Markets Finance, FMCG Stock Spurt – Maintains Record Runs on Commentary Progress as Business News

Markets Finance, FMCG Stock Spurt – Maintains Record Runs on Commentary Progress as Business News

Domestic equity indices rose to new lifetime highs on Monday as investor sentiment accelerated after Pfizer and Serum Institute applied for the Emergency Use Authority for Kovid-19 vaccines in India.

Strong buying in finance, FMCG and banking counters compensates for weak global cues and depreciation rupee. For the third straight session, the 30-share BSE Sensex rose 347.42 points or 0.77% to its latest closing peak of 45,426.97, after touching a record intra-day level of 45,426.92.

Similarly, the NSE Nifty rose 97.20 points or 0.73 percent to an all-time high of 13,355.75. It touched its record intra-day peak of 13,366.65 in early trade. The Nifty has now set lifetime highs for five straight seasons.

Hindustan Unilever (HUL) jumped 3.09% in the Sensex pack, followed by Bharti Airtel, HDFC, ITC, IndusInd Bank, SBI, Sun Pharma, ONGC, Tech Mahindra, L&T and ICICI Bank.

On the other hand, Kotak Bank, Nestle India, Tata Steel, Bajaj Finance and HDFC Bank fell by 1.37%.

Vaccine major Serum Institute of India (SII) said on Monday that it has applied to the Drugs Controller General of India (DCGI) for emergency use authorization for the AstraZeneca-Oxford Kovid-19 vaccine in the country.

Earlier on Saturday, after receiving such approvals in the UK and Bahrain, the Indian arm of US pharmaceutical giant Pfizer became the first company in India to get similar approval from India’s drug regulator for its coronavirus vaccine.

“The news of progress by FIIs in the Kovid vaccine and healthy flow helped the markets continue upward. We are seen buying interest on every dip due to rotational participants in sectors. Technically, the Nifty can face a barrier around 13,450. The stock-specific trading approach has been yielding decent returns so far and we suggest continuing with the same. Also, keep a close eye on global markets and upcoming domestic macro data. Ajit Mishra, VP – Research, Religare Broking.

BSE Telecom, FMCG, Healthcare, Oil & Gas, Industrial, Tech and Capital Goods indices climbed to 2.78%, while consumer durables and realty closed with losses. Broader BSE midcap and smallcap indices gained up to 1.30%.

Global equities clashed as new tensions between the US-China and market sentiment did not materialize. In Asia, bounces in Shanghai, Hong Kong and Tokyo ended in red, while Seoul ended with a profit.

Stock exchanges in Europe were largely traded with losses in early deals.

Meanwhile, global oil benchmark Brent crude futures slipped 1.02% to USD 48.75 a barrel. The rupee fell 10 paise to close at 73.90 against the US dollar amid a strong fall in overseas markets.

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