Market Latest Updates: Sensex Gains Over 350 Points As Rally Enters Seventh Day

Started by sushmi, Nov 10, 2020, 04:36 PM

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Market Latest Updates: Sensex Gains Over 350 Points As Rally Enters Seventh Day

Share Market Latest Updates: The S&P BSE Sensex index 361.82 points - or 0.85 per cent - higher at 42,959.25.
A rally in domestic stock markets entered its seventh straight day on Tuesday tracking Asian equities, as investors applauded progress in the development of a coronavirus vaccine which lifted confidence in a world economic recovery. The S&P BSE Sensex index 391.4 points - or 0.92 per cent - higher at 42,988.83, and the broader NSE Nifty 50 benchmark began the day at 12,566.75, up 105.7 points - or 0.85 per cent - from its previous close. Gains in banking and financial services shares supported the markets, however losses in IT and pharmaceutical stocks limited the upside. (Track Sensex, Nifty Here)
At 10:18 am, the Sensex traded 355.68 points - or 0.83 per cent - higher at 42,953.11 while the Nifty was up 103.25 points - or 0.83 per cent - at 12,564.30.

HDFC, Larsen & Toubro, ICICI Bank, Tata Motors and ONGC, trading between 2.19 per cent and 2.52 per cent higher, rose the most among 31 gainers in the Nifty basket of 50 shares.

On the other hand, Tech Mahindra, Infosys, HCL Tech, Wipro and TCS - down 1.86-3.80 per cent each - were the top Nifty losers.

HDFC Bank, ICICI Bank and HDFC were the biggest contributors to the gain in Sensex.

Investors turned their focus to elections in Bihar, where the opposition alliance of Rashtriya Janata Dal, the Congress and Left parties established a lead over Bihar's ruling NDA as the counting of votes started this morning. (Catch Latest Updates)

US-based drug maker Pfizer said its COVID-19 vaccine, developed with German partner BioNTech SE, was more than 90 per cent effective in preventing infection, marking the first successful results from a large-scale clinical trial.

The vaccine news sparked renewed optimism in equities around the world but oil prices slipped in Asian trade after posting the biggest one-day percentage gain in five months.

However, some analysts sounded caution over the speed in which the vaccine could be implemented.

Brazil's health regulator said on Monday it had suspended clinical trials for China's Sinovac coronavirus vaccine after adverse effects had emerged.

Japan's Nikkei 225 rose 1.1 per cent after reaching a 29-year high in early trade. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.12 per cent. Airline, travel and tourism stocks across Asia were beneficiaries of the optimism prompted by the vaccine announcement.


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