Stocks may extend recent gains

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 54 points at the opening bell.

On the political front, the National Democratic Alliance (NDA) is all set to form the next government in Bihar after defeating the Tejashwi Yadav-led Mahagathbandhan in the assembly elections. The NDA won 125 seats, clearing the majority mark in the 243-member Assembly. The Mahagathbandhan or the Grand Alliance won 110 seats.

Global markets:

Overseas, Asian stocks are trading higher on Wednesday as hopes for a successful coronavirus vaccine lifted expectations of a swift reopening of the global economy.

In US, the Dow Jones Industrial Average rose on Tuesday, building on its sharp gains from the previous session as a market rotation out of names that thrived during the pandemic and into stocks linked to an economic recovery continued. However, the S&P 500 and Nasdaq Composite struggled amid a sharp decline in major tech names.

Domestic markets:

Back home, domestic equity benchmarks ended at record high levels on Tuesday. Sentiment was upbeat after US drug maker Pfizer said large-scale trials of its coronavirus vaccine showed it was more than 90% effective in preventing infection. The barometer index, the S&P BSE Sensex, rallied 680.22 points or 1.60% at 43,277.65. The Nifty 50 index spurted 170.05 points or 1.36% at 12,631.10.

Foreign portfolio investors (FPIs) bought shares worth Rs 5,627.32 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,309.19 crore in the Indian equity market on 10 November, provisional data showed.

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