Key benchmark indices are trading higher in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 119.11 points or 0.26% at 46,125.80. The Nifty 50 index was up 40.25 points or 0.3% at 13,506.55.
The S&P BSE Mid-Cap index was up 0.77%. The S&P BSE Small-Cap index was up 1.33%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1449 shares rose and 390 shares fell. A total of 48 shares were unchanged.
Stocks in news:
Bajaj Auto rose 0.39%. Bajaj Auto announced that it has signed a Memorandum of Understanding 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.
Wipro advanced 3.29%. Wipro announced a significant strategic digital and IT partnership deal with METRO AG, the leading global wholesale company that is redefining the food service distribution industry. Wipro said that its share buyback offer will open on 29 December and close on 11 January 2021.
Infosys rose 1.88%. Infosys and Daimler AG announced a long-term strategic partnership for a technology-driven IT infrastructure transformation. After the receipt of all regulatory approvals, Daimler AG will transform its IT operating model and infrastructure landscape across workplace services, service desk, data center, networks and SAP Basis together with Infosys. The collaboration will empower Daimler to strengthen its IT capabilities, and Infosys, its automotive expertise.
Jubilant FoodWorks gained 3.18% after its Domino's Pizza franchise introduced The Unthinkable Pizza, India's first plant protein based product. The Pizza would be available at all Domino's restaurants across Delhi NCR, Mumbai and Bangalore.
Forbes & Company surged 4.88%. Forbes & Company said its board of directors has approved entering into Memorandum of Understanding (MOU) with GPX India (GPX) and Equinix India (Equinix) (upon Equinix exercising its right of substitution/step in) for sale of approximately 3.804 acres of land at Chandivali for a consideration of Rs 200 crore.
Aster DM Healthcare rose 2.37%. Aster DM Healthcare and Cayman Islands Government announced an agreement making the Cayman Islands Aster's clinical excellence hub for the Western hemisphere, serving the Caribbean Region, North America, Canada, Latin & South America. The agreement will see Aster initially develop around 150-bed comprehensive, tertiary and quaternary care hospital, with an opportunity to expand in the future based on need, alongside an assisted living facility and healthcare university in the long-term.
Global Markets:
Overseas, Asian stocks are trading slightly higher on Wednesday as the investor focus swung between concerns about a new faster-spreading variant of the coronavirus and hopes that more U.S. fiscal aid would propel an economic recovery.
In US, the S&P 500 fell for a third straight session on Tuesday even after Congress approved a long-delayed coronavirus relief package. The broad equity benchmark dipped 0.2%, or 7.66 points, to 3,687.26 in relatively thin trading. The Dow Jones Industrial Average slipped 200.94 points, or 0.7%, to 30,015.51. The Nasdaq Composite eked out a 0.5% gain to close at 12,807.92, a new record.
Congressional leaders attached $900 billion in pandemic aid to a $1.4 trillion measure to fund the government through September 30. President Donald Trump is expected to sign it into law in the coming days, weeks before he will leave office.
On the data front, a final reading showed third-quarter gross domestic product grew 33.4% on an annualized basis. That was revised slightly up from the 33.1% pace reported last month. The economy contracted at a 31.4% rate in the April-June quarter.
Back home, benchmark indices ended a volatile session with strong gains on Tuesday. The S&P BSE Sensex jumped 452.73 points or 0.99% to 46,006.69. The Nifty 50 index added 137.90 points or 1.03% to 13,466.30.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,153 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 661.51 crore in the Indian equity market on 22 December, provisional data showed.
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