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Wednesday, November 25, 2020

Trial results a shot in the arm, Sensex scales another new peak

The benchmark Sensex extended its gains further and rose smartly by 680 points to cross the 43,000 level for the first time and closed at 43,277.65 while the NSE Nifty Index jumped 170 points to 12,631.10.

By: ENS Economic Bureau | Mumbai | November 11, 2020 3:05:08 am
The BSE in Mumbai. The Sensex closed at 43,277. (File)

Global markets, including India, on Tuesday staged a rally as investors weighed promising news about Pfizer’s Covid-19 vaccine candidate and the effect it could have on the global recovery. Taking the markets to another record high, the benchmark Sensex extended its gains further and rose smartly by 680 points to cross the 43,000 level for the first time and closed at 43,277.65 while the NSE Nifty Index jumped 170 points to 12,631.10.

With this gain, the Sensex has soared over 3,000 points in the last six sessions largely aided by the victory of Joe Biden in the US elections and hopes of faster economic recovery, making it one of the fastest rallies in the market in the recent times.

Analysts said the global financial markets experienced a wave of euphoria over the potential breakthrough in the coronavirus vaccine development. Hang Seng Index of Hong Kong rose 1.1 per cent, making it by far the region’s best performer. The Nikkei added 0.3 per cent while South Korea’s Kospi gained 0.2 per cent. “If the vaccine comes earlier than expected, India’s economic recovery will be faster,” said BSE dealer Pawan Dharnidharka.

The S&P 500 and the Nasdaq dropped on Tuesday as excitement over signs of a first successful late-stage COVID-19 vaccine trial faded. At 11:31 a.m. ET, the Dow Jones Industrial Average was up 180.15 points, or 0.62 per cent, at 29,338.12, the S&P 500 was down 9.76 points, or 0.27 per cent, at 3,540.74. The Nasdaq Composite was down 148.07 points, or 1.26 per cent, at 11,565.71.

Meanwhile, Brent crude futures rose 65 cents, or 1.5 per cent, to $43.05 by 11:30 EDT, while US West Texas Intermediate crude futures gained 1.7 per cent, to $40.97.

FPIs pour in Rs 21,500 crore in Nov so far

Mumbai: Foreign portfolio investors (FPIs) are stepping up their investment in India if the latest figures are any indication. FPIs have invested Rs 21,500 crore in November so far. On Tuesday alone, FPIs invested Rs 5,627 crore in Indian stocks. —ENS

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