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Indian market continued its momentum for 6th consecutive; Sensex closes up by 1.68% & Nifty 50 closes above 12,450 level

Indian market continued its momentum for 6th consecutive; Sensex closes up by 1.68% & Nifty 50 closes above 12,450 level
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Indian market continued its momentum for 6th consecutive; Sensex closes up by 1.68% & Nifty 50 closes above 12,450 level

Highlights

The domestic stocks markets rallied for the sixth straight session on Monday, November 9, 2020, and rose more than 1.60 per cent. Sensex and Nifty closed at a record high due to positive global cues on the expectation of stimulus package and better global trade relationship under the US President Joe Biden leadership.

The domestic stocks markets rallied for the sixth straight session on Monday, November 9, 2020, and rose more than 1.60 per cent. Sensex and Nifty closed at a record high due to positive global cues on the expectation of stimulus package and better global trade relationship under the US President Joe Biden leadership. Rally was led by banking and energy stocks. All the major sectoral indices ended in the green.

The Sensex has risen 7.43 per cent and the Nifty has climbed 6.95 per cent in six consecutive sessions.

The S&P BSE Sensex spurted 704.37 points, or 1.68 per cent, to close at 42,597.43. The Nifty 50 index rose 197.50 points, or 1.61 per cent, to end at 12,461.05. Similarly, Nifty Bank gained 735.15 points, or 2.74 per cent, and closed at 27,534.10.

The broader market lagged the benchmark indices. The S&P BSE MidCap index rose 1.01 per cent and the S&P BSE SmallCap index gained 0.57 per cent.

The market breadth was positive. On Nifty 50, 43 shares advanced and 7 shares declined. The major gainers were Divi's Lab (up 5.49 per cent), Bharti Airtel (up 5.13 per cent), IndusInd Bank (up 4.97 per cent), ICICI Bank (up 4.88 per cent) and Axis Bank (up 4.78 per cent). The top losers include CIPLA (down 3.06 per cent), Adani Ports (down 1.29 per cent), Maruti (down 0.62 per cent), ITC (down 0.60 per cent) and Grasim (down 0.42 per cent).

US Election Update

Democrat Joe Biden defeated incumbent Donald Trump in the US presidential race to become president-elect. Kamala Harris will become the first female, Black and Indian-origin vice-president of the United States. Mr Biden and Ms Kamala will be sworn into their new offices on January 20, 2021, taking over from incumbent Republicans Donald Trump and Mike Pence.

Bihar Elections

Following the end of the third and final phase of the Bihar election on November 7, 2020, the results will be declared on November 10, 2020. The market will closely watch results as exit polls reportedly indicated that the Tejashwi Yadav-led Mahagathbandhan could get a majority in the Bihar election with maximum 191 seats, while the Chief Minister Nitish Kumar-led National Democratic Alliance (NDA) may get maximum 91 seats. Most exit polls predicted RJD would again emerge as the single largest party.

COVID-19 update

Total Covid-19 confirmed cases worldwide were at 5,03,95,314 with 12,56,179 deaths. India reported 5,09,673 active cases of Covid-19 infection and 1,26,611 deaths while 79,17,373 patients have been discharged, data showed.

Japanese Economic Indicator

A key Japanese economic indicator improved for the fourth straight month in September, suggesting relief is at hand for an economy still feeling the drag from the Coronavirus pandemic. The index of coincident economic indicators rose a preliminary 1.4 points from the previous month to 80.8 in September, the Cabinet Office said on Monday.

Global cues were positive: Dow Futures, Nasdaq Futures and FTSE were up by 1.4 per cent, 1.8 per cent, and 1.3 per cent respectively.

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