Nifty hits 13,500 mark; breadth strong

The benchmark indices further extended gains and hit record high in early afternoon trade. The Nifty touched 13,500 mark. Positive global shares and hopes for vaccine approvals in India boosted investor sentiment.

At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 313.89 points or 0.69% at 45,922.40. The Nifty 50 index gained 88.50 points or 0.66% at 13,481.45.

The Sensex scaled record high of 45,989.98 while the Nifty scaled fresh all time high of 13,501.15 in early afternoon trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.52% while the S&P BSE Small-Cap index gained 0.67%.

The market breadth was strong. On the BSE, 1,697 shares rose and 1,054 shares fell. A total of 168 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 3.27% to 19.2275. The Nifty December 2020 futures were trading at 13,523.25, at a premium of 31.05 points compared with the spot at 13,492.20.

The Nifty option chain for 31 December 2020 expiry showed maximum Call OI of 25.62 lakh contracts at the 13,000 strike price. Maximum Put OI of 38.82 lakh contracts was seen at 13,000 strike price.

Economy:

Paddy procurement for Kharif 2020-21 is progressing smoothly in the procuring states with purchase of over 344.86 lakh metric tonnes of paddy up to 6th of this month against the last year corresponding purchase of 282.66 LMT. This is an increase of 22% over last year. Out of the total purchase of 344.86 LMT, Punjab alone has purchased 202.77 LMT till the close of procurement season in the State on 30th November. This is 58.79% of total procurement in the country.

Coronavirus Update:

Multiple vaccine candidates are in different stages of development, some may get licensed in next few weeks, Union Health Secretary Rajesh Bhushan said on Tuesday. Current cold chain system is capable of storing additional quantity of COVID-19 vaccine required for first 3 crore health care workers and front line workers, he added.

Total COVID-19 confirmed cases worldwide stood at 6,82,25,313 with 15,56,822 deaths.

India reported 3,78,909 active cases of COVID-19 infection and 1,41,360 deaths while 92,15,581 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty Media index advanced 2.46% to 1,652.20. The index added 12.20% in nine sessions.

Hathway Cable & Datacom (up 6.49%), PVR (up 4.89%), DishTV India (up 4.46%), SunTV Network (up 2.87%) and Inox Leisure (up 2.84%) climbed.

Stocks in Spotlight:

TCS rose 0.52% after the company said it has launched a new blockchain-based transformative digital bank guarantee platform in Israel. Bank Hapoalim, Israel's largest bank that currently manages more than 30% of the total bank guarantees in the country, has signed up as the anchor customer for the platform, the company announced after market hours yesterday, 8 December 2020.

Prestige Estates Projects rallied 2.74% after the Competition Commission of India on Tuesday (8 December 2020) approved acquisition of certain assets of Prestige Group of companies by affiliates of Blackstone Group.

In October, Bengaluru-based Prestige Estates had signed a non-binding letter of intent with Blackstone Group entities for the sale of certain direct and indirect interest in certain commercial offices, retail and hotel properties, mall management and identified maintenance business.

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