Sensex, Nifty Soar To Record Highs As Markets Resume Rally After A Day’s Pause Today (December 11, 2020)

Market Live: Sensex, Nifty Soar To Record Highs As Markets Resume Rally After A Day's Pause

Stock Market Updates: Analysts awaited macroeconomic data for near-term cues.

Domestic stock markets soared to record highs on Friday led by a surge in ONGC on the back of higher crude prices, with sentiment also supported by optimism over COVID-19 vaccines. The S&P BSE Sensex index rose 338.23 points, or 0.74 per cent, to touch 46,298.11 during the session, and the broader NSE Nifty 50 benchmark rose as much as 96 points to touch 13,574.30 — both all-time highs. Gains in energy, financial and metal shares supported the markets.

Here are 10 things to know about the markets today:

  1. At 1:04 pm, the Sensex traded 261.15 points or 0.57 per cent higher at 46,221.03, while the Nifty was up 75.35 points or 0.56 per cent at 13,553.65. Both indices were headed for the sixth weekly gain in a row. (Track Sensex, Nifty Here)

  2. Top percentage gainers in the Nifty basket of 50 shares were ONGC, GAIL, NTPC, Coal India and UPL, trading between 3.17 per cent and 9.98 per cent higher. On the other hand, Divi’s Laboratories, Eicher Motors, Adani Ports and Britannia, down 0.77-1.27 per cent each, were the worst hit among 11 laggards in the index.

  3. ONGC jumped more than 8 per cent to its highest level recorded since February 25, after Brent crude futures rose above $50 for the first time since March, as coronavirus vaccination rollouts kept hopes alive that demand for crude would build up next year.

  4. Reliance Industries, HDFC, ICICI Bank and SBI were the biggest boosts for Sensex, contributing more than 100 points to the gain in the index. (Also Read: Stocks To Watch Today)

  5. The markets have been riding on hopes of a fast recovery from the coronavirus-caused slowdown and also on foreign fund inflows.

  6. Agrochemical firm UPL, which slid 11 per cent on Thursday after a report that its promoters siphoned off money, gained 4 per cent on Friday. UPL has denied the report.

  7. Analysts awaited macroeconomic data for near-term cues. Data on factory activity will be released after market hours on Friday, and that on consumer inflation on Monday.

  8. Retail inflation likely fell to 7.10 per cent in November from 7.61 per cent in the previous month, but remained above the Reserve Bank of India’s target amid high food and petrol prices, according to a poll of economists by news agency Reuters.

  9. Asian markets moved lower as concerns about US stimulus and climbing COVID-19 cases weighed globally on optimism. MSCI’s broadest index of Asia Pacific shares outside Japan was down 0.26 per cent at the last count. Japan’s Nikkei 225 benchmark traded 0.54 per cent lower.  

  10. US Treasury Secretary Steven Mnuchin said negotiations over a new COVID-19 relief package were making “a lot of progress,” although lawmakers in both parties said action could take longer than originally hoped. Attention on the stimulus package grew sharper after new data showed the number of Americans filing first-time claims for jobless benefits jumped to a near three-month high, as spiking COVID-19 cases weighed on economic activity.


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