Booster shot: Stocks at new highs again

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November 11, 2020 7:00 AM

The Nifty now trades at an expensive 20 times FY22 estimated earnings but low bond yields, both globally and at home, are expected to support valuations.

Gaining for the seventh straight session, the Sensex soared 680.22 points to close at 43,277.65 while the Nifty ended at its all-time high of 12,631.10, putting on 170.05 points.Gaining for the seventh straight session, the Sensex soared 680.22 points to close at 43,277.65 while the Nifty ended at its all-time high of 12,631.10, putting on 170.05 points.

Encouraging updates on a vaccine for Covid-19 from pharma major Pfizer, that buoyed the global sentiment on Monday, drove up Indian equities to new highs on Tuesday.

Gaining for the seventh straight session, the Sensex soared 680.22 points to close at 43,277.65 while the Nifty ended at its all-time high of 12,631.10, putting on 170.05 points.

The Nifty now trades at an expensive 20 times FY22 estimated earnings but low bond yields, both globally and at home, are expected to support valuations.

The better-than-expected pace of recovery, the promising Q2FY21 corporate earnings and abundant global liquidity have boosted investor confidence. Meanwhile, the rupee lost three paise against the dollar to close at 74.18 as the dollar appreciated overseas and crude oil prices edged up. Dealers said continuing foreign inflows into the equity markets supported the Indian currency.

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