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Markets move up but recedes ..
Stock Market Live: Indian indices were trading lower after opening at record highs oon Tuesday dragged mainly by financials and heavyweight RIL. The Nifty Bank, Nifty Fin Services and Nifty Metal indices fell over 1 percent each. However, Nifty IT was in the green, up over 1.5 percent.
Opening Bell: Sensex, Nifty open at record highs but pares some gains; IT stocks lead
Indian indices pared some gains after opening at record highs again on Friday, tracking a broader market rally. mainly led by gains in IT stocks. Gains in the IT stocks were capped by losses in heavyweights HDFC twins and RIL. The Sensex rose as much as 135 points to its new high of 47,026, while Nifty gained 31 points t0 its all-time high of 13,771. On the Nifty50 index, HCL Tech, Infosys, Hindalco, Wipro and NEstle were teh top gainers while HDFC Bank, Tata Motors, HDFC, M&M and Bharti Airtel led the losses.
Asian stocks defy broader global rally, Brexit worries emerge
Asian stock fell slightly on Friday, failing to catch a broader global rally as the investor mood in the region shifted to broader caution about the economic outlook and as post-Brexit worries weighed. Australian S&P/ASX 200 lost 0.46 percent in early trading. Japan’s Nikkei 225 fell 0.01 percent. E-mini futures for the S&P 500 rose 0.01 percent. As the year draws to a close, markets have been swinging between broader optimism about COVID-19 vaccines and a global economic recovery and concerns about still rising infections.
Indian indices ended at record close on Thursday led by gains in heavyweights HDFC twins, TCS and Reliance Industries. The sentiment was further lifted tracking broader Asian markets, which perched near record highs on optimism over a US stimulus package and the Federal Reserve’s promise to keep interest rates low. The Sensex ended 224 points higher at its new closing high of 46,890 while Nifty rose 58 points to settle at its record close of 13,741. In intra-day deals, Sensex rose as much as 326 points to its all-time high of 46,992 while the Nifty hit its record high of 13,773, up 90 points.
Domestic stock markets started Friday’s session at record highs, with the S&P BSE Sensex index trading above the 47,000 mark for the first time ever, as investors remained optimistic about a fast global recovery after months of COVID-19-caused slowdown. The Sensex rose 135.68 points, or 0.29 per cent, to touch an all-time high of 47,026.02 in the first few minutes of trade before turning flat. The broader NSE Nifty 50 benchmark climbed to as high as 13,771.45, adding 30.75 points, or 0.22 per cent, to its previous close, just shy of an all-time high of 13,773.25 registered on Thursday. Gains across sectors — led by IT and pharmaceutical shares — boosted the markets.
The markets turned flat soon after registering new all-time peaks. At 9:26 am, the Sensex traded 11.96 points, or 0.03 per cent, higher at 46,902.30 while the Nifty was up 4.45 points, or 0.03 per cent, at 13,745.15.
Share markets elsewhere in Asia slipped from the record highs, but the prospect of a major US coronavirus relief package left some investors still in the mood to pick up stocks and other risk-exposed assets.
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.30 per cent from Thursday’s record. Yet, it was on track for a seventh consecutive week of gains — the longest such streak in about a year. Japan’s Nikkei 225 benchmark was down 0.20 per cent at the last count.
The E-Mini S&P 500 futures eased 0.15 per cent, indicating a sluggish start for US markets on Friday a day after their underlying index gained 0.58 per cent to clock an all-time high.
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