Stock market touches new high

Our Correspondent

The stock market is climbing to new heights. For the second day in a row, the stock market was seen setting a record. The Nifty and the Sensex hit all-time highs on November 9, and hit all-time highs on November 10.

The Nifty has climbed to 12,643 points. The Sensex closed at 43277.65 points and the Nifty closed at 12,631 points. The Sensex was up by 680 points and the Nifty by 170 points.

The Indian market today is a reflection of the progress made in the US market on November 9. Pfizer’s revelation that the COVID vaccine is 90 per cent effective has accelerated the stock market’s momentum. Reports on the Bihar election results had led to a slight fluctuation in the morning market. Later, the market rebounded as there were indications that the ruling NDA was moving towards a majority.

This is for the seventh day in a row that the market has advanced. Banking stocks, as in recent days, have been the major contributors to this move. The Nifty Bank Index was up 3.89 per cent. At the same time, IT and pharma stocks declined. The Nifty IT index was down 3.86 per cent and the Nifty Pharma index was down 4.33 per cent.

Shares of Bajaj Finance, IndusInd Bank, L&T, Bajaj Finserv, SBI and HDFC gained over 5 per cent.

The majority of Nifty stocks traded higher on the day. Out of the 50 stocks in the Nifty, 32 gained while 18 lost. Shares of the loss were strong. Tech Mahindra, Cipla, HCL Tech, Divis Lab and Nestle India were the top five losers in the Nifty. Tech Mahindra, Cipla and HCL Tech lost over 5 per cent.