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Nifty Ends At 12263, Sensex Gains 552 Points Led By Financials; RIL
Indian benchmark indices in the afternoon session in trade on November 6, 2020 extended early gains and settled higher for the fifth consecutive day. Nifty has now clinched 12000 levels, probably shedding all 2020 losses to reclaim pre-Covid highs. At the close, Nifty was up 1.18 percent or 143 points to 12263.55, while Sensex at the close settled higher by 552 points or 1.34 percent at 41893.
Financial and banking stocks primarily led today's rally as expectations of easing NPA pressure helped these sectors to make an upward move. Nifty Bank during the session gained close to 2%. "The banking industry looks in much better shape unlike what was feared, given the growing collection efficiency, adequate provisioning, and the fresh capital cushion lent to balance sheets," Yes Securities said
Other financial stocks that led the BSE's rally today are stocks such as Shriram Transport Finance, IndiaBulls Housing Finance, RBL Bank, Mannappuram Finance among others.
Among the top Nifty gainers were primarily stocks from the financial pack including Bajaj Finserv, IndusInd Bank, HDFC Bank, Kotak Mahindra Bank in addition to Reliance Industries.
Top losers on the Nifty stocks such Maruti Suzuki, Gail, Bharti Airtel, Asian Paints, UltraTech Cement among others.
Shares of heavyweight HDFC Bank hit a record high of Rs. 1310 shares apiece, gaining over 3 percent during the session.
Container Corporation of India shares were dragged as much as 8.5 percent as the transport and logistics' firm land licence fee dispute took a worse turn. As against the estimates of the company, the ministry of Railways imposed a higher fee to the tune of Rs. 1276 crore for 13 terminals. The company however posted better than expected Q2 numbers.
Meanwhile, while Asian markets were mixed as the US election counting is still underway with Nikkei ending at 3-decade high as Biden is close to occupy the White House. European markets were trading lower with German DAX, FTSE and French CAC all down in trade at the time of writing this report.
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