Benchmark indices further extended gains and hit the day's high in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, rallied 263.21 points or 0.57% at 46,269.90. The Nifty 50 index advanced 80.95 points or 0.60% at 13,547.25.
In the broader market, the S&P BSE Mid-Cap index gained 1.47% while the S&P BSE Small-Cap index added 2.19%.
The market breadth was strong. On the BSE, 2,083 shares rose and 643 shares fell. A total of 146 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 1.10% to 21.7425. The Nifty December 2020 futures were trading at 13,551.10, at a premium of 14.75 points compared with the spot at 13,536.35.
The Nifty option chain for 31 December 2020 expiry showed maximum Call OI of 26.94 lakh contracts at the 14,000 strike price. Maximum Put OI of 47.78 lakh contracts was seen at 13,000 strike price.
J&K District Development Council (DDC) polls:
The People's Alliance for Gupkar Declaration (PAGD), a conglomeration of seven parties, on Tuesday took a significant lead in the first-ever District Development Council (DDC) elections in Jammu and Kashmir even as the alliance's main opponent, the BJP, emerged as the single largest party, sweeping the polls in many districts in the Jammu region while making some inroads in the valley.
The Gupkar alliance, a grouping of seven mainstream J&K-based parties including rivals National Conference and Mehbooba Mufti's People's Democratic Party (PDP), won 110 seats; the BJP has emerged as the single largest party as it won 75 seats. The Congress has won 26 seats.
Primary Market:
The initial public offer (IPO) of Antony Waste Handling Cell received bids for 3.44 crore shares as against 66.66 lakh shares on offer as on 23 December 2020, according to the National Stock Exchange (NSE) data at 12:00 IST. The issue was subscribed 5.17 times.
The issue opened for subscription on Monday (21 December 2020) and closes on Wednesday (23 December 2020). The price band for the IPO is set at Rs 313-315 per share. An investor can bid for a minimum of 47 equity shares and in multiples thereof.
The issue comprises of a fresh issue worth Rs 85 crore and an offer for sale (OFS) of 6,824,933 equity shares by existing shareholders. Shares will list on 1 January 2021 on bourses.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 7,80,11,432 with 17,17,055 deaths. India reported 2,89,240 active cases of COVID-19 infection and 1,46,444 deaths while 96,63,382 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 2.47% to 1,638. Dish TV India (up 12.19%), Hathway Cable & Datacom (up 8.83%), TV Today Network (up 3.34%), PVR (up 2.68%) and Inox Leisure (up 2.38%) advanced.
Stocks in Spotlight:
Bajaj Auto rose 1.41% after the two-wheel maker announced that it has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to set up a manufacturing facility on a proposed investment of Rs 650 crore in Chakan, Maharashtra. The facility is expected to commence production in 2023. This facility will be utilised for manufacturing high end KTM, Husqvarna and Triumph motorcycles as well as for electric vehicles starting with Chetak.
Jubilant Foodworks gained 0.46%. Domino's Pizza franchise introduced "The Unthinkable Pizza", India's first plant protein-based product, which is made entirely from plant-based proteins, is 100% vegetarian and yet has the sensory properties of chicken. The Unthinkable Pizza is expected to provide both vegetarians and non-vegetarians a good and innovative option in the menu. The pizza would be available at all Domino's Pizza restaurants across Delhi NCR, Mumbai and Bangalore.
Dilip Buildcon rallied 3.04% after the company said its joint venture has received the letter of acceptance (LoA) on 22 December 2020 from the National Highway Authority of India (NHAI) for a new EPC project in Rajasthan. Dilip Buildcon, through its joint venture (JV) i.e. Dilip Buildcon - Altis Holding Corporation has received the LoA from NHAI. The 8.30-km long project has bid cost of Rs 1,000.08 crore and has a completion period of 30 months.
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