Nifty Regains 12000 Levels; Indices Back To Pre-Covid High

Benchmark indices opened the day with gains on positive global cues and extended their rally with Nifty surpassing 12000 levels for the first time since February. At the time of writing this report, Nifty was up by 0.58% at 12190 while Sensex was up 280 points at 41624. Nifty was last up above 12000 points on February 20, 2020.

Noticeably, on March 23,2020, on global market rout due to the Covid 19 pandemic, Nifty hit a low of 7583 but since then has moved higher by a whopping over 60 percent.

Notably in its two day FOMC meet, the US Federal Reserve has committed to continue with its loose monetary policy to back the Covid-19 battered US economy.

Nifty Regains 12000 Levels; Indices Back To Pre-Covid High

Heavyweight Reliance Industries was the top gainer in trade today on raking in yet another investment in its Retail arm. Shares of RIL gained close to 3% in trade today to hit Rs. 2013.75 per share on the BSE. Other heavyweight stocks pushing the indices higher include Bajaj Finerv and HDFC which were also up 1%. Broader indices also were up in the session with Nifty midcap up almost 1% in trade.

Other Nifty gainers in trade today include Tata Motors, Bajaj Auto, M&M and Titan Company. While losers from the 50-stock NSE pack include Power Grid, Dr. Reddy's Lab, Kotak Mahindra, Nestle and Axis Bank.

Asian equities however were mixed as US poll outcome is awaited. Japan's Nikkei was up 0.88% while Straits Times and Hong Kong's Hang Seng was down 0.57% and 0.18%, respectively.

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