Markets add gains; Sensex surpasses 43K mark

Indian equity benchmarks added gains in afternoon session with Sensex and Nifty trading above 43000 and 12550 levels respectively, tracking a global market rally driven by Pfizer's progress in the development of COVID-19 vaccine amid persistent foreign fund inflow. Foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 4,548.39 crore on Monday, according to provisional exchange data. Sentiments perked up as the country's exports grew 22.47 per cent year-on-year to $6.75 billion in the first week of November, mainly driven by healthy growth in pharmaceuticals, gems and jewellery and engineering sectors. The exports during the first week of November last year was $5.51 billion. Among blue chip stocks, Bajaj Finance was top gainer trading up by around 7%, while Tech Mahindra was top loser down by around 5%. On the global front, Asian markets were trading mostly higher on hopes for progress toward a possible coronavirus vaccine that might allow the world to revive manufacturing, shopping and normal life.

The BSE Sensex is currently trading at 43089.36, up by 491.93 points or 1.15% after trading in a range of 42660.09 and 43118.11. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index lost 0.21%, while Small cap index was down by 0.23%.

The top gaining sectoral indices on the BSE were Bankex up by 2.96%, Capital Goods up by 2.70%, PSU up by 2.07%, Industrials up by 2.03% and Realty was up by 1.63%, while IT down by 3.47%, TECK down by 3.07%, Healthcare down by 3.05%, FMCG down by 0.94% and Telecom was down by 0.93% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 6.73%, Indusind Bank up by 6.28%, Larsen & Toubro up by 5.05%, Bajaj Finserv up by 4.71% and SBI was up by 4.62%. On the flip side, Tech Mahindra down by 4.72%, HCL Tech down by 4.37%, Infosys down by 4.09%, Nestle down by 3.18% and TCS was down by 2.20% were the top losers.

Meanwhile, Finance Minister Nirmala Sitharaman has supported expansion of the membership of New Development Bank (NDB), set up by India and other BRICS nations, and emphasized on the importance of regional balance. Participating in the 1st BRICS Finance Ministers and Central Bank Governors meeting under the BRICS Russian Chairmanship, she said that a consensus solution will play an important role in ensuring fairness, equity and sustainability of tax systems.

Sitharaman observed that the G20, of which all BRICS countries are members, has delivered some very significant initiatives this year including the G20 Action Plan in response to COVID-19 which has provided broad guidance to navigate a collective global response to the crisis. Additionally, she said the G20 Debt Service Suspension Initiative ensured immediate support to address the liquidity needs of low-income countries. She noted that BRICS members have played an important role in ensuring that concerns of emerging economies are appropriately reflected in these initiatives.

Brazil, Russia, India, China, South Africa, which make up for the BRICS group, are currently the members of the NDB. The agenda of the meeting included discussions on the outcomes of G20 Saudi Presidency in 2020, a digital platform to encourage infrastructure investments and expansion of the membership of the New Development Bank.

The CNX Nifty is currently trading at 12585.50, up by 124.45 points or 1.00% after trading in a range of 12475.25 and 12598.35. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were Bajaj Finance up by 6.74%, Indusind Bank up by 6.43%, Larsen & Toubro up by 5.02%, Bajaj Finserv up by 4.73% and SBI was up by 4.72%. On the flip side, Cipla down by 5.75%, Tech Mahindra down by 4.81%, HCL Tech down by 4.32%, Infosys down by 4.08% and Nestle was down by 3.78% were the top losers.

Asian markets were trading mostly in green, Nikkei 225 surged 65.75 points or 0.26% to 24,905.59, KOSPI rose 5.63 points or 0.23% to 2,452.83, Straits Times advanced 69.37 points or 2.66% to 2,678.73, Hang Seng increased 128.48 points or 0.49% to 26,144.65 and Jakarta Composite was up by 85.91 points or 1.6% to 5,441.92. On the other hand; Taiwan Weighted dropped 45.75 points or 0.35% to 13,081.72 and Shanghai Composite was down by 20.88 points or 0.62% to 3,352.85.