Sensex gains 200 points up, Nifty over 12,500 tracking positive global cues

Domestic markets opened up on Tuesday as they tracked positive world cues whilst votes had been being counted within the Bihar meeting elections, the place the National Democratic Alliance (NDA) and opposition Mahagathbandhan or Grand Alliance are in a direct contest.

The S&P BSE Sensex was up 212.75 factors or 0.50% to 42,810.18 in opening session whereas the NSE Nifty 50 index was at 8,889.15 up 0.11%. In the pre-opening session, Sensex rose 318 factors and Nifty had topped 12,556.

On Monday, home markets had closed at a report excessive as Democrat Joe Biden’s win within the US presidential election led to a weaker greenback, fuelling hopes for extra fund inflows into rising markets, with home IT shares gaining after a report stated the president-elect deliberate to ease coverage on work visas.

The Nifty closed up 1.61% and the Sensex index ended 1.68% greater. Both the indexes rose to all-time highs through the session, scaling 42,645.33 and 12,474.05, respectively. The greenback hit a 10-week low on Monday as buyers heralded Joe Biden’s election as US president, elevating expectations {that a} calmer White House may enhance world commerce and foster simple financial coverage.

The MSCI world fairness index, which tracks shares in 49 international locations, rose 0.5%.

In Mumbai, the Nifty IT index rose as a lot as 2% a day after information portal Moneycontrol revealed a report sourced from PTI saying Biden deliberate to extend limits on H-1B work visas. Such visas assist corporations make use of Indian employees within the United States. IT sector heavyweight Infosys gained practically 3%.

Banking shares had been additionally among the many session’s high gainers. The sector’s foremost sub-index rose about 2.7% and closed greater for a sixth consecutive session. Private-sector lender ICICI Bank and Axis Bank closed up 4.9% every.

Drugmaker Divi’s Labs superior 5.4% after the corporate on Saturday reported a better revenue for the September-quarter. Among the foremost decliners had been drugmaker Cipla, which fell 2.9% after it reported its quarterly outcomes on Friday.

(With company inputs)