Tata Steel Helped Nifty Scale New Highs; Dow Futures Point to a Sluggish Start
By Aditya Raghunath
Investing.com -- Both major Indian Indices the BSE Sensex and Nifty ended at new highs today backed by metals and banks. The Sensex closed at 43,952.73 (up 0.73%) and the Nifty at 12,874.2 (up 0.74%). Bank Nifty was up 2.05% closing at 29,181.3, and the metals index closed 2.49% up thanks to a surge of almost 6% by Tata Steel (NS: TISC ) today.
Tata Steel rose on news that the company was in talks with Swedish steelmaker SSAB to sell its Dutch steel mill. Further, news of Moderna’s vaccine trials may have boosted the stock markets but it was a dampener for the pharma index that was down 0.69%, along with FMCG (down 0.14%) and IT (down 0.3%).
Investment bank Goldman Sachs (NYSE: GS ) revised its growth forecast for India upwards as it now predicts a 10.3% contraction in the country’s GDP for FY2021 compared to a contraction of 14.8% that it had predicted in September.
India has seen a massive slowdown in the number of COVID-19 cases in the last 24 hours, with cases rising the slowest since mid-July. Indian markets have gained over 10% this month as companies have reported better than expected results and the economy is slowly gathering pace.
European stocks lost steam from Monday with all three indices, FTSE , CAC, and DAX opening lower. The Dow Futures are also trading marginally lower on the last look.
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