The Sensex hit a record high of 46,164.10 while the Nifty scaled fresh all time high of 13,548.90 in mid afternoon trade.
HDFC Bank (up 2.27%), Reliance Industries (up 1.57%) and Infosys (up 1.89%) were the major market movers.
The broader market lagged the benchmarks. The S&P BSE Mid-Cap index rose 0.64% while the S&P BSE Small-Cap index added 0.69%.
Buyers outpaced the sellers. On the BSE, 1,780 shares rose and 1,118 shares fell. A total of 179 shares were unchanged.
Domestic shares also rallied after Finance Minister (FM) Nirmala Sitharaman on Tuesday signalled more targeted fiscal stimulus without worrying about surging fiscal deficit to bring out the economy from a deep Corona slump.
The stimulus spending won't be wound down in a hurry, she said in the media interview. Also, the government will ensure that state-owned enterprises continue with capital expenditure. For the present, I'm not going to allow the fiscal deficit number to worry me because there is a need, and a clear need, for me to spend the money, Sitharaman said.
The US Dow Jones Futures 30 were up 88 points, indicating a decent start on Wall Street today.
COVID-19 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 6,82,26,512 with 15,56,816 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.
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.
Buzzing Index:
The Nifty Realty index surged 1.86% to 290, rising for second trading session. The realty index has added 2.67% in two days.
DLF (up 3.29%), Oberoi Realty (up 2.59%), Sunteck Realty (up 1.86%), Phoenix Mills (up 1.16%) and Brigade Enterprises (up 1.05%) jumped.
Prestige Estates Projects jumped 3.02% to Rs 295.30 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.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee edged higher to 73.5575 as compared to its previous closing of 73.605.
The yield on 10-year benchmark federal paper rose to 5.925% compared with its closing of 5.939% in the previous trading session.
MCX Gold futures for 5 February 2021 settlement lost 0.74% to Rs 49,737.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.2% to 90.782.
In the commodities market, Brent crude for February 2020 settlement rose 56 cents to $49.40 a barrel. The contract rose 0.1% to end at $48.84 in the previous trading session.
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