Domestic equity benchmarks Sensex and Nifty scaled new peaks on Tuesday, registering record closing highs for a second straight day. The S&P BSE Sensex index crossed the 43,000 mark for the first time ever, and the broader NSE Nifty 50 gauge surpassed 12,600, settling at 43,277.65 and 12,631.10 respectively as the market rally stretched to the seventh trading session in a row. US-based drug maker Pfizer's statement on Monday that its experimental COVID-19 vaccine showed over 90 per cent effectiveness based on initial trial results boosted global market sentiment.
The current rally is fuelled by clarity on the US elections as well as optimism around a COVID-19 vaccine leading to improved world economic outlook, according to analysts.
"The markets may not see big correction from here and in the medium to long term we see markets doing well," said Santosh Kumar Singh, head of research at Motilal Oswal Asset Management Company.
"In my view financials is still an area where good upside may be left with all the banks reporting better credit quality,” he added
