Share Market Updates: Sensex Touches 44,000 For First Time As Markets Continue Record Run

Share Market News: Gains across banking and financial services stocks supported the markets

Domestic stock markets continued to rise on Tuesday after a day’s holiday as global equities rose with investors cheering the news of another promising coronavirus vaccine and optimism about world recovery. The S&P BSE Sensex index jumped 523.18 points – or 1.20 per cent – to touch an all-time high of 44,161.16, and the broader NSE Nifty 50 benchmark climbed up 153.80 points to an all-time peak of 12,934.05. Gains in banking, financial services and metal shares supported the markets, however losses in select IT, pharma and consumer goods shares limited the upside.

Here are 10 things to know about the markets today:

  1. At 10:25 am, the Sensex traded 255.13 points – or 0.58 per cent – higher at 43,893.11, while the Nifty was up 71.05 points – or 0.56 per cent – at 12,851.30.

  2. Cambridge, Massachusetts-based Moderna became the second drug maker after Pfizer to announce promising trial data in the development of a COVID-19 vaccine. Moderna said it expects the vaccine to be stable at normal fridge temperatures of 2 to 8 degrees Celsius for 30 days.

  3. Tata Steel, Tata Motors, SBI, Larsen & Toubro and HDFC Bank, trading between 2.18 per cent and 7.38 per cent higher, were the top gainers in the Nifty basket of 50 shares. Bharat Petroleum, Hero MotoCorp, HCL Tech, Dr Reddy’s and Indian Oil – down 1.21-3.62 per cent each – were the worst hit among 20 laggards in the index.

  4. HDFC Bank, Larsen & Toubro and Reliance Industries were the biggest contributors to the gain in Sensex.

  5. “There is comfort in the fact that the temperature requirements for (Moderna’s) vaccine are quite moderate, which would make transportation easier,” said Anita Gandhi, director at Arihant Capital Markets. 

  6. Also, Hyderabad-based Biological E on Monday became the latest company in the country to start human trials of its vaccine candidate.

  7. The domestic benchmarks have gained more than 9 per cent so far in November, helped by signs of a demand recovery, a strong earnings season, and higher fund inflows.

  8. “Foreign institutional investors have been net buyers this month,” Ms Gandhi said, adding that there was also general optimism in the new trading session after the festive season.

  9. The domestic markets had made modest gains in a special Muhurat trading session for Diwali on Saturday, and were closed on Monday.

  10. Share markets elsewhere in Asia moved higher tracking overnight record highs in the US. Encouraging earnings stoked risk appetite and US President-elect Joe Biden’s COVID advisory team said it was not considering a nationwide shutdown, pushing the three Wall Street benchmarks more than 1 per cent higher.

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