Sensex and Nifty hit record highs in opening deals; metals, banks rally

Share Market Today: At 9:21 am, the S&P BSE Sensex was at 43,965.61, up 327.63 points (0.75 per cent), while the broader Nifty 50 was up 89 points (0.70 per cent) at 12,869.25.

The benchmark equity indices on the BSE and National Stock Exchange (NSE) opened at record highs on Tuesday led by positive sentiments in the broader Asian markets which were up after the Dow Jones Industrial Average hit a record high on optimism that a vaccine may soon control the coronavirus and the economic destruction it’s caused.

At 9:21 am, the S&P BSE Sensex was at 43,965.61, up 327.63 points (0.75 per cent), while the broader Nifty 50 was up 89 points (0.70 per cent) at 12,869.25.

The domestic markets were shut on Monday on account of Balipratipada. On Saturday, the benchmarks had surged to lifetime highs in the special Muhurat trading session to mark the beginning of the Samvat year 2077. The Sensex soared 194.98 points or 0.45 per cent to close at a record 43,637.98, while Nifty advanced 60.30 points, or 0.47 per cent, to finish at its lifetime high of 12,780.25.

Gains on the BSE benchmark during the early trade were being led by Tata Steel, Bharti Airtel, State Bank of India (SBI), HDFC Bank, Mahindra & Mahindra (M&M) and IndusInd Bank. See heatmap below

Among the sectoral indices, the Nifty Metal index was up over 2 per cent led by gains in the sahres of Tata Steel, Ratnamani Metals & Tubes and Hindalco Industries. This apart, the key Nifty Bank index was up around 1 per cent aided by Bandhan Bank, The Federal Bank and SBI.

Here’s how the sectoral indices were performing:

Global market

Asian shares rose Tuesday, after the Dow Jones Industrial Average hit a record high on optimism that a vaccine may soon control the coronavirus and the economic destruction it’s caused.

Moderna said its COVID-19 vaccine appears to be 94.5 per cent effective, according to preliminary data.

It’s the second time this month that a company unveiled such encouraging numbers about a vaccine, boosting hopes that the global economy can return to some semblance of normal next year.

Japan’s benchmark rose 0.2 per cent to 25,968.22 in morning trading, after momentarily reaching a 29-year high of above 26,000.

Australia’s S&P/ASX 200 gained 0.4 per cent to 6,512.00. South Korea’s Kospi added 0.3 per cent to 2,550.76. Hong Kong’s Hang Seng edged up 0.1 per cent to 26,415.34, while the Shanghai Composite was little changed but slightly higher at 3,347.15.

— global market input from AP

Source: Read Full Article