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Markets zoom on hopes of Covid vaccine in India; banking stocks rise
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SME Times News Bureau | 24 Nov, 2020
Optimism over the introduction of an Civod-19 vaccine in India along
with continued foreign fund inflows boosted the Indian stock markets on
Tuesday.
In terms of global cues, positive development over US
President-elect Joe Biden's team getting a formal go-ahead to begin the
transition process boosted investor sentiments.
Back home, broad based buying took place on hopes that a Covid-19 vaccine will be available in India soon.
Besides,
another key factor for the markets' rise was attributed to the healthy
FII inflows worth more than Rs 50,000 crore in November so far.
Accordingly,
both the major benchmark indices the -- S&P BSE Sensex and the NSE
Nifty50 -- continued their gaining streak for the third straight day to
touch their respective intra-day highs and made new closing highs in the
process.
Consequently, NSE Nifty50 touched an all-time high of
13,048.75 points on Tuesday, and the BSE Sensex hit a record high of
44,499.62 points.
The NSE Nifty50 closed at 13,055.15, up 128.70
points or 1 per cent from its previous close. Similarly, the BSE Sensex
closed on a high note of 44,523.02 points, up 445.87 points or 1.01 per
cent from its previous close.
Among the sectors, banks emerged as the biggest gainers followed by financials, auto, realty, metals and pharma.
"The
overall market mood is already bouyant from the progress made on the
Covid-19 vaccine front and the prospects for a speedy global economic
revival. Going ahead, the market momentum is likely to continue given
the optimism over vaccine progress," said Siddhartha Khemka, Head -
Retail Research, Motilal Oswal Financial Services.
"Investors
would closely watch the transition of Joe Biden as the US President and
developments over stimulus announcement from the new government. On the
domestic side, the market would look for cues from the monthly F&O
expiry and the rollover data, especially on FII position. Moreover, the
expected MSCI inflow of more than $4 billion on Friday would keep the
momentum positive," Khemka added.
According to Deepak Jasani,
Head of Retail Research at HDFC Securities: "Asian shares were mostly
higher and European stocks rose on Tuesday, buoyed by optimism that
vaccines will end the coronavirus pandemic. Intra-day dips are being
bought into. Advance decline ratio remains very positive. Stable and
gradual move towards Nifty 13,200-13,250 continues on expected lines."
The
top gainers on the Sensex on Tuesday were Axis Bank, Mahindra &
Mahindra and Maruti Suzuki India, while the major losers were Bharti
Airtel, HDFC and ONGC.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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