Indian stock markets hit a new high today following a global rally. Sensex rose more than 600 points to 42,534 while Nifty advanced to 12,445, surpassing its January highs. All 30 Sensex shares are listed in green. Among Sensex shares, ICICI Bank, HUL, HDFC Bank and Infosys rose between 1.5% and 3%. Market breadth also remained strong with EEB’s small-cap and mid-cap indices rising approximately 0.75% each.
“Strong support is at 12100 and if the Nifty crosses 12500 we can expect it to rise towards 12650,” said Manish Hathiramani, technical analyst and property index trader at Deen Dayal Investments.
Here are 10 updates from the stock markets:
1) Asian stocks and American futures were up today thanks to relief that the results of the American presidential election were finally decided, with Joe Biden as president-elect.
2) Most market participants expect the Biden regime to be good news for Indian companies, especially IT and domestic financial markets.
3) Strong Chinese trade data released over the weekend also helped. Many in the region expect trade tensions to ease under Biden’s presidency. However, President Donald Trump’s refusal to concede and threats of legal action remain a source of uncertainty.
4) Foreign institutional investors have been strong buyers of Indian stocks this month.
5) In the previous two sessions, they bought Indian shares worth ₹10,000 crore.
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6) “The recent global rally was based on the assumption that Biden will win the White House and Democrats control the House of Representatives, while Republicans are expected to retain control of the Senate. Investors expect a split in Washington likely to it will thwart tax increases on big companies, as well as other radical policies feared by investors, “HDFC Securities said in a note.
7) “Second quarter results for Indian companies are better than expected, which may lead to Indian markets performing better for some time,” the brokerage said.
8) In India, the vote counting for the three-phase Bihar assembly elections, which ended on Saturday, will take place on November 10.
9) Returning to domestic factors, investors will also focus on industrial production and inflation data, to be announced on Thursday.
10) He almost ₹Gland Pharma’s 6.5 billion rupee IPO opens today and will close on Wednesday. This will be the largest initial public offering by a pharmaceutical company in India, according to Bloomberg.
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