Sensex Rises 704 Points, Nifty At 12,461 As Markets Soar To Record Closing Highs

Share Market Latest Updates: Democrat Joe Biden was declared the winner within the US election.Domestic stock markets surged to record highs on Monday as Joe Biden’s win within the US presidential election lifted broader Asian shares. The S&P BSE Sensex index jumped 752.27 points – or 1.80 per cent – to the touch an all-time high of 42,645.33 during the session, and therefore the broader NSE Nifty 50 benchmark climbed to a record 12,474.05, up 210.5 points – or 1.72 per cent – from its previous close. Broad-based gains – led by banking, financial services, IT and pharmaceutical shares – pushed the markets higher.

The Sensex ended 704.37 points – or 1.68 per cent – higher at 42,597.43, and therefore the Nifty settled at 12,461.05, up 197.50 points – or 1.61 per cent from its previous close. Those recorded the very best closing levels for both indices.

Divi’s Laboratories, Bharti Airtel, IndusInd Bank, ICICI Bank and Axis Bank, closing between 4.78 per ent and 5.49 per cent higher, were the highest gainers within the Nifty basket of fifty shares. On the opposite hand, Cipla, Adani Ports and Maruti Suzuki – closing 3.06 per cent, 1.29 per cent and 0.62 per cent lower – were the worst hit among the seven laggards within the index.ICICI Bank, HDFC Bank, Infosys and Reliance Industries were the highest contributors to the gain in Sensex.

The Nifty IT index – which tracks stocks of 12 major IT companies – closed 1.53 per cent during the session, led by Infosys and TCS.
Mr Biden passed the edge of 270 body votes needed to capture the presidency. US President Donald Trump is weighing legal challenges and has thus far refused to concede.

Optimism round the ongoing corporate earnings season continues to support the markets, consistent with analysts. Divi’s Labs rose 5.49 per cent after the drug maker reported a better quarterly profit, boosting the Nifty Pharma index.Analysts say rising number of COVID-19 cases still keep markets cautious.

The initial snap back recovery has been strong however the sustainability remains unsure with rising cases globally and reduced firepower with governments and central banks after they came out strongly after the primary wave of infections broke out,” Sandip Sabharwal, a Mumbai-based investment advisor and fund manager, told NDTV.

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