Sensex ended Wednesday’s trading session above 44,000 points and the 50-stock Nifty closed above 12,900 levels, their highest closing levels.
The stock markets in Hong Kong, South Korea, and Japan were up between 0.3% to 2.5%. European bourses in countries such as Germany, France, and the United Kingdom were up between 0.95% to 1.15%.
Sensex ended Wednesday’s trading session above 44,000 points and the 50-stock Nifty closed above 12,900 levels. Both the benchmark indices closed at such high levels for the first time ever as they continue to scale higher and break records every day. Midcap and Smallcap indices have outperformed the benchmarks so far this week and are expected to continue to do so in the coming trading sessions. With equity markets at a high and valuations stretched, analysts believe it is time to trade stock specific.
Hero MotoCorp: The company on Wednesday said that during the festive season retail sales were more than 14 lakh units. This has enabled Hero MotoCorp to reduce the vehicle stocks at its dealerships to less than four weeks, the lowest ever post-festive inventory.
TCS: IT major TCS announced that the buyback of 5,33,33,333 fully paid-up equity shares at Rs 3,000 per equity share for an aggregate amount not exceeding Rs 16,000 crore has been approved.
Lakshmi Vilas Bank: Shares of the troubled lender are expected to tank yet again after RBI proposed to write-off its equity share capital on merger with DBS Bank India. A moratorium has also been placed on withdrawals from the bank.
BPCL: The Government is looking to sell its entire stake in the state-run refinery BPCL. Vedanta Group on Wednesday confirmed that it is among those who have submitted their bids for the offer. Vedanta has said that its EoI is exploratory in nature. The Government of India is selling its 52.98% stake in BPCL.
Pfizer: The US-arm of Pfizer said that post the phase three trials of its covid-19 vaccine the efficacy of the vaccine is at 95%.
Wipro: On Wednesday Wipro announced that it has fixed Friday, December 11 as the Record Date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback. Wipro announced a buyback of Rs 9,500 crore.
Larsen & Toubro: The engineering major said that it has been awarded the biggest order ever for its Construction and Mining Equipment Businesses. The order is to supply 46 units of Komatsu Mining Equipment to Tata Steel.