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Stock Market Live: Sensex trades lower, Nifty around 12,670; financials drag
This year Diwali seems to have arrived earlier, with stock markets touching all time high, investors are celebrating Diwali before Diwali…
Indian market gave a gain of 66% in last 8 months after making a low in March’20 due to Corona virus Pandemic. This return is phenomenal and one of the fastest compared to all previous recovery.
The S&P BSE Sensex closed on a fresh record high of 43,277 while the Nifty50 hit a record high of 12,631 on 10th November’20.
The last time when both Sensex and Nifty50 touched record highs was back in the month of January’20. Key factors driving this recovery on domestic front are improved business outlook post Q3 results, end to the moratorium and bounce back of economic activities.
Stock Market Live: Indian shares opened lower on Thursday, snapping 8 sessions of gains dragged by heavyweight financials and Reliance Industries. Broader markets, however, outperformed benchmarks with the Nifty Midcap and Nifty Smallcap indices up half a percent each. Among sectors, Nifty Bank and Nifty Fin Services fell 0.8 percent each while FMCG, IT, Auto, metal and pharma indices were in the green.
Opening Bell: Sensex opens 150 points lower, Nifty around 10,700; financials drag
Indian shares opened lower on Thursday, snapping 8 sessions of gains dragged by heavyweight financials and Reliance Industries. At 9:18 am, the Sensex was trading 152 points lower at 43,441 while the Nifty fell 34 points to 12,714. Broader markets, however, outperformed benchmarks with the Nifty Midcap and Nifty Smallcap indices up half a percent each. Among sectors, Nifty Bank and Nifty Fin Servcies fell 0.8 percent each while FMCG, IT, Auto, metal and pharma indices were in the green. GOI planning around $20 billion of new stimulus – government sources
India is planning to announce a fresh round of stimulus totalling about $20 billion this week to help pull the economy out of its historic contraction, government officials told Reuters on Wednesday. The package would follow Wednesday’s earlier announcement of production-linked incentives worth about $27 billion over five years for manufacturers in 10 sectors with a view to generating jobs. These cos. will announce Q2 results today.
GDP to contract 8.6% in Q2; India has entered recession for first time: RBI official The GDP is likely to contract by 8.6 percent for the July-September period, which means India will enter into a recession for the first time in history in the first half of this fiscal with two successive quarters of negative growth due to the COVID-19 pandemic, as per an RBI official. Researchers have used the ‘nowcasting’ method to arrive at the estimates ahead of the official release of data and their views in an article in RBI’s monthly bulletin released on Wednesday do not constitute the central bank’s views.
Asian stocks hold vaccine-driven gains after U.S. defensive shift Stocks in Asia were set Oil keeps climbing on hopes OPEC+ will hold back supply as COVID-19 cases rise. Oil prices rose in early trade on Thursday, taking the week’s gains to more than 12 on growing hopes that the world’s major producers will hold off on a planned supply increase as soaring cases of COVID-19 dent fuel demand. Algeria’s energy minister said on Wednesday that OPEC+ – grouping the Organization of the Petroleum Exporting Countries (OPEC) and other suppliers including Russia – could extend current production cuts of 7.7 million barrels per day (bpd) into 2021, or deepen them further if needed.
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