By Aditya Raghunath
Investing.com -- Ace investor Shankar Sharma tweeted today: We can now safely conclude that the stock market economy has nothing to do with the real economy.
This tweet came even as Nifty 50 and the BSE Sensex 30 rose 0.8% and 0.6% respectively to extend the markets’ rally for the fourth consecutive day. The second wave of the pandemic has surged, and multiple people have called for lockdowns. Automakers Maruti Suzuki India Ltd. (NS: MRTI ) and Hero MotoCorp Ltd (NS: HROM ) have extended their production shutdowns because of the pandemic. Britannia Industries Ltd (NS: BRIT ) has asked its sales staff to remain home and said that it will work harder to build up distribution again.
Today’s rally was led by metals and pharma stocks on the back of strong global cues. All sectors in the NSE ended in the green today. Nifty Bank gained 0.72%. Coal India Ltd (NS: COAL ) led the rally today, closing up 8.22%.
U.S. stocks are set to open mixed later, as the market struggles to interpret a surprisingly weak employment report from Friday. Early reactions had tended to the bad-news-as-good-news approach, giving more emphasis to the continuation of ultra-loose macro policy than to concerns about the mismatching of supply and demand in the labor market in a post-pandemic world.
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