10.25 AM: Nifty hits record high, breaches 13,000-mark for the first time

India’s Nifty50 share index on Tuesday surpassed the 13,000 mark for the first time on the back of continued inflows from foreign investors. Hopes of faster than expected economic recovery, fuelled by covid-19 vaccine hopes, also boosted the investor sentiment.

The 50-share index opened at a fresh lifetime high of 13,002.60 points, while the 30-share BSE Sensex opened at 44,341.19.

Foreign investors bought shares worth $6.69 billion in November, biggest ever monthly purchase by overseas investors. So far this year, foreign investors have poured a net $12.77 billion into Indian equities.

So far in November, Sensex climbed 12% – highest gains since April 2020- while Nifty advanced 15.77%, recording biggest gains since May 2009.

AstraZeneca Plc on Monday said its covid-19 vaccine was found 90% effective. The vaccine stopped an average of 70% of participants from falling ill, an early analysis of the data show.

Globally markets were strong after General Service Administration acknowledged Biden as the apparent winner of the presidential election. Sentiments were also on upbeat after multiple news reports suggested that Biden plans to nominate former Federal Reserve Chair Janet Yellen to be Treasury secretary.

“Going ahead, the market is likely to be volatile as sentiments oscillate between fear of rising covid cases globally and optimism over vaccine progress. Investors would also closely watch out the development over the US stimulus talks where the hopes are fading. However, the overall structure of the market remains positive, as the economic activity continues to improve and covid cases continue to decline domestically, except for few regions”, said brokerage firm Motilal Oswal.

Ingersoll Rand India fell 5% after the company said its promoter Ingersoll Rand Inc. to sell up to 4.52% stake or 14.26 lakh shares through an Offer for Sale. The floor price of ?578.6 per share is a 12% discount to Monday’s closing price

AU Small Finance Bank rose 1.6% to ?883. The firm said it sold 4.46% stake in Aavas Financiers.

News Source:- Livemint

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