Domestic stock markets were seen surging once again on Tuesday morning, hitting fresh highs.Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices climbed to fresh all-time highs on Tuesday morning. S&P BSE Sensex opened at 42,959 points while Nifty 50 for the first time in history opened above 12,500 mark. Aiding the rally were strong global cues and financial stocks that continue to march higher. ICICI Bank and HDFC were the top gainers on Sensex. IT firms were the top drags, with Tech Mahindra, HCL Technologies, and Infosys all trading with losses. Asian markets were mirroring global trends on Tuesday morning, with Hang Seng up over 1%, followed by Japanese equity markets. Shanghai Composite and KOSDAQ were trading in the red.
On Monday, Pfizer and BioNtech said that a vaccine prepared by them for the coronavirus prevented more than 90% of infections in a study of tens of thousands of volunteers. The news was well received across the globe. Although the trial data will need to be studied by experts and reviewed by peers, initial results seem positive. If all goes well the vaccine could still take months to be delivered across the globe. However, the positive news flow has given bulls a good enough reason to take indices higher.
Highlights
Sensex opened on a new all-time high of 42,959 points but it did not stop there. After a brief fall from highs, the benchmark index moved higher to top 42,979 a fresh high.
We still have an open target of 12650-12700 which the Nifty is capable of achieving during the current series. If we are able to sustain that, the index could go ahead and achieve 13000 too. We have good support at the 12100 level: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
As the global sentiments are supported with optimism, losses in the Rupee caused by domestic updates shall remain limited to 74.20-74.50 levels. Also, foreign inflows in the Indian capital markets have remained robust, further supporting the rupee and preventing a dramatic weakness. Broadly, the pair is likely to remain in the broad range of 73.00-75.00 levels and as the larger trend is on the appreciation side, upticks between 74.00-74.50 levels can be taken as selling opportunity: Amit Pabari, managing director, CR Forex Advisors
Pfizer share price zoomed 19.5 per cent to scale to a fresh 52-week high of Rs 5,875 apiece on BSE, after the company along with German drugmaker BioNTech SE said that their vaccine candidate was found to be more than 90 per cent effective in preventing COVID-19, based on initial data from a large study. The stock has rallied 63.73 per cent from its March low of Rs 3,588.15 apiece. The COVID-19 vaccine news fueled a rally across global stock markets. Pfizer also indicated that the company is on track later this month to file an emergency use application with US regulators.
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"We still have an open target of 12650-12700 which the Nifty is capable of achieving during the current series. If we are able to sustain that, the index could go ahead and achieve 13000 too. We have a good support at the 12100 level," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Stocks of pharmaceutical company Pfizer jumped 19.8% on opening as investors reacted to the news of a possible coronavirus vaccine produced by the US-based Pfizer Inc.
Sensex opend at 42,959 points, marking it the first time in history that the index has reached that level. Nifty 50 too made history by opening above 12,500 for the first time ever.
Sensex was trading with gains in the pre-open session and so was Nifty 50. Although down from their initial highs, both benchmark indices were comfortable in the green.
S&P BSE Sensex jumped over 300 points in the pre-open session on Tuesday morning following strong global cues. Nifty 50 was above the 12,600 mark. Pfizer and BioNtech's coronavirus vaccine news has lifted spirits across the globe, aiding bullish bets.
A total of 532 listed companies including GAIL India, Mahindra & Mahindra, Hindalco Industries, Tata Power, Bata India, Century Plyboards, Exide Industries, GMR Infrastructure, Minda Industries, Motherson Sumi Systems, Info Edge India, NCC, NMDC, Raymond, RITES, Shalimar Paints, Sintex Industries, Suzlon Energy, Symphony, TeamLease Services, TTK Prestige, and VST Tillers Tractors are scheduled to announce their July-September quarterly earnings today.
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Domestic equity market benchmarks BSE Sensex and Nifty 50 are set to open higher on Tuesday, taking cues from their global peers. In the previous session, headline indices closed near to their all-time highs. A host of factors such as optimism around COVID-19 vaccine trial results, counting of votes for Bihar Assembly, quarterly earnings, oil prices, rupee trajectory and other global cues will keep the investors busy today. Analysts expect markets to extend their gaining momentum into the seventh session.
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November series is seeing maximum Put OI at 12,000 strike with 27.35 lakh contracts. 11,500 strike carries 25.01 lakh contracts.
For the November series, maximum call option Open Interest (OI) is placed at 13,000 strike with 18.45 lakh contracts, followed by 12,500 strike with 15.34 lakh contracts.
ITC’s standalone net sales were up 0.9% y-o-y, while Ebitda/PAT declined by 11%/19.7% y-o-y, respectively. Sales were 7.6% ahead of consensus, while Ebitda/PAT were largely in line with consensus expectations. This strong revenue beat was largely driven by the strong underlying performance of the FMCG-Others business, which grew by 18% y-o-y on a comparable basis and delivered significant margin expansion, leading to 66% segment Ebitda growth, which in our view is the key highlight of the result.
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Domestic investors will also keep eyes on the crucial Bihar election results today. Exit polls give the RJD led alliance an edge. "Exit polls indicate the possibility of hung assembly in Bihar. This is bit sentimental negative for the markets. We should watch out for Spirit (liquor cos) as there is a possibility of lifting the ban in the state if there is a non NDA Chief Minister," said Hemang Jani, Head – Equity Strategist, Motilal Oswal Financial Services.
The clearest sign yet of progress on a Covid-19 vaccine is fueling a rally across global stock markets. A vaccine being developed by Pfizer Inc. and BioNTech SE prevented more than 90% of infections in a study of tens of thousands of volunteers. The preliminary findings surprised scientists about the possible effectiveness of a vaccine and fueled speculation among investors that there could be a path out of the pandemic. The strongest gains in the market were among small-cap stocks, which have been hit hard by the economic toll of lockdowns. Futures on the Russell 2000 Index of small-cap stocks jumped 7% and S&P 500 contracts rose 4.2%. Nasdaq 100 Index futures pared gains, but were still up 0.5%.
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