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Sensex clocks a 1,700-point rally in four sessions on strong Q2 earnings, US election result

Sensex rallied 1726 points and Nifty gained 478 points to 12,120 in last four sessions

Aseem Thapliyal | November 5, 2020 | Updated 17:55 IST
Sensex clocks a 1,700-point rally in four sessions on strong Q2 earnings, US election result
Awaiting cues from the US Presidential elections today, Sensex ended 724 points to 41,340 and Nifty rose 211 points to 12,120.

Investors have gained over Rs 4 lakh  crore in the last four trading sessions as market accounted for impact of upcoming US Presidential election results and strong earnings show at home. Market capitalisation on BSE rose to Rs 162.27 lakh crore  today against market cap of Rs 157.92  lakh crore on October 30 , increasing investor wealth Rs 4.35 lakh crore during the period.

During the same period, Sensex rallied 1726 points and Nifty gained 478 points to 12,120.

On October 30, Sensex closed at 39,614 and Nifty ended at 11,642.

Awaiting cues from the US Presidential elections today, Sensex ended 724 points to 41,340 and Nifty rose 211 points to 12,120.

Analysts hope that victory of Joe Biden who has given a tough fight to  US President Donald Trump will result in announcement of additional fiscal stimulus needed for recovery in the world's largest economy.

The hope of a Biden win has fired up the global markets which has led to a rally on Sensex and Nifty.

On the other hand, strong earnings by lenders such as ICICI Bank, SBI and Axis Bank have boosted banking stocks for the fourth straight session.

Share Market Highlights: Sensex ends 724 points higher, Nifty at 12,120; SBI, RIL, Hindalco, HCL Tech top gainers

BSE bankex which stood at 27,388 on October 30 has risen 2,798 points since then. The index closed 631 points higher at 30,186 today.

Bank Nifty too has gained 2413 points during the period. On  October 30, the index stood at 23,900. It closed 541 points higher at 26,313 today.

Banking stocks are not the sole contributors to the gains in  Indian market. IT stocks too have rallied since November 3 on hopes Joe Biden is set to win the election. On November 3, BSE IT index stood at 20,889. It rose 667 points in next two sessions ending  at 21,556 today.     

Trump has been implementing policy of  'America First' and announced plans to sharply limit visas issued to skilled workers  from overseas to enable job creation for locals hit by the coronavirus pandemic.

This would adversely hit Indian IT companies who send their workers to US through H-1B visa route.

A Biden win will likely offer some respite to the Indian IT workers, which led the IT stocks to rally in last two sessions.

Meanwhile, Indian market ended higher today, tracking gains in index-heavyweights Reliance Industries, Infosys and SBI, amid positive cues from global equities. Awaiting cues from the US Presidential elections, Sensex ended 724 points higher at 41,340 and Nifty rose 211 points to 12,120.

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