Stocks

Sensex ends 195 points higher; Nifty tops 12,900

BL Internet Desk Chennai | Updated on November 23, 2020 Published on November 23, 2020

Closing bell:

Equity benchmark Sensex jumped 195 points on Monday, tracking gains in index-heavyweights Reliance Industries, Infosys and TCS amid mostly positive cues from global markets and sustained foreign fund inflows.

After touching a record intra-day high of 44,271.15, the 30-share BSE index ended 194.90 points or 0.44 per cent higher at 44,077.15.

Similarly, the broader NSE Nifty rose 67.40 points or 0.52 per cent to close at 12,926.45.

ONGC was the top gainer in the Sensex pack, surging around 7 per cent, followed by IndusInd Bank, Infosys, Tech Mahindra, Reliance Industries, HCL Tech and TCS.

On the other hand, HDFC, ICICI Bank, Axis Bank, SBI and M&M were among the laggards.

Indian markets traded on a positive note following positive global cues amid COVID-19 vaccine hopes as more pharma companies announced successful initial trials for their vaccine candidates, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

“During the afternoon session the markets pared initial gains and traded marginally positive briefly and scaled back strongly led by buying in IT, pharma and auto shares while banks and financial stocks pared losses for the day,” he added.

Earlier in the day, the COVID-19 vaccine candidate being developed by Oxford University showed crucial Phase 3 interim results.

The ChAdOx1 nCoV-2019, being produced in collaboration with AstraZeneca, was found to be 70.4 per cent effective when combining data from two dosing regimens.

 

Market update @2.45 pm

Equity benchmark Sensex and the Nifty have registered 0.60% gain in the midession today

At 2.45 pm, the Sensex was trading 260 points higher led by gains in IndusInd Bank, ONGC, Infosys, Tech Mahindra, Bajaj Finserv, Reliance, HCL Tech Hindalco, Tata Steel and NTPC.

Similarly, On the NSE, the Nifty 50 too was trading higher by 90.25 points to 12,949.05.

According to traders, domestic indices rallied on positive sentiment on sustain foreign institutional investment flows into the market.

Prominent gainers that drove the markets higher were IndusInd Bank, which rose over 6 per cent, ONGC gained 6 per cent, Bajaj Finserv was up 3.75%,  Infosys was up 3.60 per cent, Reliance was up 3.2 per cent, and Tata Steel gained 2.16 per cent.

 

Update at 11 am

 

Equity benchmark Sensex which had rallied 153 points higher early gave up its gains as the trading progressed.

According to traders, domestic indices rallied early on positive sentiment on sustain foreign institutional investment flows into the market.

At 11 am, the BSE benchmark index Sensex was trading at 43,836.431, down by 45.66 points over its previous close.

Similarly, On the NSE, the Nifty 50 was trading flat at 12,859.60.

Prominent gainers that drove the markets higher were IndusInd Bank, which rose nearly 5 per cent, Bajaj Finserv was up 2.75%, Hindalco was up 2.30 per cent, Tata Steel was up 2 per cent, and the Reliance stock gained 2 per cent.

On the other hand, HDFC, Asian Paints, ITC and Bharti Airtel were among the laggards.

Foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 3,860.78 crore on Friday, according to provisional exchange data.

PTI adds:

Domestic equities are looking good at the moment supported by favourable global cues, said Binod Modi, Head-Strategy at Reliance Securities.

Heavy-weight financials are expected to do well in the backdrop of report of Internal Working Group of RBI suggesting various changes including higher promoters’ ownership and issuing universal banking license to large conglomerates and NBFCs.

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Published on November 23, 2020
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