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Home >Markets >Stock Markets >Sensex hits 42,500 for first time, Nifty surges to record high: 10 updates

Indian stock markets hit a new high today tracking a global rally. Sensex rose over 600 points to 42,534 while Nifty advanced to 12,445, overtaking their January highs. All the 30 stocks in Sensex traded in the green. Among the Sensex stocks, ICICI Bank, HUL, HDFC Bank and Infosys were up between 1.5% and 3%. The market breadth also remained strong with BSE midcap and smallcap indices rising about 0.75% each.

"Strong support lies at 12100 and if the Nifty crosses 12500 we can expect it to climb towards 12650," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

Here are 10 updates from stock markets:

1) Asian shares and US futures rose today on relief the US presidential election results were finally decided, with Joe Biden the president-elect.

2) Most market participants are hoping the Biden regime would spell good news for Indian companies, especially IT, and domestic financial markets.

3) Strong Chinese trade data released over the weekend also helped. Many in the region expect trade tensions to de-escalate under a Biden presidency. However, President Donald Trump’s refusal to concede and threats of legal action remain a cause for uncertainty.

4) Foreign institutional investors have been strong buyers of Indian equities this month.

5) In previous two sessions, they bought Indian stocks worth over 10,000 crore.

6) "The recent global rally had been built on the assumption of Biden winning the White House and Democrats controlling the House of Representatives, while Republicans are forecast to retain control of the Senate. Investors are hopeful that a split in Washington would likely thwart major tax increases on large companies as well as other sweeping policies feared by investors," HDFC Securities said in a note.

7) "Q2 results from Indian corporates are better than expected that may lead Indian markets to outperform for some time," the brokerage said.

8) In India, counting of votes for the three-phase Bihar assembly polls, which ended on Saturday, will be held on November 10.

9) Coming back to domestic factors, investors will also focus on industrial production and inflation data, scheduled to be announced on Thursday.

10) The nearly 6,500 crore IPO of Gland Pharma opens today and will close on Wednesday. This will be biggest initial public offering by a pharmaceutical firm in India, according to Bloomberg.


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