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Market Latest Updates :
Sensex Gains Over 300 Points, Nifty Above 12,200
Markets are firmly under the grip of ‘Bulls”.
Share Market Latest Updates: With the ongoing rally, which entered a fifth day on Friday, both benchmark indices have nearly recovered all of their losses so far this calendar year.Gains in automobile, energy and PSU bank shares supported the markets.
Domestic stock markets started Friday’s session on a positive note tracking gains across Asian equities, which rallied to a near three-year peak in anticipation that a divided US legislature would limit major policy changes and keep the status quo on economic policies. The S&P BSE Sensex index rose 199.22 points – or 0.48 per cent – to touch 41,539.38 at the strongest level in early deals, and the broader NSE Nifty 50 benchmark climbed to as high as 12,168.85, up 48.55 points – or 0.40 per cent – from its previous close. Gains in automobile, energy and PSU bank shares supported the markets, however losses in IT and pharma stocks limited the upside.
At 9:23 am, the Sensex traded 167.57 points – or 0.41 per cent – higher at 41,507.73, while the Nifty was up 50.85 points – or 0.42 per cent – at 12,171.15.
Reliance Industries, Tata Motors, NTPC, Bajaj Auto and Eicher Motors, trading between 1.25 per cent and 2.66 per cent higher, were the top gainers in the Nifty basket of 50 shares.
On the other hand, Tech Mahindra, Kotak Mahindra Bank, GAIL, Infosys and Axis Bank, down 0.78-1.59 per cent each, were the worst hit among 19 laggards in the index.
Reliance Industries, HDFC and NTPC were the biggest contributors to the gain in Sensex. Reliance Industries shares jumped as much as 3 per cent to ₹ 2,013.75 a piece on the BSE, a day after the conglomerate, led by billionaire Mukesh Ambani, said Saudi Arabia’s Public Investment Fund (PIF) will invest ₹ 9,555 crore in its subsidiary, Reliance Retail Ventures.
With the ongoing rally, which entered a fifth day on Friday, both benchmark indices have recovered all of their losses so far this calendar year.
Meanwhile, shares in other Asian markets hovered near three-month highs, as investors expect Democrat Joe Biden to beat President Donald Trump, and the Republicans to retain control of the Senate, allowing them to block the Democrats’ agenda, such as corporate tax hikes and massive borrowing for large spending.
So markets are expected to be volatile as US results do impact the markets and hence the investors are well advised to calibrate their positions carefully with hedging tools.
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