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Sunday, November 29, 2020

Uncertainty triggers Sensex volatility

The benchmark Sensex, which rose over 600 points from the day’s low level, managed to close with a gain of 355 points at 40,616.14 and the Nifty Index surged 95 points to 11,908.50.

By: ENS Economic Bureau | Mumbai | November 5, 2020 2:21:06 am
The close contest in the US election spiked volatility in the global market after Tuesday’s strong rally, said Vinod Nair, head of research at Geojit Financial Services.

DOMESTIC stock markets on Wednesday staged a roller-coaster ride as the uncertainty over the US Presidential election led to volatile movement in key indices. The benchmark Sensex, which rose over 600 points from the day’s low level, managed to close with a gain of 355 points at 40,616.14 and the Nifty Index surged 95 points to 11,908.50.

The close contest in the US election spiked volatility in the global market after Tuesday’s strong rally, said Vinod Nair, head of research at Geojit Financial Services. While the benchmark started the day on a positive note, taking cues from the US markets, uncertainty over presidential election outcome triggered volatile swings in between as the vote counting continued. The rupee weakened to its lowest level of 74.76 against the US dollar since late August on Wednesday.

Ruchit Jain, senior analyst, Angel Broking, said, “Volatility in global markets kept the traders on toes and post-noon, we saw a sharp cut after a fall in Dow Futures.” However, the Nifty recovered in last couple of hours.

Benchmark indices were supported by IT and pharma sectoral rally due to strengthening of the dollar. Expectation of another set of domestic stimulus also helped to raise investor’s confidence.

“A lack of clarity on the outcome of the US presidential election has created a lot of uncertainties. Global equity and currency market have reacted according to it,” said Nish Bhatt, Founder & CEO, Millwood Kane International.

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