Sensex wipes out 2020 deficit with 724-point jump; Global market rally among US pole gridlocks – Business News

Sensex wipes out 2020 deficit with 724-point jump; Global market rally among US pole gridlocks – Business News

Equity benchmarks rose to a nine-month high on Thursday after buying in global markets, despite uncertainty following the results of US markets. Rally for the fourth straight session, the BSE Sensex gained 724.02 points or 1.78 percent to close at 41,340.66 points. The benchmark has closed above the 41,000 level for the first time since mid-February this year.

The SENSEX has also wiped out all losses for the 2020 calendar year. It closed at 41,306.02 on January 1, 2020. Similarly, the NSE Nifty rose 211.80 points or 1.78 percent to close at 12,120.30. All Sensex components led by banking, finance, energy, IT and metal counters closed in the green. SBI was the top gainer, up 5.63 percent following strong Q2 results.

Tata Steel, IndusInd Bank, Bajaj Finance, Bajaj Finserv, HCL Tech, Asian Paints and Titan were the other major winners, rising by 5.34 percent. There have been high indications among global equations that Democratic Party nominee Joe Biden may be involved in US presidential elections, with even Republicans likely to retain their slim majority in the Senate.

Meanwhile, the Trump campaign has moved the court over the ballot counting process in battlegrounds such as Pennsylvania and Michigan, increasing the chances of contesting elections. Investors under the potential Biden presidency are expecting less confrontational trade policies with China and other countries, while the Republican-controlled Senate will block measures such as higher taxes or stricter regulations, analysts said.

“The domestic market moved in tandem with the global market and reached an 8-month high, in the hope that the US presidential election was running in favor of the Democratic Party.

“Further, investors are expecting new supportive measures from the ongoing Fed policy meeting, keeping rates unchanged. A season of positive results and rising earnings from overseas markets will help the market maintain its optimism, ”said Vinod Nair, head of research at Geojit Financial Services.

Barring realty, all BSE sectoral indices ended with gains on metal (4.43 per cent), oil and gas (3.19 per cent), basic material (2.57 per cent), energy (2.39 per cent) and banks (2. per cent).

The BSE midcap and smallcap indices jumped 1.74 per cent. Elsewhere in Asia, nutrition ended in Hong Kong, Shanghai, Seoul and Tokyo with significant benefits.

Stock exchanges in Europe were also trading on positive notes in early deals.

The rupee closed at 74.36, a rise of 40 paise against the US dollar in the foreign exchange market.

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