Benchmarks zoomed to log fresh record highs; Sensex crosses 43,000 mark & Nifty 50 ends above 12,600 level

The equity benchmarks ended at record high levels on Tuesday, November 10, 2020, amid mixed global cues. The gains were led by banks and financial stocks. The BSE 30-share index, Sensex, crossed 43,000 mark while the NSE Nifty-50 index ended above 12,600 level.

The S&P BSE Sensex rallied 680.22 points or 1.60 per cent, to close at 43,277.65. The Nifty 50 index spurted 177.10 points or 1.36 per cent to settle at 12,638.15. Nifty Bank gained 1,071.90 points or 3.89 per cent to 28,606.

On the other hand, the broader market at BSE declined, underperforming the Sensex. The BSE Mid-Cap index slipped 0.1 per cent and the BSE Small-Cap index depreciated 0.48 per cent.

Sellers outpaced buyers. On the BSE, 1,243 shares rose and 1,467 shares fell. On similar lines, 32 shares advanced on Nifty 50 while 18 declined. The major gainers on Nifty block were Bajaj Finance (up 8.93 per cent), IndusInd Bank (up 7.29 per cent), Larsen & Turbo (up 6.85 per cent), Bajaj Finserv (up 5.96 per cent) and SBI (up 5.69 per cent). The losers were Tech Mahindra (down 5.73 per cent), Cipla (down 5.37 per cent), HCL Tech (down 5.01 per cent), Divi's Laboratories (down 4.49 per cent) and Nestle India (down 3.83 per cent).

COVID-19 Update

Total COVID-19 confirmed cases worldwide were at 5,09,13,451 with 12,63,089 deaths. India reported 5,01,214 active cases of COVID-19 infection and 1,27,059 deaths while 79,63,457 patients have been discharged.

Bihar Assembly Election Result Update

The National Democratic Alliance is surging ahead of the Mahagathbandhan in Bihar polls on Tuesday as the counting of votes for the 243 assembly seats is underway. After initial trends showed a close neck-and-neck contest between the two rival alliances, the incumbent Nitish Kumar-led Janata Dal United (JDU) and Bharatiya Janata Party (BJP) alliance seem to be leading in 129 seats, well above the halfway mark of 122.

China's Consumer Price Index

China's consumer price index rose 0.5 per cent in October from a year ago, according to data from the country's National Bureau of Statistics. The producer price index for China declined 2.1 per cent year-on-year in October, unchanged from a 2.1 per cent drop in September. China's consumer inflation threatens to drop below zero in coming months as pork prices reverse trend from last year's surge. The consumer price index rose 0.5 per cent in October from a year earlier, the slowest pace since late 2009 and the first time it has been below 1 per cent in more than three years, data showed. The median estimate in a survey was for a 0.8 per cent increase. Factory prices are already in deflation.