Nifty rises to record on vaccine optimism

#GS3 #ECONOMY

  • Indian equity indices conquered new peaks, with the Nifty closing above the 13,000-level for the first time, as banking, FMCG and auto stocks saw heavy buying amid optimism over COVID-19 vaccine progress and unabated foreign capital inflows.
  • The 30-share BSE Sensex ended 445.87 points, or 1.01%, higher at a record 44,523.02, while the broader NSE Nifty climbed 128.70 points, or 1%, to close at 13,055.15.
  • Axis Bank was the top gainer in the Sensex pack, spurting 4.02%, followed by M&M, HDFC Bank, ITC, SBI, ICICI Bank, Maruti, Kotak Bank and Sun Pharma.
  • Market is inching higher with more confidence that the COVID-19 vaccine will be available in India soon.
  • It can provide an advantage to India compared to the rest of the world. 
  • Foreign inflows have already broken to a new high on a monthly basis, due to risk on strategy on healthier emerging markets like India.
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