Market Wrap, Dec 16: Here's all that happened in the markets today

The domestic equity market witnessed yet another strong session on Wednesday amid broad-based buying.
 

Both the benchmark indices, S&P BSE Sensex and NSE's Nifty, ended at record closing highs. The 30-share index Sensex rallied 403 points, or 0.87 per cent to end at 46,666.46 levels. During the day, the index hit a lifetime high of 46,704.97 levels.
 

HDFC, HDFC Bank, TCS, Infosys, and Bharti Airtel were the top contributors to the Sensex's gain today.
 

On the NSE, the broader Nifty50 index closed the day at a record level of 13,682.70, up 115 points, or 0.85 per cent. In the intra-day trade, the index scaled an all-time peak of 13,692.35.
 

The broader market, too, participated in the rally. The S&P BSE MidCap index ended 0.87 per cent higher at 17,888 levels and the S&P BSE SmallCap index settled at 17,852, up 0.88 per cent.
 

Among sectoral indices on the NSE, barring Nifty PSU Bank, all other indices advanced. Nifty Realty gained the most - up over 5 per cent to 303.85 levels.
 

Among individual stocks, the newly-listed Burger King India shares continued to rally. The stock hit the 20 per cent upper circuit limit for the third day in a row. It ended at Rs 199.25 on the BSE.
 

In other important developments, the Union Cabinet has approved the next round of spectrum auction, Information and Broadcasting Minister Prakash Javadekar said on Wednesday.
 

Further, the government also approved a subsidy of Rs 3,500 crore to sugar mills for the export of 60 lakh tonnes of sweetener during the ongoing marketing year 2020-21 as part of its efforts to help them clear outstanding dues to sugarcane farmers.
 

On the regulatary front, Sebi has approved new norms for shareholding under Corporate Insolvency Resolution Process. The regulator said that the companies coming out of CIRP will have to achieve 5% Minimum Public Shareholding (MPS) at the time of relisting.
 

In the primary market, the initial public offer of Mrs Bectors Food was subscribed nearly 11 times till 4:30 pm on day 2 of the bidding process.
 

Global markets
 

In Europe, shares extended gains to a third straight session on Wednesday on rising hopes of a Brexit trade deal and the possible roll-out of a Covid-19 vaccine in the continent before the new year.
 

In commodities, oil prices fell on a surprise gain in crude oil inventories in the United States.