Market Wrap, Dec 9: Here's all that happened in the markets today

Continuing its record-breaking streak, the domestic equity market logged yet another gravity-defying session on Wednesday amid broad-based buying and positive global cues. Among headline indices, the S&P BSE Sensex ended above the crucial 46,000 level for the first time ever at 46,103.50, up 495 points or 1.09 per cent. It was the fifth straight session of gain for the 30-share index.
 

On the NSE, the broader Nifty50 index ended above 13,500 level at 13,529, up 136 points, or 1.02 per cent. The index rallied for the seventh day in a row.
 

Meanwhile, volatility index, India VIX, gained 1.62 per cent to 18.92 levels.
 

HDFC Bank, Reliance Industries (RIL), Infosys, and Asian Paints were among the top contributors to the Sensex's gain today.

In the broader market, the S&P BSE MidCap index rose 0.4 per cent to 17,596 levels and the S&P BSE SmallCap index settled at 17,577, up 86 points, or 0.49 per cent.
 

Sectorally, Nifty Bank ended nearly 1.5 per cent higher at 30,709 levels while Nifty IT and Nifty FMCG gained 0.8 per cent each. Nifty PSU Bank index, however, slipped 1 per cent to 1,838.55 levels.
 

Among buzzing stocks, shares of information technology (IT) companies were back in action at the bourses, with the Nifty IT index hitting a record high of 22,896 during the day. The index eventually settled at 22,803 levels.
 

Defence-related stocks, too, traded actively in today's trade amid report that the Union government has issued another notification regarding changes in the Foreign Exchange Management Act (FEMA) permitting foreign direct investment (FDI) in defence production up to 74 per cent under the automatic route.
 

Meanwhile, according to Nomura, India could well be the fastest-growing Asian economy in calendar year 2021 (CY21). The foreign research and brokerage house expects the Indian economy – as measured by gross domestic product (GDP) – to grow at 9.9 per cent in 2021, eclipsing China and Singapore during this period.
 

Global markets
 

European shares hit February highs on Wednesday, joining a global stock market rally on optimism around progress in Covid-19 vaccines and US stimulus package, while all eyes turned to make-or-break Brexit talks.
 

Globally, the S&P 500 and the Nasdaq hit record highs overnight, and Asia shares followed suit.
 

In commodities, oil prices inched higher as positive news on Covid-19 vaccines lifted investor hopes for a recovery in fuel demand.