Indices end at record high for 2nd day, Sensex gains 680 pts, tops 43K

All that happened in the markets today.

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. 

Global markets

Most Asian share markets 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.

(With inputs from Reuters)

4:04 PM

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

"The global financial markets experienced a wave of euphoria over the potential breakthrough in coronavirus vaccine development. Indian indices moved in sync with global peers touching fresh highs with continued support from banking stocks while IT and Pharma sectors witnessed heavy sell-offs. An uptick in beaten-down stocks and sectors were visible today viewing hopes of recovery in the business. The existing momentum can sustain on vaccine development, the domestic stimulus package, consistent FII inflows, and bounce in globalisation post the Biden victory. However, temporary correction due to profit-booking cannot be ruled out because the market is highly optimistic that the vaccine development will rapidly improve the ground reality."  

3:43 PM

SECTOR WATCH | Nifty IT and Nifty Pharma end in the red

3:42 PM

MARKET AT CLOSE | Gainers and losers on S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex rallied 68 points, or 1.6 per cent to end at 43,278 levels while NSE's Nifty ended at 12,631, up 170 points, or 1.36 per cent. 

3:27 PM

MARKET CHECK

3:19 PM

M&M Q2 net plunges 88% to Rs 162 cr on sharp contraction in auto segment

Net profit at 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, Mahindra and Mahindra said in a stock exchange notification. READ MORE 

3:10 PM

YES Bank hits 5% upper circuit as CARE upgrades debt instrument rating

Shares of YES Bank were locked in 5 per cent upper circuit for second straight day at Rs 13.54 on the BSE on Tuesday after rating agency CARE upgraded the ratings, with stable outlook, assigned to the bank's debt instruments on the back of heavy volumes. Till 02:48 pm, a combined 88 million shares had changed hands and there were pending buy orders for around 47 million shares on the NSE and BSE, exchanges' data show. In comparison, the S&P BSE Sensex was up 1.4 per cent at 43,191 points. READ MORE

2:58 PM

Sensex trades over 600 pts higher

2:54 PM

Gold ETFs post seventh straight month of inflows in October

Gold ETFs saw inflows for the seventh straight month in October, taking total flows this year to Rs 6,341 crore. Flows in October moderated to Rs 384 crore from Rs 597 crore seen in previous month. According to experts, gold functions as a strategic asset in an investor’s portfolio, given its ability to act as an effective diversifier, and alleviate losses during tough market conditions and economic downturns. READ MORE

2:48 PM

BUZZING STOCK | UBL trades over 9% higher

2:40 PM

Larsen & Toubro shares advance 6%, hit over seven-month high

In the past four trading days, the stock has risen 9 per cent after L&T said the ordering activity in Infra relatively strong despite pandemic concerns, power generation and hydrocarbon muted. The company saw sequential improvement in ordering momentum in infrastructure segment in September quarter (Q2FY21); encouraging prospect pipeline. The execution picks up in Q2 on the back of higher work force availability and supply chain normalization, it said. READ MORE 

2:34 PM

Azim Premji tops EdelGive Hurun India Philanthropy list 2020

Azim Premji, the 75-year-old former chairman of Wipro has been the most generous philanthropist in India for 2020 with a donation of Rs 7,904 crore, as per EdelGive Hurun India Philanthropy List 2020 unveiled Tuesday. READ MORE 

2:27 PM

European indices mixed in early deals

2:16 PM

Oaktree revises its bid for DHFL upwards, now offers Rs 33,000 cr

In its earlier bid, Oaktree had offered to pay Rs 15,800 crore for the entire company, payable after seven years. The new offer will also include deferred payments linked to the milestones achieved by the company. Unlike other bidders – Piramal Enterprises, Adani group and SC Lowy, Oaktree has offered to take over the entire company while the others have bid only for particular assets. READ MORE

2:05 PM

Sept Quarter Result | GAIL clocks profit of Rs 1,240 crore

>> Revenue at Rs13,644 crore

>> EBITDA at Rs 1,338.2 crore