You are here: Home » Markets » News
Business Standard

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


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.

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 10 2020. 17:24 IST