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Sensex, Nifty hit record high

Capital Market 

Local stocks are trading firm in early trade on strong buying demand in index pivotals, extending seven-day gains. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 322.64 points or 0.75% at 43,600.29. The Nifty 50 index was up 98.50 points or 0.78% at 12,729.60. The Sensex and the Nifty, both, scaled record high in early trade.

The S&P BSE Mid-Cap index was up 0.84%. The S&P BSE Small-Cap index was up 0.63%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1163 shares rose and 586 shares fell. A total of 84 shares were unchanged.

Bihar election result:

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.

Stocks in news:

Wipro rose 0.39%. Wipro announced that it has won a multi-year contract for software engineering services from ThoughtSpot. Headquartered in Sunnyvale, California, ThoughtSpot is a search and Artificial Intelligence-driven analytics platform that helps explore, analyze and share real-time business analytics data easily.

ONGC gained 1.98%. ONGC Videsh through its wholly owned subsidiary has signed definitive binding agreements with FAR Senegal RSSD SA (Seller), a wholly owned subsidiary of FAR for acquiring 13.6667% participating interest in Exploitation Area (Sangomar Field) and 15% participating interest in Remaining Contract Area (Exploration Area) of Rufisque, Sangomar Offshore and Sangomar Deep Offshore (RSSD) Block, Offshore Senegal. Woodside Energy (Senegal) BV (Woodside), Capricorn Senegal (Cairns) and Le Socides Proles du Sal (Petrosen - the national oil company of Senegal) are other partners in the RSSD Block. ONGC Videsh is a wholly owned subsidiary of Oil and Natural Gas Corporation (ONGC).

Aarti Industries dropped 2.4% after the company reported 4.96% fall in consolidated net profit to Rs 140.24 crore on 18.01% increase in total income to Rs 1,172.68 crore in Q2 September 2020 over Q2 September 2019.

Tata Power Company rose 0.53% after the company reported 3.49% rise in consolidated net profit to Rs 279.61 crore on 8.19% increase in total income to Rs 8,760.27 crore in Q2 September 2020 over Q2 September 2019.

TTK Prestige fell 0.46%. TTK Prestige said that the company has successfully concluded a long-term settlement covering all its workmen at the Coimbatore unit. This settlement provides for better productivity.

Bata India declined 2.66% after the company reported a consolidated net loss of Rs 44.32 crore in Q2 September 2020 as compared to a net profit of Rs 71.30 crore in Q2 September 2019. Total income dropped 48.31% to Rs 382.32 crore in Q2 September 2020 over Q2 September 2019.

Raymond shed 0.77%. Raymond reported a consolidated net loss of Rs 133.03 crore in Q2 September 2020 as compared to a net profit of Rs 83.96 crore in Q2 September 2019. Total income dropped 61.79% to Rs 732.34 crore in Q2 September 2020 over Q2 September 2019.

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.

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

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First Published: Wed, November 11 2020. 09:34 IST