Indices hit record high

Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:27 IST, the barometer index, the S&P BSE Sensex, was up 41.91 points or 0.09% at 46,708.37. The Nifty 50 index was up 9.10 points or 0.07% at 13,691.80. The Sensex scaled record high above 46,750 mark in early trade. The Nifty also hit record high above 13,700 mark.

The S&P BSE Mid-Cap index was up 0.26%. The S&P BSE Small-Cap index was up 0.41%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1340 shares rose and 750 shares fell. A total of 106 shares were unchanged.

Stocks in news:

Wipro fell 0.17%. Wipro has completed the acquisition of 83.4% equity stake in Encore Theme. The remaining 16.6% equity stake will be acquired subject to and after receipt of certain regulatory approvals/confirmations. Encore Theme is a specialist in providing SaaS and Cloud solutions in financial services.

Hero MotoCorp rose 0.29%. Hero MotoCorp said in order to partially offset the impact of the commodity costs, the company will be increasing the prices of products by upto Rs 1500, with effect from 1 January 2021. The increase will vary across models, and the exact quantum will be communicated to our dealers in due course.

Jubilant FoodWorks advanced 3.41%. Jubilant FoodWorks has entered into the most loved food space of Biryanis with its newest brand - Ekdum!. Ekdum! will offer the widest variety of biryanis from across India to choose from.

IRCTC rose 0.06% to Rs 1424.90. Government is proposing to offer up to 16 lakh equity shares to the eligible employees of the company at a price of Rs 1,377.55 per equity share. Employee OFS will remain open from December 18 to December 21.

Computer Age Management Services rose 0.49%. Computer Age Management Services has received a communication, from the Pension Fund Regulatory and Development Authority, New Delhi, stating that the company has been considered eligible for selection and further grant of registration as a Central Record Keeping Agency under the National Pension Scheme (NPS) under the Pension Fund Regulatory and Development Authority (Central Recordkeeping Agency) Regulations, 2015.

Aster DM Healthcare rose 0.88%. Aster DM Healthcare through its subsidiary, Aster DM Healthcare FZC, has acquired a company in the Grand Cayman, Cayman Islands - Aster Caribbean Holdings.

Navin Fluorine International gained 3.25%. Navin Fluorine International informed that the board of directors of the company has approved capital expenditure (to be undertaken at Dahej through wholly owned subsidiary, Navin Fluorine Advanced Sciences) of Rs 195 crore for the purpose of setting-up of multi-purpose plant.

Global Markets:

Overseas, Asian stocks are trading mixed on Thursday as investors reacted to the latest announcements from the U.S. Federal Reserve.

In US, Wall Street rose on Wednesday, with the Nasdaq closing at a record high as investors awaited a potential fiscal economic stimulus package and after the Federal Reserve repeated a pledge to keep its benchmark interest rate near zero.

The U.S. central bank also kept benchmark interest rates near zero, as expected, following the conclusion of its two-day meeting. The Fed said it will buy at least $120 billion of bonds each month until substantial further progress has been made toward the Committee's maximum employment and price stability goals, according to its post-meeting statement. Federal Reserve Chairman Jerome Powell also said on Wednesday that stock prices are not necessarily highly priced given how low interest rates are.

Congressional leaders closed in on a $900 billion rescue deal that would include a new round of direct payments to consumers. However, that package excludes a liability shield for businesses and state and local aid, reports indicated.

US retail sales fell sharply in November, according to government data released Wednesday, a further sign of economic trouble as COVID-19 cases climbed and lawmakers remained deadlocked on approving economic stimulus. Sales fell 1.1% compared to October, when sales also dipped, the Commerce Department reported, much sharper than expected.

Back home, the domestic equity benchmarks ended the session near the day's high on Wednesday, mirroring positive global shares. The S&P BSE Sensex, jumped 403.29 points or 0.87% at 46,666.46. The Nifty 50 index advanced 114.85 points or 0.85% at 13,682.70.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,981.77 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,718.45 crore in the Indian equity market on 16 December, provisional data showed.

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