Market LIVE: Sensex soars 350 pts, Nifty over 13,700; ONGC, Airtel top gainers. Financial, Auto Stocks too.
- Mrs Bectors Food Specialties, among the leading companies in premium and mid-premium biscuits and bakery segment in north India, is expected to list on stock exchanges today with analysts expecting a bumper debut.
Domestic stock markets started the last session of the week on a positive note, tracking gains in Asian equities amid optimism on more fiscal spending in major economies and expectations that COVID-19 vaccines will become more available next year. The S&P BSE Sensex index rose 364.4 points, or 0.78 per cent, to touch 46,808.58 at the strongest level of the day, and the broader NSE Nifty 50 benchmark climbed to as high as 13,711.10, up 110 points, or 0.81 per cent, from its previous close. Gains across most sectors, led by banking, financial services, automobile and metal share, fuelled the upmove in the markets.
At 9:34 am, the Sensex traded 336.30 points, or 0.72 per cent, higher at 46,780.48, while the Nifty was up 97.9 points, or 0.72 per cent, at 13,699.00.
ONGC, Tata Motors, Bharti Airtel, Indian Oil, GAIL and Hindalco, trading between 2.41 per cent and 4.57 per cent higher, were the top percentage gainers in the Nifty basket of 50 shares. On the other hand, Infosys, Asian Paints and Cipla, down 0.43-1.08 per cent each, declined the most among only seven laggards in the index at the time.
Asian shares rose on Thursday ahead of the Christmas break, as Britain and the European Union closed in on a free-trade deal and investors placed bets on global economic recovery prospects.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.14 per cent higher at the last count, while Japan’s Nikkei 225 benchmark was up 0.43 per cent and Chinese shares up 0.02 per cent, though Alibaba Group Holding slumped 6.28 per cent after the country’s market regulator said it will investigate the tech giant for suspected monopolistic behavior.
Investors cheered news that Britain and the European Union were on the cusp of striking a narrow trade deal on Thursday, which would help avoid shipping and travel chaos on both sides of the English Channel.
The E-Mini S&P 500 futures traded 0.11 per cent higher, indicating a positive start for Wall Street on Thursday. MSCI’s gauge of global stocks was up 0.10 per cent, but moves were subdued in thin holiday trading.
On Wednesday, US share markets ended mostly higher. The Dow Jones Industrial Average index closed up 0.38 per cent and the S&P 500 0.07 per cent, but the technology stocks-heavy Nasdaq Composite ended 0.29 per cent lower.
Investors largely shrugged off comments by US President Donald Trump that a nearly $900-billion stimulus bill, agreed upon after months of wrangling in Congress, was “a disgrace” that he might not sign.
The markets will remain closed on Friday for Christmas.
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