Sensex closes above 44,000-mark first time ever

By: |
November 19, 2020 12:15 AM

The Sensex rose 227.34 points (0.52%) to close at 44,180.05. This is the first time that the index closed above the 44,000-mark.

HUL, HDFC bank, kotak mahindra, m cap, TCS, bharti airtel, HDFC bank, HUL m cap, ICICI Bank, Sensex, market newsThe major gainers on the Nifty Bank were Federal Bank, IndusInd Bank, SBI, RBL Bank and BoB, up by 6.63%, 5.91%, 5.1%, 3.72% and 3.58%.

The equity benchmarks scaled record highs for the third straight session on Wednesday, led by financials and automobile stocks. The Sensex rose 227.34 points (0.52%) to close at 44,180.05. This is the first time that the index closed above the 44,000-mark. The Nifty soared 64.05 points (0.50%) to close at 12,938.25. Firm global cues and unabated foreign fund inflows lifted the investor sentiment.

M&M was the top gainer in the Sensex pack, soaring 10.76%, followed by L&T, IndusInd Bank, Bajaj Finserv, SBI, Bajaj Finance, ICICI Bank, Kotak Bank and Axis Bank. Intraday, M&M rose to its 52-week high.

The major gainers on the Nifty Bank were Federal Bank, IndusInd Bank, SBI, RBL Bank and BoB, up by 6.63%, 5.91%, 5.1%, 3.72% and 3.58%.

The Nifty Bank rose 1.95% on Wednesday, and so far this month, it has risen by 19.51%. Between March 23 and September, the Nifty rose by 47.79% whereas the Nifty Bank was up by 26.8%. On the other hand, from March 23 till date, the Nifty Bank is up by 75.8% while the Nifty has risen by 70.01%.

In its report, Kotak Institutional Equities said, “Our preference for large private banks with superior liability franchise remains and largely emphasized by incoming data. The asset book construct on the retail is a lot more focused on the salaried segment where the impact of Covid-19 has been far lower. We expect their asset books to show lower impairment, and consequently are likely to come out of the Covid-19 cycle faster.”

Many market experts continue to have a cautious outlook. ICICI Securities said, “Given the outcomes post similar market environments seen during the peaks of 2000 and 2010, we remain cautious on the outlook for overall stock market performance. However, given the similarities with 2003 in terms of extreme risk aversion towards certain sections of the market (old economy, financials, PSUs, small caps, etc), bottom of the cycle PAT and GDP, weak industry credit and private capex cycle, we do not see traits of a full-scale bull market yet.”

Foreign portfolio investors (FPIs) on Tuesday bought stocks worth $654 million while domestic institutional investors sold stocks worth $510 million. FPIs have bought stocks worth $5.1 billion so far in November.

The futures and options segment on the NSE saw a turnover worth Rs 26.35 lakh crore and the cash market saw a turnover worth Rs 68,670.72 crore.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Sensex, Nifty tumble after reaching fresh highs, end deep in red; are bears returning to D-Street? 
2After NSE, BSE declares Karvy Stock Broking as defaulter, expels from membership
3NSE IFSC gets CFTC exemption for derivatives trade