Sensex, Nifty strike record high

Key indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 56.68 points or 0.13% at 45,136.23. The Nifty 50 index was up 21.40 points or 0.16% at 13,279.95. The Sensex scaled record high above 45,100 mark in early trade. The Nifty also hit record high in early trade.

The S&P BSE Mid-Cap index was up 0.31%. The S&P BSE Small-Cap index was up 0.71%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1503 shares rose and 533 shares fell. A total of 109 shares were unchanged.

Stocks in news:

Maruti Suzuki India rose 0.1%. Maruti Suzuki India said its total production increased 5.91% to 150,221 units in November 2020 from 141,834 units produced in November 2019.

Reliance Industries (RIL) rose 0.59%. RIL informed that the resolution plan submitted by Infrastructure Projects - a division of Reliance Projects & Property Management Services (formerly known as Reliance Digital Platform & Project Services), a wholly owned subsidiary of RIL, for the resolution of Reliance Infratel, under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016, has been approved by the National Company Law Tribunal.

ONGC advanced 2.89%. OVL, the wholly owned overseas arm of ONGC, on Friday announced that it has made a "significant" strike of oil in its onshore block CPO-5 in Llanos Basin in Colombia. This is the fourth commercial find in the block by OVL. ONGC Videsh (OVL) is the operator of the block with 70% stake while its partner Geopark holds the remaining 30%.

Tata Chemicals jumped 6.37%. Tata Sons, promoter of Tata Chemicals, on Friday (4 December 2020) bought over 25 lakh shares of the company worth over Rs 121 crore via bulk deal. As per the bulk deal data on the NSE, Tata Sons acquired 25,71,651 shares (1.01% equity) of Tata Chemicals at an average price of Rs 471.88 each. On 2 December 2020, Tata Sons had purchased 18,07,245 shares (equivalent to 0.71% stake) of the company at an average price of Rs 420.92 per share.

Tata Power Company gained 1.47%. Tata Power Company vide Letter of Intents (LOI) issued by The Odisha Electricity Regulatory Commission (OERC), the company has been selected as the successful bidder to own the licence for the distribution and retail supply of electricity in Odisha's 11 Circles (five circles, together constituting Western Electricity Supply Company Limited (WESCO) Utility and six circles, together constituting Southern Electricity Supply Company of Odisha (SOUTHCO) Utility.

Jagran Prakashan rose 2.05%. Jagran Prakashan on Friday (4 December) said it allotted 600 units of commercial paper (CP) of Rs 5 lakh each, aggregating to Rs 30 crore, against earmarking of working capital. The CP was allotted to ICICI Prudential Ultra Short Term Fund (MIP5). It offers interest rate of 4.10% and will mature on 4 March 2021. The instrument is rated CRISIL A1+.

HMT advanced 4.98%. HMT said that HMT Watches, Auxiliary Business Division of HMT, has now completed the setup of a watch assembly line and has also received the Industrial license.

Global Markets:

Overseas, Asian stocks are trading higher on Monday on hopes of a much-needed U.S. stimulus package before year-end just as coronavirus vaccines roll out.

In US, Wall Street's main indexes gained as data showing the slowest U.S. jobs growth in six months raised investors' expectations for a new fiscal relief bill to help revive the coronavirus-hit economy.

The Dow Jones Industrial Average rose 248.74 points, or 0.83%, to 30,218.26, the S&P 500 gained 32.40 points, or 0.88%, to 3,699.12 and the Nasdaq Composite added 87.05 points, or 0.7%, to 12,464.23. All three of major indexes posted intraday and closing record highs.

House Speaker Nancy Pelosi reportedly said Friday that talks on a COVID-19 relief package have momentum, and that the weaker-than-expected November jobs report gives more reason for Congress to act.

The U.S. Labor Department report showed that 245,000 jobs were created in November, marking the smallest monthly gain since the economy began to emerge from lockdown in the spring. The November gain represented a pronounced slowdown from the 610,000 positions added in October. The unemployment rate fell to 6.7% in November from 6.9% in October..

Back home, domestic equity benchmarks ended with strong gains on Friday. The barometer index, the S&P BSE Sensex, jumped 446.90 points or 1% at 45,079.55. The Nifty 50 index gained 124.65 points or 0.95% to 13,258.55. Both the indices attained record closing high levels.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,969.59 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,971.60 crore in the Indian equity market on 4 December, provisional data showed.

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