Domestic Markets closed higher; Sensex jumps 259 points & Nifty 50 settles at 13,933

Indian benchmark share indices continued their upward march and closed with decent gains on Tuesday, December 29, 2020, led by gains in financial and IT stocks. Investor sentiment remained upbeat amid positive global cues.

The S&P BSE Sensex rallied 259.33 points or 0.55 per cent to close at 47,613.08. The Nifty 50 index added 54.40 points or 0.43 per cent to end at 13,932.60. The Nifty Bank rose 441.55 points or 1.43 per cent to settle at 31,322.50.

The broader market at the BSE, the BSE Small-Cap index advanced 0.16 per cent, while the Mid-Cap index fell 0.07 per cent.

The market breadth was positive. On the BSE, 1,525 shares rose and 1,484 shares fell. In the Nifty 50 index, 22 stocks advanced while 27stocks declined and 1 remain unchanged. The top gainers on Nifty 50 block were IndusInd Bank (up 5.72 per cent), Tech Mahindra (up 2.19 per cent), Axis Bank (up 2.06 per cent), ICICI Bank (up 1.92 per cent) and HCL Technologies (up 1.54 per cent). The major losers include Hindalco (down 2.08 per cent), Nestle India (down 1.76 per cent), Coal India (down 1.67 per cent), Tata Motors (down 1.53 per cent) and NTPC (down 1.44 per cent).

COVID-19 Update

Total COVID-19 confirmed cases worldwide were at 8,12,78,435 with 17,74,395 deaths. India reported 2,68,581 active cases of COVID-19 infection and 1,48,153 deaths while 98,07,569 patients have been discharged.

Brexit Trade Deal

The Brexit trade deal between the UK and the EU was announced. The agreement, sealed after markets closed on December 24, 2020, still needs to be approved this week by UK lawmakers before the December 31, 2020 deadline. The 27 ambassadors from EU member nations on Monday formally approved the deal.

Unemployment Benefits extended in the US

Mr Trump averted a government shutdown late Sunday and extended unemployment benefits to millions of Americans. The signing came days after Mr Trump suggested he would veto the legislation, demanding $2,000 direct payments to Americans, instead of $600.

Turkey's minimum wage

Turkey's minimum wage will rise 22% next year, challenging efforts to keep down inflation while dismaying unions that found it insufficient to address the economic hardships caused by the Coronavirus. The monthly net minimum wage will be 2,826 liras ($377), the Labour Minister said in Ankara on Monday. About half of all workers in Turkey of 83 million people earn a monthly salary at or near minimum wage, according to a study by a labour confederation. Turkey's largest labour confederation, Turk-Is, which represented workers at the wage negotiations, called the hike "inadequate." However, unions had no immediate plans to combat the government's decision.