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Wednesday, January 20, 2021

New virus strain fails to constrain Sensex; Re up 21p

At the interbank forex market, the rupee opened at 73.66 against the US dollar and witnessed an intra-day high of 73.54 and a low of 73.66. The domestic unit finally finished at 73.55, registering a rise of 21 paise over its previous close.

By: ENS Economic Bureau | Mumbai | Updated: December 24, 2020 11:55:43 pm
BSE in Dalal Street, Mumbai. (Express photo by Nirmal Harindran)

The bull rally continued for the third day in a row with the benchmark Sensex soaring another 529 points amid reports about the government’s plan to begin vaccination and hopes of the Brexit deal between the UK and European Union. The benchmark Sensex soared by 1.14 per cent to 46,973.54 and the NSE Nifty index gained 148 points, or 1.09 per cent, to 13,749.25 on sustained buying support.

The Sensex, which crossed the 47,000-level in intra-day trading again, has now recouped the losses after the 1,400-point crash on Monday. Foreign investors invested Rs 1,225 crore in stocks on Thursday while domestic institutions pulled out close to Rs 1,900 crore. “Sustained foreign inflows and the recovery in the economy are good signs for the markets to consolidate further,” said veteran stock broker Pawan Dharnidharka.

The government’s plan to set logistics ready to vaccinate frontline health workers in the first phase boosted the investor sentiment. Momentum in European markets on hopes of Brexit deal also helped indices to trade higher. Financials and pharma sector contributed to the rally. “Volatility noticed at the start of the week vanished by the end of the week as concern over new strain of virus reduced, development on the US stimulus and vaccination,” said Vinod Nair, head of research, Geojit Financial Services.

Volumes on the NSE were a bit lower than recent average. Broad market indices like small- and mid-cap indices underperformed.

Climbing for the second straight session, the rupee darted up 21 paise to end at 73.55 against the US dollar on Thursday amid sustained foreign fund inflows and positive domestic equities.

At the interbank forex market, the rupee opened at 73.66 against the US dollar and witnessed an intra-day high of 73.54 and a low of 73.66. The domestic unit finally finished at 73.55, registering a rise of 21 paise over its previous close.

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