Indian share markets extended gains as the session progressed and ended on a strong note.

Benchmark inched edged higher as a sharp rally in IT stocks helped overshadow weak global investor sentiment stemming from the rapid spread of a new strain of the coronavirus in the United Kingdom.

Sentiment also improved after reports suggested that India is likely to approve Oxford/AstraZeneca's coronavirus vaccine for emergency use by next week.

At the closing bell, the BSE Sensex stood higher by 437 points (up 0.95%).

The NSE Nifty closed higher by 135 points (up 1%).

HUL and Infosys were among the top gainers today.

The SGX Nifty was trading at 13,620, up by 134 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended up by 2.4% and 2.7%, respectively.

All sectoral indices ended in green. Gains were largely seen in the IT sector, FMCG sector and realty sector.

Asian share markets ended higher as investors bet the healthcare sector would continue to benefit from a prolonged battle with the coronavirus, while technology shares rose on signs that Apple was eying an entry into electric cars.

As of the most recent closing prices, the Hang Seng ended up by 0.9% and the Shanghai Composite stood higher by 0.8%. The Nikkei ended up by 0.3%.

US stock futures are trading higher today indicating a positive opening for Wall Street indices. Nasdaq Futures are trading up by 22 points (up 0.2%), while Dow Futures are trading up by 79 points (up 0.2%).

The rupee is trading at 73.72 against the US$.

Gold prices for the latest contract on MCX are trading down by 0.1% at Rs 50,051 per 10 grams.

Speaking of stock markets, in his latest video, India's #1 trader Vijay Bhambwani shares the reason behind the recent rally in silver prices and how you can profit from this opportunity.

Also, speaking of stock markets, note that since the lows in March 2020, the smallcap index has gained more than 80%.

While caution is indeed warranted, Richa Agrawal, Research Analyst at Equitymaster, thinks there is still a lot more steam left to this smallcap rally.

Here's what she wrote in a recent edition of Profit Hunter...

• For one, the gap between the Sensex and the smallcap index is still huge.
  
  In January 2018, the smallcap to Sensex ratio was 0.57 times, versus a long term average of 0.44 times.
  
  At present, this ratio stands at 0.37 times, well below the long-term average.
  
  The possibility of a convergence between growth and value is a lot higher in the smallcap space than in the large caps.
  
  And then here are some other interesting facts.
  
  Historically, the smallcap index, after a sharp correction, has risen up to 300%.

The above observations have served Richa's smallcap service Hidden Treasure well. Her first batch of essential stock recommendations have offered robust returns so far, as can be seen in the chart below:

While the margin of safety in valuations has come down in these stocks, Richa has recently added another stock to this list.

This company is the world's largest player in a niche segment and its product falls in the essential category. This global leader enjoys unique competitive advantages that are hard to replicate by its peers.

In the latest developments from the IPO space, the public offer by Antony Waste Handling Cell was oversubscribed by 7 times on December 23, the final day of bidding.

The company has joined the likes of Burger King India and Mrs Bectors Food Specialities to have received oversubscription in a few hours of opening for subscription.

Investors put in bids for 46.9 million equity shares against an offer size of 6.7 million equity shares (excluding anchor book), the subscription data available on the exchanges showed.

However, the grey market premium of Antony Waste IPO has slipped from around Rs 160 two days ago to the range between Rs 26 and 30 today.

Retail investors continued to support the issue from day one of bidding as their reserved portion was subscribed 12.53 times and that of non-institutional investors 1.64 times.

The portion set aside for qualified institutional buyers was subscribed 1.49 times.

The company has fixed price band for its public issue at Rs 313-315 per share.

Ahead of the IPO, the company garnered Rs 899.9 million from 10 anchor investors at an upper end of price band. Massachusetts Institute of Technology was the top anchor investor, accounting for 44.44% of the total anchor allotments.

Note that Antony Waste Handling is launching its IPO for the second time this year, after having to withdraw its maiden attempt in April due to tepid investor response amid the Covid-19 outbreak.

How the above IPO performs on the listing day remains to be seen.

In news from the IT sector, Majesco was among the top buzzing stocks today.

Majesco share price was locked in a 5% upper circuit at Rs 12.20 on the BSE after the stock turned ex-interim dividend for Rs 974 per share today.

The company has fixed Friday, December 25, 2020, as record date for the purpose of payment of interim dividends.

The board of directors of Majesco, at its meeting held on December 15, 2020, had approved an interim dividend of Rs 974 per equity share of face value of Rs 5 each for the financial year 2020-2021.

This interim dividend payout translates to an amount of Rs 27.9 billion on a shareholder base of 28.577 million shares.

The high dividend payout follows the sale of US arm which accounted for the bulk of its revenues and profits.

Apart from Majesco, shares of other IT companies continued their upward trend, with the BSE IT index hitting its respective fresh record high amid hopes of more large deal wins, which would further help accelerate the sector's growth momentum.

Shares of Tata Consultancy Services (TCS), Infosys, HCL Technologies, Tech Mahindra, L&T Infotech, and Mphasis hit their respective fresh record highs.

Wipro surged over 5% to its 52-week high after the company announced a significant strategic digital and IT partnership deal with METRO AG, the leading global wholesale company that is redefining the foodservice distribution industry.

The company also said its up to Rs 95-billion share buyback programme will commence on December 29 and close on January 11, 2021.

Last month, shareholders had approved Wipro's buyback plan for the purchase of up to 237.5 million equity shares at Rs 400 per share.

The company has set December 11, 2020 as the record date for determining eligibility for the buyback.

The buyback will open on December 29, 2020, and close on January 11, 2021.

Speaking of buybacks, as a shareholder in cash-rich companies, you should not only be wary of expensive buybacks. But if possible use it to your advantage to rake in some cash.

As per Rahul Shah, co-head of Research, investors should not assume buybacks are always good. Here's an excerpt of what he wrote in one of the editions of The 5 Minute Wrapup:

• The reason behind the buyback must be investigated. At the end of the day, an increase in earnings should be more a function of the inherent robustness of the business, as that's what will help it continue to grow at a healthy pace.