Indian share markets witnessed buying interest during closing hours and ended on a positive note. Gains were seen in the metal sector, capital goods sector and power sector, while FMCG stocks and IT stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 77 points (up 0.2%) and the NSE Nifty closed higher by 20 points (up 0.2%). The BSE Mid Cap index ended the day up 0.2% and the BSE Small Cap index ended the day up by 0.5%.

Speaking of benchmark indices, if we check how the BSE-Sensex performed compared to BSE-Midcap and BSE Smallcap during downturns, we get this result.

Large-Cap Index Outperformed in the Downturn

The starting point of this exercise was the economic downturn of 2008.

During this time, the BSE-Sensex was down 38% compared to -54% and -59% of BSE-Mid and BSE-Small index respectively.

FY16 was an exception where the large-cap index underperformed. Similarly, during the period of 'policy paralysis' of 2011-12, the large-cap index outperformed both the indices.

Nevertheless, during the current calendar year, the BSE-Sensex outperformed by a wide margin and is currently giving a positive return of 6% compared to -17% and -27% of BSE-Mid and BSE-Small indices respectively.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down by 1% and the Shanghai Composite was down by 0.8%. The Nikkei 225 was down 1.8%.

The rupee was trading at 70.76 against the US$.

The Indian rupee extended its morning gains as it gained past 71 mark, trading higher by 56 paise versus Monday's close of 71.55.

The recovery came on the back of forex market sentiments driven by the country's narrowing trade deficit in November as also smart gains in domestic equities.

In the news from the media sector, Zee Entertainment share price was witnessing selling pressure today after global research firm Bank of America Merrill Lynch downgraded the stock to underperform with a target price at Rs 375.

Shares of the company plunged as much as 10%, their sharpest intraday fall in the past two months as growth trends in over-the-top (OTT) content and concerns related to the rise in cost may hit the profitability of the company.

Reportedly, some near-term pressure on advertising and subscription revenues of the company is seen and expectations are Jio will disrupt the media landscape in the next 12-18 months.

In October, Reliance Jio had announced buying controlling stake in direct-to-home cable services providers Hathway Cable and Den Networks with the aim to accelerate JioGigaFiber rollout to 50 million homes across 1,100 cities. Jio had also picked up controlling stake in Balaji Telefilms.

Last month, the company announced promoter decision to sell up to 50% of their stake in the company to a Strategic partner, which according to the Promoters is to pursue disruptive technological development and transform the business into tech-media company.

Zee Entertainment share price ended the day down by 8.5%.

Moving on to the news from the automobiles sector, M&M share price was in focus today as the company signed a pact to increase its equity in associate firm Sampo.

Sampo is a manufacturer of combine harvesters and forest machinery with market presence in Europe, CIS and Algeria.

The auto company has signed a Share Subscription Agreement with Sampo Rosenlew Oy, Finland, and has agreed to subscribe to 822 equity shares and 192 compulsorily convertible preference shares.

The total acquisition cost is valued at around 377.4 million. After this acquisition, the voting rights of the company in Sampo would increase from 35% to 49%.

In another news, Tata motors share price was also in focus today. Reportedly, the auto company is planning to increase prices of its trucks and buses by 1-1.5% next month due to a consistent rise in raw material cost.

The hike in January will come on the back of subdued demand conditions and in the run-up to the move to Bharat Stage VI emissions norms next year.

Last month, Moody's Investors Service changed the outlook on Tata Motors's corporate family rating to negative from stable.

In the past one week, the auto company has rallied around 12%, outperforming the market.