The Sensex and the Nifty further extended gains and hit fresh record high levels in mid afternoon trade. All the sectoral indices on the NSE were in the green. Pharma stocks advanced for second trading session.
At 14:24 IST, the barometer index, the S&P BSE Sensex, surged 464.02 points or 1.05% at 44,541.64. The Nifty 50 index advanced 133.65 points or 1.03% at 13,060.50.
The Sensex hit a record high of 44,547.24 and the Nifty hit a record high of 13,064.10 in mid-afternoon trade.
Global cues were positive as COVID-19 vaccine progress boosted sentiment and US President-elect Joe Biden was given the go-ahead to begin his White House transition. US Dow Jones futures were up 253 points, indicating a strong opening in US market today.
The broader indices lagged the benchmarks. The S&P BSE Mid-Cap index rose 0.68% while the S&P BSE Small-Cap index climbed 0.83%.
Buyers outpaced sellers. On the BSE, 1,518 shares rose and 1,133 shares fell. A total of 202 shares were unchanged. In Nifty 50 index, 33 stocks advanced while 17 stocks declined.
Heavy buying by foreign institutional investors (FIIs) also underpinned sentiment.
FIIs have bought Indian stocks worth a net Rs 44935.33 crore from the secondary equity markets in November 2020 (till 23 November 2020).
The Nifty Pharma index gained 1.17% to 11,874.10, rising for second trading session. The index is up 3% in two days.
Aurobindo Pharma (up 3.59%), Biocon (up 2.47%), Dr. Reddy's Laboratories (up 1.68%), Lupin (up 1.37%), Sun Pharmaceutical Inds (up 1.34%) and Alkem Laboratories (up 0.76%) were top gainers in pharmaceutical space.
Stocks in Spotlight:
Datamatics Global Services hit an upper circuit of 10% at Rs 80.95 after the company said its wholly-owned Mauritius-based subsidiary has agreed to divest its stake in Cignex Datamatics Inc. through a stock redemption arrangement. The proposed divestment will be effected through a stock redemption agreement, under which Cignex will buyback the entire 62.51% stake held by Datamatics Global Technologies Limited, Mauritius (DGTL) in Cignex for an aggregate price of $16.57 million of which $7.97 million will be paid upfront to DGTL. The balance amount will be paid-out within the next 3 (three) years. With this, the earlier deal with Relevance Lab stands terminated.
Gayatri Projects fell 1.91%. The company it had received Rs 208 crore, net of statutory deductions, under the GOI scheme of monetisation of 'litigation arbitral award' against bank guarantees. The company along with its joint venture partner had been awarded an arbitration claim wofth Rs 703 crore including interests for its road project in Nagaland and Gayatri Projects' portion in the same was Rs 264 crore.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee edged higher to 73.995 compared with its previous closing 74.11.
The yield on 10-year benchmark federal paper fell to 5.89% compared with its closing of 5.9% in the previous trading session.
MCX Gold futures for 4 December 2020 settlement fell 0.92% to Rs 49,024.
In the commodities market, Brent crude for January 2021 settlement added 40 cents to $46.46 a barrel. The contract added 2.45% to settle at $46.06 in the previous trading sessions.
The US dollar index (DXY), which tracks the greenback's value against majors, fell 0.31% to 92.207.
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