Market at record high, Nifty above 21,550 mark

The key equity barometers were trading with modest gains in early trade. The Sensex and the Nifty, both, attained record high levels. The Nifty scaled above the 21,550 mark. All the sectoral indices on the NSE were in the green with IT, media and FMCG shares recording big gains.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 365.35 points or 0.51% to 71,802.54. The Nifty 50 index gained 109.65 points or 0.51% to 21,562.75.

The Nifty 50 and S&P BSE Sensex hits an all-time high at 21,577.70 and 71,868.17 respectively in early trade.

In the broader market, the S&P BSE Mid-Cap index added 0.52% and the S&P BSE Small-Cap index rose 0.72%.

The market breadth was strong. On the BSE, 2,217 shares rose and 673 shares fell. A total of 86 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 601.52 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 294.35 crore in the Indian equity market on 19 December, provisional data showed.

Stocks in Spotlight:

BPCL rose 0.78%. The state-owned oil marketing firm said that its board has approved a proposal for setting up a polypropylene unit for the production of polypropylene at Kochi refinery, at a gross project cost of Rs 5,044 crore.

IndusInd Bank added 0.67% and Nippon Life India Asset Management jumped 6.95%. IndusInd Bank is reportedly likely to sell up to 1.79 crore shares, or 2.86% equity, in Nippon Life India Asset Management via block deals. The floor price has been set at Rs 426.60 per share, as per reports.

Rail Vikas Nigam (RVNL) rose 1.20%. KRDCL-RVNL joint venture has emerged as the Lowest Bidder (L1) for major upgradation/redevelopment of Varkala Sivagiri Railway Station in Kerala. The project cost is Rs 123.26 crore and the time period for the project is 30 months.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper added 0.04% to 7.174 as compared with previous close 7.171.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.1325, compared with its close of 83.1825 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement rose 0.07% to Rs 62,519.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.05% to 102.22.

The United States 10-year bond yield shed 0.19% to 3.915.

In the commodities market, Brent crude for February 2024 settlement declined 4 cents or 0.05% to $79.19 a barrel.

Global Markets:

Most of the Asian stocks were trading higher on Wednesday, with Japan stocks extending gains to another session after the country�s central bank left its ultra-loose monetary policy unchanged at its final meeting this year.

The People�s Bank of China held its one-year loan prime rate at 3.45%. The five-year benchmark loan rate was unchanged at 4.2%.

US stocks ended higher on Tuesday as the Federal Reserve�s recent dovish shift on rates lifted stocks.

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