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Sensex, Nifty scale record high

·3-min read

Local stocks are trading higher in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 122.78 points or 0.27% at 45,549.75. The Nifty 50 index was up 39.45 points or 0.3% at 13,395.40. The Sensex scaled record high above 45,500 mark in early trade. The Nifty also hit record high a tad above 13,400 mark in early trade.

The S&P BSE Mid-Cap index was up 0.74%. The S&P BSE Small-Cap index was up 0.86%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1383 shares rose and 489 shares fell. A total of 58 shares were unchanged.

Stocks in news:

Titan Company rose 1.35%. The board of Titan Company decided to request the Favre Leuba AG (FLAG) management to scale down the operations of the company substantially with immediate effect so that further investments from Titan to FLAG cease as early as possible.

Godrej Properties advanced 2.56%. Godrej Properties announced that it has entered into an outright transaction to purchase a well located land parcel in Whitefield, Bangalore. Spread across approximately 18 acres, this project will offer 0.22 million square meters (2.4 million square feet) of saleable area comprising primarily of residential apartments of various configurations.

NBCC (India) rose 1.56%. NBCC (India) said it has secured the total business of Rs 324.81 crore in the month of November 2020.

Cupid gained 4.06%. Cupid said it has received a purchase order from Uttar Pradesh Medical Supplies Corporation Limited for supply of "Covid - 19 Antigen Based Rapid Test Kits" worth Rs 8.27 crore.

Goa Carbon jumped 4.99%. Goa Carbon said its total calcined petroleum coke production stood at 14,309.200 MT in November 2020.

Global Markets:

Overseas, Asian stocks are trading mixed on Tuesday as investors remained cautious over rising coronavirus cases, U.S. stimulus negotiations as well as Brexit talks between the U.K. and the European Union.

The U.K. and the European Union are making last efforts to reach a post-Brexit trade deal this week. Both sides remain divided over three issues: fisheries, competition rules and governance of their potential deal. They have been stuck on these three areas since early summer.

British Prime Minister Boris Johnson is set to travel to Brussels this week in a final push to clinch a post-Brexit trade deal with the EU. Johnson will meet European Commission chief Ursula von der Leyen in person after two phone calls between the leaders failed to bear fruit.

In US, the Dow Jones Industrial Average and S&P 500 fell on Monday as traders worried about rising coronavirus cases and searched for clues on additional fiscal aid. The Nasdaq Composite, meanwhile, rose 0.5% to 12,519.95 and hit a fresh record high.

Meanwhile, Japan will compile a fresh economic stimulus package worth 73.6 trillion yen ($708 billion), Prime Minister Yoshihide Suga said on Tuesday, signalling his resolve to pull the country out of its coronavirus crisis-induced slump. The new stimulus package will include fiscal spending worth around 40 trillion yen, Suga said.

Back home, the domestic equity indices extended their winning run to third consecutive trading session on Monday. The barometer index, the S&P BSE Sensex, jumped 347.42 points or 0.77% at 45,426.97. The Nifty 50 index gained 97.20 points or 0.73% to 13,355.75. Both the indices attained record closing high levels.

Foreign portfolio investors (FPIs) bought shares worth Rs 3,792.06 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,767.09 crore in the Indian equity market on 7 December 2020, provisional data showed.