Indian stocks rose today with Sensex nearing an all-time high, driven by shares in Reliance Industries. The Sensex rose more than 500 points to 41,868 as the rally dragged on to the fifth day. In January, Sensex had hit an all-time high of 42,273. The broader Nifty50 index held firm near 12,250. The rupee also strengthened strongly today.
Here are 10 updates from the stock markets:
1) Reliance Industries said Thursday that it has obtained a ₹Rs 9,550 crore investment in its Saudi Arabian wealth fund retail business, bringing its shares up 3% today. The oil-to-telecommunications conglomerate’s retail unit, Reliance Retail Ventures Ltd, has raised more than $ 3 billion in funding from various investors.
2) “The trend of the index is positive and we should work towards a target of 12300-12400. As the markets have accelerated in the last few days, it would be better to rack the Nifty in dips for higher targets. at 11,500, so the risk-reward would be favorable if we entered closer to the support price, “said Manish Hathiramani, proprietary index trader and technical analyst at Deen Dayal Investments.
3) The rupee strengthened by 50 paise to 73.88 against the US dollar today, supported by foreign portfolio flows, even as investors continued to wait for the outcome of the US elections.
4) On Thursday, foreign institutional investors were net buyers in the capital market by buying shares by value ₹Rs 5,368.31 crore, based on interim trading data.
5) Among other winners, the Nifty Bank index rose about 1%. HDFC twins increased between 1-2%.
6) The broader markets were also higher today. The BSE mid-cap index was up 0.5% while the small-cap index was up 0.8%.
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7) Most Asian markets were mixed on Friday after strong gains for the week, but traders remained bullish as Joe Biden’s chances of winning the US election rose, despite the possibility of a contested election.
8) A Biden presidency and a Republican Senate likely means Democrats won’t be able to go through with regulatory changes and tax increases, which observers said were good for stocks.
9) “The general risk sentiment is optimistic. A Biden White House would bring more stability and reduce uncertainty in foreign policy and national politics and therefore, although it seems that the Republicans are on the way to retain control From the Senate, investors don’t seem to be too concerned about that at this stage, “said Abhishek Goenka, founder and CEO of IFA Global.
10) The US central bank gave traders some joy after its last monetary policy meeting on Thursday as it pledged to do everything it can to support the world’s leading economy. Chief Jerome Powell said more stimulus was “absolutely essential” to support the economy, as the outlook was “extraordinarily uncertain,” but that the Fed had other tools available.
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