ADVERTISEMENT
Sensex Rises 704 Points, Nifty At 12,461 As Markets Soar To Record Closing Highs
09 Nov 2020, 03:52 PM IST 
Stock Market Updates: Most of the Nifty companies have either beaten or met earnings expectations
- The Sensex ended 704.37 points - or 1.68 per cent - higher at 42,597.43, and the Nifty settled at 12,461.05, up 197.50 points - or 1.61 per cent from its previous close. Those recorded the highest 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 top gainers in the Nifty basket of 50 shares. On the other 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 in the index.
- ICICI Bank, HDFC Bank, Infosys and Reliance Industries were the top 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 threshold of 270 Electoral College votes needed to capture the presidency. US President Donald Trump is weighing legal challenges and has so far refused to concede.
- Optimism around the ongoing corporate earnings season continues to support the markets, according to analysts. Most of the Nifty companies have either beaten or met earnings expectations.
- Divi's Labs rose 5.49 per cent after the drug maker reported a higher quarterly profit, boosting the Nifty Pharma index.
- Analysts say rising number of COVID-19 cases continue to keep markets cautious.
- "The markets actually started recovering right in the midst of the COVID-19 cycle with an expectation of a V shaped recovery. The initial snap back recovery has been strong however the sustainability is still in doubt with rising cases globally and reduced firepower with governments and central banks after they came out strongly after the first wave of infections broke out," Sandip Sabharwal, a Mumbai-based investment adviser and fund manager, told NDTV.
- Meanwhile, MSCI's broadest index of Asia Pacific shares outside of Japan jumped 1.3 per cent, the highest since January 2018, after Democrat Joe Biden's election to the White House raised expectations of fewer regulatory changes and more monetary stimulus.
