Sensex, Nifty Hits New Lifetime High; Laksmi Vilas Bank Sinks Over 8%

As the outcome of the US Presidential election results is clear now with the victory of Democrat candidate Joe Biden, Indian indices tracking gains on the SGX Nifty of over 1% has opened higher with Nifty close to lifetime highs of 12430 at 12419, up 1.24%, while Sensex was up 1.27% or 550 points at 42423 in early trade. But soon, respective indices hit their record highs with Nifty clinching levels of 12451.7 and Sensex rallying to 42566.34.

Asian stocks too are overwhelming with Japan's Nikkei at the time of writing this report up 1.95%, Korea's Kospi and Hong Kong's Hang Seng up 1.31 and 1.37 percent, respectively.

Primarily, the gains have been led due to uptick in banking and IT stocks which is imminent from gains of over 2% on Bank Nifty and Nifty IT which is up by 1.2%.

It was widely anticipated that in tandem with gains in global indices, benchmark indices may hit lifetime highs in the trading session today.

Shares in Lakshmi Vilas Bank plummeted as much as 8% to day's low of Rs. 14.3 per share as the bank in its Q2 earnings reported widening in its net loss to Rs. 397 crore owing to a rise in bad loans and provisions.

ITC shares gained close to 2 percent after the company's profitability year on year took a drag with profit for the September quarter at Rs. 3232 crore. The company's FMCG business in the essential space saw a decent revenue growth of 25 percent but cigarette business disappointed with revenues declining 4% y-o-y.

India's biggest pharma IPO by Gland Pharma is open for subscription from today and is aimed at mopping up Rs. 6480 crore.

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