Nifty Gains Rises Over 1% As Midcaps Gain Momentum; Dow Futures Move Higher

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Nifty Gains Rises Over 1% As Midcaps Gain Momentum; Dow Futures Move Higher

By Aditya Raghunath -- The Indian markets moved higher on December 23 on the back of small-cap and mid-cap stocks. While the Nifty rose 1%, BSE Sensex also rose by 0.95% today. Some of the top-performing stocks were:

  • Ramco Systems Ltd (NS: RMCS ) that rose 6%
  • Dilip Buildcon Ltd (NS: DIBL ) that rose 6%
  • Wipro (NS: WIPR ) that rose 5%
  • NCC (NS: NCCL ) that gained over 11%
  • PC Jeweller Ltd (NS: PCJE ) that rose 8%

One of the top stories of the day was the win by Cairn Energy in an international arbitration case in relation to the tax dispute with the Indian government.

According to a Reuters report, “The tribunal ruled unanimously that India had breached its obligations to Cairn under the U.K.-India Bilateral Investment Treaty and awarded Cairn damages of $1.2 billion plus interest and costs, the company said in its statement.”

The Indian government received another setback after it lost a $2 billion international arbitration earlier case against Vodafone (LON: VOD ) for $2 billion.

US Futures recover

After a sudden plunge late Tuesday, all major indexes recovered early Wednesday morning. Since fiscal stimulus has been repeatedly propelling the markets to new records amid one of the most uncertain periods in market history, investors have been counting on yet another round of US largesse to keep the momentum going.

With Trump's unexpected move to block the passage of the bill just as the fiscal aid package was nearing the 'finish line,' investors' frayed nerves appeared to have finally collapsed on the news, in the aftermath of ongoing fears of a new strain of COVID-19.

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