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Market Wrap, Nov 10: Here's all that happened in the markets today

The benchmark indices gained over 1 per cent to settle at record high levels for the second consecutive session on Tuesday

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MARKET WRAP

BS Web Team  |  New Delhi 

Extending their gaining streak into the seventh session in a row, the benchmark indices gained over 1 per cent to settle at record high levels for the second consecutive session on Tuesday. Investor sentiment got a major boost after Pfizer said its experimental Covid-19 vaccine was more than 90 per cent effective based on initial trial results.

The S&P BSE Sensex topped the crucial 43,000 level to settle at 43,278, up 680 points, or 1.6 per cent while NSE's Nifty added 170 points, or 1.36 per cent to end the session at 12,631 levels. India VIX today gained over 7 per cent to 21.57 levels.

HDFC, HDFC Bank, ICICI Bank, and Reliance Industries (RIL) were the major contributors to the Sensex's gain today.

The broader market, however, continued to underperform. The S&P BSE MidCap index ended 0.10 per cent lower at 15,544 levels while the S&P BSE SmallCap index settled at 15,232, down 0.48 per cent.

On the sectoral front, technology and pharma stocks slipped in the trade. The Nifty IT fell nearly 4 per cent to 20,978.50 levels while Nifty Pharma declined over 4 per cent to 11,168.90 levels.

In the results corner, Net profit of Mahindra and Mahindra plunged 88 per cent in the quarter ended September 30, from the corresponding period, as a sharp contraction in the automotive segment weighed on the earnings. The stock settled 0.54 per cent higher at 619.65 levels.

Among buzzing stocks, mortgage lender HDFC regained the Rs 4 trillion-market capitalisation after the stock of the company rallied 6 per cent, hitting an over eight-month high of Rs 2,285 on the BSE on Tuesday.

Shares of Larsen & Toubro (L&T) rose 7 per cent to hit an over seven-month high of Rs 1,033 on the BSE.

Global markets

Most Asian share rose on Tuesday as global investors applauded successful trial data for a coronavirus vaccine, although expected delays to any mass roll-out took the gloss off early gains.

Japan's Nikkei 225 ended up nearly 0.3 per cent after being 1.1 per cent higher in early trading, touching a 29-year high.

In Europe, shares hovered at eight-month highs.

In commodities, oil prices rose as high hopes that a Covid-19 vaccine could be on the horizon were enough to cancel out fears that fuel demand is set to weaken in the near term. Gold jumped more than 1 per cent, following a sharp slide in the last session.

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First Published: Tue, November 10 2020. 17:24 IST
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