 

Volatility index, India VIX, rose over 3 per cent to 18.6 levels.
 

On the sectoral front, PSU bank stocks rallied the most. The Nifty PSU Bank index surged over 7 per cent to 1,858 levels with all the 12 constituents advancing.
 

Among individual stocks, Canara Bank rallied nearly 19 per cent to Rs 139.55 after the bank’s qualified institutional placement (QIP) opened for subscription. The bank had received shareholders' nod in its annual general meeting, held in August, for raising up to Rs 2,000 crore by way of QIP.
 

Meanwhile, RIL ended nearly 2 per cent higher at Rs 1,994 after the chairman of the oil-to-telecom conglomerate said the company plans to launch 5G services in the second half of 2021.
 

In the broader market, the S&P BSE MidCap index slipped 0.16 per cent to 17,525 levels and the S&P BSE SmallCap index settled at 17,492, down 51 points, or 0.29 per cent.
 

In other developments, passenger vehicle retail sales grew by 4.17 per cent in November to 2,91,001 units from 2,79,365 units in the corresponding period last year, while two-wheeler sales dropped 21.40 per cent to 14,13,378 units from 17,98,201 units in the year-ago period.
 

On the macro front, Fitch Ratings on Tuesday raised India's GDP forecast to -9.4 per cent in the current fiscal year to March 2021 from a previously projected contraction of 10.5 per cent after the economy staged a sharper rebound in the second quarter.
 

Global markets
 

Asian stocks came under pressure on Tuesday as investors struggled to balance hopes for more economic stimulus and vaccines with fresh concerns about a surge in Covid-19 infections.
 

In Europe, shares were little changed as hopes of a Brexit trade deal faded.
 

In commodities, oil prices fell as California tightened its pandemic lockdown through Christmas and coronavirus cases continued to surge in the United States and Europe.