Indices end at record highs; Sensex zooms 704 points amid firm global cues

All that happened in the markets today

Continuing their northward movement, the benchmark indices gained around 1.6 per cent to settle at record high levels on Monday.  

The S&P BSE Sensex rallied 704 points, or 1.68 per cent to end the day at 42,597 levels. In the intra-day deals, the index hit a high of 42,645.33 levels. NSE's Nifty index, too, surpassed its previous high of 12,430.5 to settle at 12,461, up 198 points, or 1.61 per cent.

ICICI Bank, HDFC Bank, Infosys, and Reliance Industries (RIL) were the major contributors to the Sensex's gain today. Of 30 constituents, 27 advanced and three declined. 

The broader market, however, underperformed the headline indices. The S&P BSE MidCap index gained 1 per cent to 15,560 levels and the S&P BSE SmallCap added 0.57 per cent to 15,305 levels. 

Among sectoral indices on the NSE, all the indices advanced while Nifty Media remained unchanged. 

Global markets

World stocks hit a record high on Monday and the dollar stayed weak as expectations of better global trade ties and more monetary stimulus under US President-elect Joe Biden supported risk appetite. 

E-mini futures for the S&P 500 jumped more than 1.4% on Monday. MSCI’s broadest index of Asia Pacific shares outside of Japan jumped 1.3% after hitting its highest since January 2018. European stocks, too, rallied in the trade. 

In commodities, oil prices rose more than 2 per cent, with Brent futures topping $40 a barrel. 

(With inputs from Reuters)

4:11 PM

MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial services

"Firm global cues and a clear majority to favorite democrats party in the US election took main benchmark indices to all-time high. The rally in the domestic market was also led by Banking and Finance stocks on improved business outlook post Q2 results, end to the moratorium, and bounce back of economic activities. The broader market has shown underperformance compared to headline peers as investors feel safer chasing heavyweights during high market levels. We expect more stimulus measures are required to boost the economy and announcements regarding the same from the government is expected in the near future that can further accelerate our domestic market."

3:43 PM

MARKET AT CLOSE | Gainers and losers on the BSE Sensex

3:42 PM

SECTOR WATCH

3:36 PM

CLOSING BELL

The S&P BSE Sensex surged 704 points, or 1.68 per cent at 42,597 levels while NSE's Nifty ended at 12,461, up 197.5 points, or 1.61 per cent.

3:27 PM

IndusInd Bank hits over seven-month high; advances 33% in 6 days

Shares of IndusInd Bank hit an over seven-month high of Rs 777.80, up 5 per cent on the BSE on Monday. The stock of the private sector lender was trading higher for the six straight trading session and has rallied 33 per cent during the period. It was quoting at its highest level since March 13, 2020. READ MORE 

3:13 PM

BROKERAGE VIEW | ICICI Securities on Glenmark Pharma

Despite facing Covid-related challenges in Q2FY21, the company reported a stable topline while EBITDA was higher mainly on account of reduced travel & promotional spend. Going ahead, the management expects margins to improve due to cost rationalisation measures and decline in R&D expenses as percentage of sales. Glenmark had earlier shelved API monetisation plan and plans to reduce debt through internal accruals, pipeline monetisation (ICHNOS) and divestment of non-core business. On the capex front, although things are looking a bit strained, the management expects some moderation. We believe reduction of debt, improvement in free cash flow and margins are key events to watch. We arrive at our target price of Rs 635 based on 14x FY23E EPS of Rs 45.2.

3:03 PM

PE deals score over REITs as realtors eye fast money, avoid listing hassles

While the REIT route has gained prominence, the promoters opted for private deals to get the cash fast and, at the same time, avoid the hassle of listing an REIT that would have taken more than a year, said promoters and capital market experts. RMZ sold 12.5 million square feet in assets to Canada-based Brookfield Asset Management for over Rs 14,000 crore, while Prestige Estates has signed an initial agreement to sell its office and malls to US-based Blackstone. READ MORE

2:58 PM

IPO ALERT :: Gland Pharma IPO subscribed 3% till 2:30 pm on Day 1

2:53 PM

HDFC Bank, ICICI Bank, and RIL top contributors to Sensex's 600-pt rally today

2:47 PM

Nifty at day's high

2:45 PM

Mutual fund AUMs rise to Rs 28.22 lakh crore in October 2020

The total mutual fund AUM as on October 31, 2020 reached to highest ever Rs 28.22 lakh crore while average AUM for Oct. 2020 was Rs 28.33 lakh crore due to rise in retail SIP contribution and surge in net flows in overall debt schemes, according to the October 2020 monthly data released by the MF Industry body, the Association of Mutual Funds in India (AMFI) earlier today. 
 

The mutual fund Industry witnessed an overall positive flows at Rs 98,575.96 crore in October 2020. 

(Source: AMFI press release) 

 

2:43 PM

Sensex surges 700 pts

2:42 PM

Life Insurers witness 32% growth in new business premiums in October

Life insurers earned NBP to the tune of Rs 22,776 crore in October FY21, compared to Rs 17,271.86 crore in the same period last year. In September, the NBP of life insurers was up 26.47 per cent at Rs 25,366.32 crore. NBP is the premium acquired from new policies for a particular year. READ MORE

2:34 PM

Top losers on the BSE at this hour

2:28 PM

Global economy to remain in tenuous position in 2021, says Moody's

In a new report, Moody's examined six key themes that will shape the credit environment in the year ahead: uneven recovery, policy challenges, rising debt levels, digital transformation, environmental impact and social trends.

 

"The vast policy support from the governments since the start of the crisis will propel a stronger economic recovery in advanced markets than in many emerging markets, and business and operating conditions will continue to be steadier for sectors that have more easily adapted to the pandemic-related disruption," said Moody's Associate Managing Director Elena Duggar. READ MORE