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Tuesday, December 01, 2020

Sensex rises for 5th day, Dow volatile

Domestic markets near all-time highs; us indices swing on poll uncertainty.

By: ENS Economic Bureau | Mumbai | Updated: November 7, 2020 1:20:27 am
US President Donald Trump at the White House. (AP)

Domestic equities ended Friday’s session close to their all-time highs on account of strong cues from Asian markets, strong inflow from foreign portfolio investors and improving macroeconomic data domestically. While the Nifty50 rose 143.25 points (1.18 per cent) to close at 12,263.55, the 30-share Sensex at BSE rose for the fifth session in a row to end at 41,893.06, up by 552.9 points (1.34 per cent) on Friday.

The developments around election in the US played a big role in the market movement with huge inflow of $1.38 billion (Rs 10,237 crore) into the markets in the last two days. While FPIs invested Rs 4,869 crore Friday, they brought in Rs 5,368 crore Thursday. However, domestic institutions acted as contrarians and pulled out stocks worth Rs 5,146 crore in the last two days.

Asian markets continued to rally as Joe Biden’s lead continued to widen over Donald Trump. Asian markets closed higher with stock markets in South Korea, Taiwan, and Japan rallying between 0.1 per cent to 0.9 per cent.

The European markets and the Dow Jones lost some of their steam as investors assessed the impact that a deadlock in Washington could have on the markets. European bourses in the UK, Germany, and France were down 0.1 per cent to 0.67 per cent.

The Dow Jones had a volatile session. As of 1:48 p.m. EST, the index was 65.72 points, or 0.23 points, down at 28,324.46. The S&P 500 was trading 2.47 points, or 0.11 per cent, up at 3,512.92. The Nasdaq Composite gained 4.78 points, or 0.04 per cent, to 11,895.71. Meanwhile, Brent crude futures were trading 3.32 per cent lower at $39.57 per barrel. WTI crude futures were down 3.97 per cent at $37.25 as of 1:41 p.m. EST.

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