Sensex Gains Close To 1%: Here's Why

In Monday's trade buoyed by news on the Covid 19 front, Asian markets started on a positive note and in line benchmark indices started the trade off with a positive start with Sensex above 39000 points. At 11:40 am, the Sensex traded with gains of 0.84% or 326 points at 39181, while Nifty was also led higher by 0.81% or 92 points to 11557.

Sensex Gains Close To 1%: Here's Why

Here are the pointers primarily pushing the markets higher today:

1. Multi-cap ruling by the SEBI is one trigger:

Recently, the SEBI vide a circular asked fund managers to deploy a minimum of 25% each in large, small and mid-cap funds which until now was mostly invested into large-cap stocks. The move is said to trigger the demand for small and mid-cap funds and stocks alike and hence the furore.

In today's session as many as 34 stocks from the BSE Small cap index touched their respective 52-week high.

2. IT stocks buzzing in trade today:

On anticipation of better recovery for the overall industry, IT stocks have also led the indices higher with some of the prominent names including the like of TCS, HCL, Mastek also recording their fresh 52-week high today.

3. RIL, HDFC continue to gain:

Heavyweight stocks had another good round in trade today. RIL rallied to its fresh high and its partly paid shares together now command a market cap of Rs. 16.5 trillion. And in coming time, technical charts suggest RIL to hit new highs of Rs. 3000 shares apiece. 

 

4. Astrazeneca resumes trial of Covid 19 vaccine candidate:

After the patient suffered on trial on Covid 19 vaccine candidate, Astrazeneca has again resumed its UK trial of the coronavirus vaccine, fuelling again early vaccine hopes against the deadly coronavirus.

"On 6 September, the standard review process triggered a voluntary pause to vaccination across all global trials to allow review of safety data by independent committees, and international regulators," AstraZeneca said.

5. Asian markets up:

Barring Straits Times, Asian markets at the time of writing this copy were up in trade with Hang Seng trading higher by 0.6% and Japan's Nikkei also up by over 0.6%.

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