The domestic benchmark indices on BSE and National Stock Exchange (NSE) ended 1 per cent higher to settle at their record highs on Tuesday taking cues from their global peers which rose as the formal go-ahead for US President-elect Joe Biden to begin his transition burnished a November already boosted by COVID-19 vaccines.
The S&P BSE Sensex climbed 445.87 points (1.01 per cent) to end at a record high of 44,523.02. Earlier in the day, the index had hit an all time high of 44,601.63 in the intraday trade.
Similarly, the Nifty 50 ended above the 13,000-mark for the first time ever settling at 13,055.15, thereby registering a spike of 128.70 points (1 per cent). During the day the NSE benchmark had surged to a record 13,079.10.
HDFC Bank, ICICI Bank, Axis Bank and Reliance Industries (RIL) were the biggest contributors to the Sensex on Tuesday.
Here’s how the Sensex stocks ended:
On the sectoral front all the indices ended in the green led by banks. The key Bank Nifty rose 713.05 points (2.46 per cent) to end at 29,737.25. RBL Bank, HDFC Bank, Axis Bank and State Bank of India were the top gainers in the index. Separately, the Nifty Auto ended 149.35 points (1.71 per cent) higher to settle at 8,887.95. The auto index was driven by Bosch, Eicher Motors and Mahindra & Mahindra.
Here’s how the sectoral indices performed:
In the broader market, the S&P BSE MidCap index ended at 16,738.71, rising 96.41 points (0.58 per cent) and S&P BSE SmallCap settled at 16,550.18, gaining 145.20 points (0.89 per cent).
“Market is inching higher with more confidence that Covid-19 vaccine will be available in India soon. It can provide an advantage to India compared to the rest of the world. While, foreign inflows have already broken to a new high on a monthly basis, due to risk on strategy on healthier EMs like India. Recently broad market, including Mid & Small caps, have started to perform better which may continue in the short-term as large caps look expensive post the solid rally from Covid low” Vinod Nair, Head of Research at Geojit Financial Services, said in a statement post market hours.
Stocks, oil and risk currencies gained on Tuesday as the formal go-ahead for US President-elect Joe Biden to begin his transition burnished a November already boosted by COVID-19 vaccines.
European markets tracked gains in Asian and US equities, with the broad-based STOXX 600 index opening 0.8 per cent higher and Brent crude climbing to its highest level since March at $46.38 a barrel. Safe haven assets such as gold fell.
After weeks of legal challenges to the election results, US General Services Administration chief Emily Murphy wrote to Biden on Monday informing him the formal hand-over process could begin.
President Donald Trump tweeted that he had told his team “do what needs to be done with regard to initial protocols”, an indication he was moving toward a transition.
— global market input from Reuters
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