Auction Spectrum News Drove Nifty Today; Dow Futures Higher on US Stimulus Talks

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Auction Spectrum News Drove Nifty Today; Dow Futures Higher on US Stimulus Talks
Credit: © Reuters.

By Aditya Raghunath -- Indian markets closed at record highs on Wednesday. Nifty gained 0.85% to close at 13,682.7, the first time it has closed over 13,650. BSE Sensex closed up 0.87% at 46,666.46. Metal and auto stocks led the rally today with the metal index closing up 1.79% and the auto index closing 0.98% higher.

Hindalco Industries Ltd. (NS: HALC ) was the top gainer on Nifty, ending up 2.84% followed by Bharti Airtel (NS: BRTI ) that closed up 2.8% and HDFC (NS: HDFC ) which gained 2.75%.

News about the government’s decision to auction spectrum after four years also drove the market rally today. The government announced that it would auction 2,251 megahertz of the spectrum by the end of FY2020-21, said Telecom Minister Ravi Shankar Prasad.

Indian markets were in line with other Asian markets where Nikkei 225 closed up 0.26% and KOSPI 50 gained 0.54% at the end of day’s trading.

European markets have opened higher on optimism with respect to the COVID-19 vaccine and progress of US stimulus talks. FTSE is trading up 0.93%, CAC is up 0.84% and Dax is up 1.6%. Crude oil is inching closer to $48 and is currently trading at $47.75, up 0.27%.

U.S. stocks are seen opening higher Wednesday, continuing the gains of the previous session, with lawmakers discussing another Covid relief package and the Federal Reserve set to conclude its latest policy-setting meeting.

US futures are all up with Nasdaq 100 Futures , Dow Jones 30 Futures and S&P futures up 0.34%, 0.29% and 0.28% respectively.

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