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Saturday, November 28, 2020

Sensex surges to cross 43K mark, banking stocks soar

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Mumbai, Nov 10 (IANS) Massive foreign fund inflows on the back of accelerated vaccine development along with clarity on US Presidential election results and a fast-paced economic recovery lifted key Indian equity markets to touch new record highs during Tuesday’s intra-trade session.

Tthe S&P BSE Sensex crossed the psychological 43,000 mark for the first time and is trading above the 43,200 mark. The Nifty50 on the National Stock Exchange has hit the 12,600 mark.

The buying sentiment got a boost on news that pharmaceutical major Pfizer’s experimental Covid-19 vaccine was more than 90 per cent effective based on initial trial results.

Besides, hopes of a bigger stimulus in the US and healthy domestic Q2 earnings results supported the northward movement.

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Closer at home, the positive early leads of the ruling coalition in Bihar in the election counting also generated overall feel good factor.

In terms of FII inflows on the BSE, the NSE and the MSEI in capital market segment stood at Rs 4,548.39 crore in Monday.

On last Friday, the markets received an inflow of Rs 4,869.87 crore.

Among sectors, healthy buying was witnessed in banking, finance and capital goods stocks, while IT and healthcare stocks witnessed a sell-off.

Around 2.25 p.m., Sensex was at 43,029.21, higher by 431.78 points, or 1.01 per cent, from its previous close of 42,597.43.

It opened at 42,959.25 and has touched an intra-day high of 43,270.95 and a low of 42,660.09 points.

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The Nifty50 on the National Stock Exchange was trading at 12,563, higher by 101.95 points, or 0.82 per cent, from its previous close.

“Equity markets scaled new heights as a trial of a Covid-19 vaccine developed by Pfizer Inc. and BioNTech SE showed more than 90 per cent effectiveness,” said Devarsh Vakil, Deputy Head of Retail Research at HDFC Securities.

“The success of trials lifted confidence for a faster world economic recovery. Stocks that have been beaten down by the severe disruption of the pandemic, such as those tied to travel and leisure, movie theatres, and theme parks, along with some retailers and restaurants led the markets higher.”

Source: IANS

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