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Sensex, Nifty strike record high

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Key indices are trading firm in early trade as on strong buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 327.45 points or 0.75% at 43,965.43. The Nifty 50 index was up 74 points or 0.58% at 12,854.25. The Sensex scaled record high above 44,000 mark in early trade. The Nifty also hit record high above 12,900 level in early trade.

The S&P BSE Mid-Cap index was up 0.33%. The S&P BSE Small-Cap index was up 0.23%.

The market breadth, indicating the overall health of the market, is positive. On the BSE, 1128 shares rose and 766 shares fell. A total of 87 shares were unchanged.

WPI data:

The annual rate of inflation based on Wholesale Price Index (WPI), stood at 1.48% (provisional) in October 2020 (over October 2019). The figure stood at 1.32% in September.

Stocks in news:

Reliance Industries (RIL) gained 1.31%. RIL on Saturday (14 November 2020) announced that its subsidiary Reliance Retail Ventures (RRVL) has acquired equity shares of Urban Ladder Home Dor Solutions for a cash consideration of Rs 182.12 crore. The said investment represents 96% holding in the equity share capital of UrbanLadder.

Wipro fell 0.39%. Wipro announced that it will deliver managed SoftwareDefined Wide Area Network (SD-WAN) transformation services to Olympus leveraging Cisco technology. Seperately, Wipro and SNP Schneider-Neureither & Partner SE, a world-leading provider of software solutions for digital transformation processes and automated data migration, announced a strategic partnership to help customers accelerate their enterprise transformation journey.

NBCC (India) rose 1.61%. The company announced on Monday (16 November) that it has secured total business of Rs 1165.52 crore in October 2020.

Great Eastern Shipping Company rose 0.37%. The company on 14 November 2020 announced that it signed a contract to buy a secondhand capesize bulk carrier. The 2014 Philippine-built vessel is expected to join the company's fleet in the second half of the current fiscal ending March 2021 (H2 FY21).

General Insurance Corporation of India fell 0.9%. The company reported a consolidated net profit of Rs 228.40 crore in Q2 FY21 compared with net loss of Rs 652.60 crore in Q2 FY20. Total income during the quarter declined by 12.7% year-on-year (YoY) to Rs 12,053.23 crore.

Global Markets:

Overseas, Asian stocks are trading higher on Tuesday as vaccine hopes once again lifted Wall Street to record highs. Airline stocks got a boost.

In US, Wall Street was buoyed to record highs on news of another promising coronavirus vaccine, which supported hopes of a quicker economic recovery.

Investor sentiment shot up after Moderna Inc said its experimental COVID-19 vaccine was 94.5% effective in preventing infection based on interim late-state data. The Cambridge, Massachusetts-based firm became the second drugmaker, after Pfizer Inc, to announce promising trial data in the development of a vaccine to defeat the pandemic.

Back home, key benchmarks trimmed initial gains and ended with decent gains on the Muhurat trading session on Saturday. The barometer index, the S&P BSE Sensex, gained 194.98 points or 0.45% at 43,637.98. The Nifty 50 index added 60.30 points or 0.47% at 12,780.25. Stock markets were closed on Monday, 16 November 2020 on account of Diwali Balipratipada.

Foreign portfolio investors (FPIs) sold shares worth Rs 78.53 crore, while domestic institutional investors (DIIs), were also net sellers to the tune of Rs 20.27 crore in the Indian equity market on 13 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: Tue, November 17 2020. 09:31 IST
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