Nifty, BSE Sensex Close at Record Highs; Global Markets Up on Trump-Biden News

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Nifty, BSE Sensex Close at Record Highs; Global Markets Up on Trump-Biden News

By Aditya Raghunath -- Nifty and BSE Sensex closed at record highs on November 24 on the back of strong showing by banks, auto, metal, and pharma sectors. Nifty closed at 13,055.15 (up 1%), the first occasion that it has closed over 13,000. Sensex closed at a record 44,523 (up 1.01%).

Both indices have gained over 70% since the massive pullback in March 2020 when the pandemic threw the world into a spin. Today Bank Nifty gained 2.46%, led by RBL Bank Ltd (NS: RATB ) (up 6.02%), AXIS Bank Ltd (NS: AXBK ) and HDFC Bank (NS: HDBK ) (both up by over 3%), as well as SBI (NS: SBI ) and ICICI Bank (NS: ICBK ), stocks that rose 2.39% and 2.3% respectively.

Bosch Ltd (NS: BOSH ) (up 9.65%) led the auto index rally, followed by Eicher Motors (NS: EICH ) (up 3.52%) and M&M (NS: MAHM ) (up 3.05%). The pharma index was up 1.22% led by Aurobindo Pharma (NS: ARBN ) (up 3.95%) and Biocon (NS: BION ) (up 3.51%).

Global markets are trading in the green thanks to news that US President Donald Trump has agreed to give President-elect Joe Biden a smooth transition into the White House. U.S. stocks are also seen opening firmly higher Tuesday, continuing the recent positive tone as investors cheer the greater clarity of political transition in Washington, the nomination of Janet Yellen as Treasury Secretary as well as the continuing progress of Covid-19 vaccines through the development process.

Gold continues its muted fall to $1,820 (down 0.94%) and crude oil is up 1.11% to $43.54. As multiple vaccines are expected to hit the market, expect gold to fall further while oil prices rise.

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