Sensex Ends 504 Points Higher As Markets Extend Gains To Second Straight Day

Domestic share markets registered sharp gains on Tuesday on signs of a recovery in the economy after coronavirus-led disruptions, amid strong buying interest in banking and financial services stocks. The S&P BSE Sensex index rose 597.15 points - or 1.50 per cent - to 40,354.73 during the session, and the broader NSE Nifty 50 benchmark surged to as high as 11,835.20, up 166.05 points - or 1.42 per cent - from its previous close. Automobile and metal shares also supported the markets, however weakness in energy stocks limited the upside. .The Sensex ended 503.55 points - or 1.27 per cent - higher at 40,261.13 and the Nifty settled at 11,813.50, up 144.35 points - or 1.24 per cent - from its previous close. (Track Sensex, Nifty).ICICI Bank, Hindalco, State Bank of India, Power Grid and HDFC, closing between 3.93 per cent and 6.72 per cent higher, were the top gainers in the Nifty basket of 50 shares. On the other hand, UPL, NTPC, Reliance Industries and Nestle - closing 1.14-6.61 per cent lower each - were the top laggards in the index..ICICI Bank, HDFC, HDFC Bank and SBI were the biggest contributors to the gain in Sensex..The country's factory activity expanded at its fastest pace in over a decade in October, a private survey showed. The expansion was led by a combination of festive season and pent-up demand, despite fiscal expenditure being rather subdued through the pandemic, HSBC analysts said..The data was in line with strong numbers from other major world economies, boosting Asian markets. MSCI's broadest index of Asia-Pacific shares outside Japan added 1 per cent..The Nifty Bank index - which tracks stocks of 12 major lenders in the country - closed 3.17 per cent higher, led by heavyweights HDFC Bank, SBI and ICICI Bank, which rose 2.66-6.72 per cent each..Hopes of higher foreign inflows into domestic markets after MSCI said it would revise its global indices to reflect changes in the country's foreign ownership limits also lifted investor sentiment. MSCI said on Monday it would will implement changes in foreign ownership limits (FOL) in the MSCI global indices containing Indian securities in November..Morgan Stanley said in a note it expects the MSCI India index to see passive inflows of $2.5 billion following the changes. It also listed Kotak Mahindra Bank and IPCA Laboratories as potential inclusions to the index. MSCI India's weight in the emerging market index could also rise to 8.7 per cent from 8.1 per cent, it added..Equities in other Asian markets moved higher, with MSCI's broadest index of Asia-Pacific shares outside Japan last seen trading up 1 per cent, rising for a the second straight day and just 1 per cent shy of a two-and-a-half-year high struck in mid-October..Data showed US manufacturing activity accelerated more than expected in October, with new orders jumping to their highest in nearly 17 years, whereas Chinese factory activity expanded the fastest in a decade and euro zone manufacturing also sped up..Analysts said the prospect of no immediate winner in the presidential race was the biggest drag on markets. Mr Trump trails Mr Biden in national opinion polls, but polls in the swing states that will decide the election show a closer race.

Sensex Ends 504 Points Higher As Markets Extend Gains To Second Straight Day

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