You are here: Home » News-CM » Equities » Market Report
Business Standard

Equity indices hit fresh record peaks

Capital Market 

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).

Buzzing Index:

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.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, November 24 2020. 14:30 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU