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Key barometers ended with strong gains; Sensex rose 0.94% & Nifty 50 closed higher at 11,899

Key barometers ended with strong gains; Sensex rose 0.94% & Nifty 50 closed higher at 11,899
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Key barometers ended with strong gains; Sensex rose 0.94% & Nifty 50 closed higher at 11,899

Highlights

The benchmark indices ended with strong gains on Tuesday, October 27, 2020. The gains were supported by private banks and financial stocks. The equity benchmark S&P BSE Sensex gained 376.60 points, or 0.94 per cent, and closed at 40,522.10. The Nifty 50 rose 121.65 points, or 1.03 per cent, to end at 11,889.40. Similarly, Nifty Bank went up 694.05 points, or 2.88 per cent, to 24,769.50

The benchmark indices ended with strong gains on Tuesday, October 27, 2020. The gains were supported by private banks and financial stocks. The equity benchmark S&P BSE Sensex gained 376.60 points, or 0.94 per cent, and closed at 40,522.10. The Nifty 50 rose 121.65 points, or 1.03 per cent, to end at 11,889.40. Similarly, Nifty Bank went up 694.05 points, or 2.88 per cent, to 24,769.50

On the other hand, the broader market at BSE outperformed the Sensex. The BSE Mid-Cap index rose 1.65 per cent and the BSE Small-Cap index added 0.60 per cent.

Shares advanced on hopes of higher inflows after MSCI said it will make changes to its global indexes following revisions in the country's foreign ownership limits. The sentiment was also upbeat following the media reports that PM Modi and Union Finance Minister Nirmala Sitharaman will meet at 6:30 pm today to discuss the economic situation in the country. The meeting will also discuss, likely steps for a stimulus.

The market breadth was negative. On the BSE, 1280 shares rose and 1374 shares fell. In the case of Nifty 50, 32 stocks advanced and 18 declined. The major gainers on Nifty were Kotak Mahindra Bank (up 11.70 per cent), Nestle India (up 5.97 per cent), Asian Paint (up 5.69 per cent), Shree Cement (up 5.26 per cent) and Bajaj Finance (up 4.38 per cent). The major losers on the Nifty 50 block were HDFC (down 2.10 per cent), TCS (down 1.99 per cent), ONGC (down 1.83 per cent), Infosys (down 1.61 per cent) and Wipro (1.46 per cent).

COVID-19 Update

The Union government today said the country's COVID-19 recovery rate has crossed 90.62 per cent. More than 63,000 COVID patients recovered during the last 24 hours. Health Ministry said the total number of recoveries has gone up to over 72 lakh. India reported 6,25,857 active cases of COVID-19 infection and 1,19,502 deaths while 72,01,070 patients have been discharged, data showed. Total Covid-19 confirmed cases worldwide were at 4,34,83,973 with 11,58,883 deaths, data showed.

According to media reports, new record rises in daily COVID-19 cases have been seen in the US, Russia and France in recent days while the UK is set to extend its highest category alert to more cities and German Chancellor Angela Merkel has warned colleagues that Germany is on the verge of losing control of the virus.

Meanwhile, the UK has reportedly warned that time is running out as the European Union's top negotiator Michel Barnier travels to London to continue Brexit talks, with the two sides differing strongly on key issues in their bid to secure a new trading arrangement by year-end.

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