There is a celebratory atmosphere in the stock market before Diwali. Sensex and Nifty have reached historic highs. The BSE Sensex has crossed the 43,000 level. The impact of Joe Biden's victory in the US election was clearly visible. The stock market has been closing rapidly for the last six trading sessions. At 1:48 pm, the Sensex was trading at a level of 43238.19 with a gain of 640.76 points (1.50 percent). The Nifty was at 12615.60 with a jump of 154.44 points (1.50 percent).
The stock market also changed with the twist in the trends
Counting of the by-elections in Bihar Legislative Assembly and states like Uttar Pradesh, Madhya Pradesh, Gujarat is going on. Meanwhile, the Indian stock market is witnessing ups and downs today. In early trade, the Bombay Stock Exchange's flagship index Sensex opened 212.75 points (0.50 percent) at 42810.18 level. At the same time, the National Stock Exchange Nifty started with a gain of 66.10 points (0.53 percent) at 12527.15. After this, from 9:30 am to 9:45 am, when the Mahagathbandhan was leading in 110 seats, the market fell slightly.
However, as soon as the NDA alliance gave a tough fight and took the lead in 125 seats, the market again took the lead. The Sensex gained 492.19 points (1.16 percent) to 43089.62 and the Nifty was up 128.20 points (1.03 percent) to 12589.20 at 11:04 am. At present, the counting of votes for the elections to 243 assembly seats of Bihar Legislative Assembly is going on. Trends have also changed along with the counting of votes.
The boom due to these factors
Global pharmaceutical company Pfizer has said that its Kovid-19 drug test has been more than 90 percent effective. The company's analysis analyzed 94 confirmed cases of coronavirus, with favorable results. Investors were also strengthened by this positive news about the Coronavirus vaccine. After the news of the vaccine, there was a spectacular view of the global market. European markets saw a jump of up to six percent. Apart from this, the US stock market also jumped four percent. This also affected the domestic market.
According to analysts, further market volatility will continue. Hence investors should be cautious. It is known that the index has recovered the entire loss in the year 2020. It closed at 41,306.02 on January 1, 2020.
Rupee up 10 paise in early trade
On Tuesday, the rupee strengthened 10 paise to 74.05 against the US dollar in the early stages of the intra-banking foreign exchange market as positive news about Kovid-19 and investor sentiment strengthened. According to foreign exchange dealers, the rupee also strengthened due to the continuous flow of foreign exchange in the market and the weakening of the US currency.