In line with the overnight rally in the US stocks and upbeat Asian markets on vaccine optimism, Indian indices on expected lines started off Tuesday's session (November 10, 2020) with a gap-up opening. Nifty opened above 12500, while Sensex was up 0.29% or 134 points at 42731.69.
Nifty Bank was also up 1.72%. Banking stocks have been contributing to the gains in the benchmark indices for last few days. And as per a latest CARE Ratings report, as against expectations, the ratio of GNPAs at banks has declined sequentially to 7.7 per cent in September ended quarter as against 8.2 per cent in June and 7.9 percent in March ended quarter of 2020.
Heavyweight Reliance Industries also pushed the indices higher after the company received the subscription amount from PIF amounting to as much as Rs.9555 crore. Shares in the conglomerate company rallied over 1% to trade at day's high of Rs. 2075.5
Pfizer stock also rallied 20% to day's high of Rs. 5900, but later pared gains. This is after the company late Monday said its last stage vaccine trial is about 90% effective in preventing the Covid 19 disease.
TCS shares traded weak by close to 2% on the acquisition news of Postbank Systems from Deutsche Bank.
Coal India shares also were weak even as the company is said to consider buyback of shares in its board meet scheduled for November 11. The buyback at a higher price than current market price, will signal the company's confidence in its business line and boost investor sentiment. The stock of PSU mining and minerals company has been under-performing for quite some-time.
Meanwhile, Asian markets continued to trend higher with Japan's Nikkei scaling to its 29-year high with gains of 1.5%, Hong Kong's Hang Seng was also up 0.93% while Straits Times traded higher by a whopping 2.89 percent at the time of writing this report.