The domestic benchmark indices on BSE and National Stock Exchange (NSE) staged another stellar performance on Tuesday rallying over 1 per cent each and settled at their fresh record highs aided by positive cues in the global market.
The S&P BSE Sensex rallied 680.22 points (1.60 per cent) to settle over the 43,000-mark at 43,277.65. Likewise, the Nifty 50 too surged 170.05 points (1.36 per cent) to end above the 12,600-level at 12,631.10. Earlier in the day, both the indices had begun with over 0.5 per cent gains and scaled new intra-day highs as the trade proceeded with Sensex touching 43,316.44 and Nifty rising to 12,643.90.
In the previous session, the Sensex had ended 704.37 points (1.68 per cent) higher at 42,597.43 — its record closing high. The Nifty too had closed at a lifetime high of 12,461.05, up 197.50 points (1.61 per cent).
“The short term trend of Nifty continues to be positive. There is no indication of any reversal pattern at the highs. The next upside levels to be watched around 12,800 for the next few sessions. Immediate support is now placed at 12,550,” said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
Gains on the BSE benchmark were led by Bajaj Finance, IndusInd Bank, Larsen & Toubro (L&T), Bajaj Finserv, Housing Development Finance Corporation (HDFC) and State Bank of India (SBI). On the other hand, Tech Mahindra, HCL Technologies, Infosys, Nestle India, Sun Pharmaceutical Industries and Tata Consultancy Services (TCS) were the top laggards of the day. See heatmap below
Among sectors, the key Bank Nifty ended 3.89 per cent higher led by gains in IndusInd Bank, RBL Bank and SBI. Likewise, the Nifty Financial Services rallied 4.11 per cent aided by the Bajaj twins comprising of Bajaj Finance and Bajaj Finserv, and Mahindra & Mahindra Financial Services.
However, on the other hand, the Nifty Pharma index crashed 4.33 per cent weighed by Cadila Healthcare, Lupin and Cipla. The Nifty IT index too fell 3.86 per cent dragged by Larsen & Toubro Infotech, Tech Mahindra and HCL Tech.
Here’s how the sectoral indices performed:
The broader market indices underperformed their benchmark peers on Tuesday’s trade. The S&P BSE MidCap index ended at 15,544.04, down 16.06 points (0.10 per cent), and the S&P BSE SmallCap settled at 15,231.65, down 73.07 points (0.48 per cent).
Asian share markets mostly rose on Tuesday as global investors applauded successful trial data for a coronavirus vaccine, although expected delays to any mass roll-out took the gloss off early gains.
European futures trading during the Asian session were indicating a weaker open of at least 1.2 per cent, while US futures showed a potential fall of at least 0.5 per cent after Monday’s steep market gains.
The positive tone in Asian equities came after Pfizer Inc said its COVID-19 vaccine, developed with German partner BioNTech SE, was more than 90 per cent effective in preventing infection, marking the first successful results from a large-scale clinical trial.
Major Asian markets soared on the vaccine news before weakening later in the session. Japan’s Nikkei 225 ended up nearly 0.3 per cent after being 1.1 per cent higher in early trading, touching a 29-year high. Australia’s S&P/ASX 200 closed 0.66 per cent higher after trading up as much as 1.6 per cent, while Hong Kong’s Hang Seng index was at 0.77 per cent in the afternoon after rising 1 per cent in early trade. Singapore’s Straits Times gained 2.94 per cent to take the index to its highest point since June.
Despite the optimistic tone across the region, there was some weakness in China, with the CSI300 Index slipping 0.17 per cent. Analysts attributed the decline to the heavy exposure of China’s indices to tech stocks, which came under pressure as investors eyed less consumer reliance on technology if a vaccine leads to an easing of movement restrictions.
MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.1 per cent higher.
— global market input from Reuters
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