Market News
  • NIFTY: 13,109.05
  • +140.10 (1.08 )
  • SENSEX: 44,655.44
  • +505.72 (1.15 )
13,109.05
+140.10 (1.08 )

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 4 points at the opening bell.

In economic data, the National Statistical Office (NSO) released the estimates of Gross Domestic Product (GDP) in the July-September period. Provisional estimates of gross domestic product for the second quarter of the year ending in March 2021 show economic output shrank by 7.5%, following the 23.9% contraction in the first quarter.

India's eight core industries growth for October was at -2.5%. The September growth number has been revised to -0.1% from -0.8% earlier.

Markit Manufacturing PMI for November will be declared today, 1 December 2020.

Global markets:

Overseas, most Asian stocks are trading higher as investors react to the release of a private survey of China's manufacturing activity.

The Caixin/Markit manufacturing Purchasing Managers' Index for November came in at 54.9. PMI readings above 50 signify expansion, while those below that level represent contraction.

In US, stocks dipped on Monday as the prospect of a vaccine-driven economic recovery and further central bank stimulus measures eclipsed immediate concerns about the spiking coronavirus pandemic.

Moderna Inc on November 30 applied for U.S. emergency authorization for its COVID-19 vaccine after full results from a late-stage study showed it was 94.1% effective with no serious safety concerns.

Domestic markets:

Back home, domestic equity indices ended a volatile session with small losses on Friday. The barometer index, the S&P BSE Sensex fell 110.02 points or 0.25% at 44,149.72. The Nifty 50 index declined 18.05 points or 0.14% at 12,968.95.

Foreign portfolio investors (FPIs) bought shares worth Rs 7,712.98 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 4,968.90 crore in the Indian equity market on 27 November, provisional data showed. Stock markets were closed on Monday, 30 November 2020 on account of Gurunanak Jayanti.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 8 points at the opening bell.

In economic data, the National Statistics Office will release the July-September quarter gross domestic product data today, 27 November 2020.

Global markets:

Overseas, Asian stocks are trading little changed on Friday as investors react to data on China's industrial profits for October.

Profits at Chinese industrial firms rose 28.2% year-on-year in October to 642.91 billion yuan ($97.79 billion), official data showed on Friday, pointing to a steady recovery in the manufacturing sector after it was hard hit by the COVID-19 pandemic. Profits rose for a sixth straight month in October, after increasing by 10.1% year-on-year in September, the data from the National Bureau of Statistics (NBS) showed.

Markets will also scrutinize concerns over the Oxford-AstraZeneca vaccine candidate, with results and methods used in their phase three vaccine trials under criticism from experts in the U.S. As the race for a coronavirus vaccine continues, questions are being raised over AstraZeneca's vaccine candidate, for which the firm said combined results revealed it to be 70% effective.

In US, financial markets were closed on Thursday for the Thanksgiving holiday and U.S. bonds and stocks will trade on a partial schedule on Friday.

Domestic markets:

Back home, equity indices bounced off day's lows and ended with strong gains on Thursday. The S&P BSE Sensex, jumped 431.64 points or 0.98% at 44,259.74. The Nifty 50 index spurted 128.60 points or 1% at 12,987.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,027.31 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,400.10 crore in the Indian equity market on 26 November, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 52 points at the opening bell.

Trading could be volatile as traders roll over positions in the F&O segment from the near month November series to December series. The November 2020 F&O contracts expire today, 26 November 2020.

Global markets:

Overseas, Asian stocks are trading mixed on Thursday as investors reacted to minutes released overnight from the U.S. Federal Reserve's November meeting. The Bank of Korea on Thursday held steady on its key policy rate at a record low of 0.5%.

In US, the Dow Jones Industrial Average and the S&P 500 index closed lower on Wednesday as mounting U.S. layoffs in the wake of new mandated lockdowns to contain surging COVID-19 infections dampened investor risk appetite. The Nasdaq Composite outperformed.

The summary of the Fed meeting from earlier this month indicated that U.S. central bank officials discussed ways of getting more money into the economy, which is still recovering from the coronavirus pandemic.

The number of Americans filing first-time claims for jobless benefits increased further last week. Initial claims for state unemployment benefits totaled a seasonally adjusted 778,000 for the week ended November 21, compared to 748,000 in the prior week, the Labor Department said on Wednesday.

U.S. financial markets will be closed on Thursday for the Thanksgiving holiday and U.S. bonds and stocks will trade on a partial schedule on Friday.

Domestic markets:

Back home, the equity benchmark indices corrected sharply and ended with heavy losses on Wednesday. The barometer index, the S&P BSE Sensex, tumbled 694.92 points or 1.56% at 43,828.10. The Nifty 50 index fell 196.75 points or 1.51% at 12,858.40.

Foreign portfolio investors (FPIs) bought shares worth Rs 24.20 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,840.33 crore in the Indian equity market on 25 November, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 68 points at the opening bell.

Global markets:

Overseas, Asian stocks advanced on Wednesday, following an overnight rally in the US stock market. Positive momentum in the race for a coronavirus vaccine has boosted global markets. Uncertainty in US politics has also eased after the Trump administration officially began the transition process to President-elect Joe Biden following weeks of delay.

In the United States, the Dow Jones industrial average closed at 30,046 points, up 1.5% or 455 points, hours after hitting the 30,000 mark for the first time ever. Strong gains across the market lifted the broader S&P 500 to a new record closing high. It finished 58 points or 1.62% higher, at 3,635 points.

Energy stocks, financial companies, basic materials producers and industrial firms led the rally, as investors anticipated a growth-friendly stimulus package.

US president-elect Joe Biden moved swiftly to make Cabinet choices after defeating President Donald Trump, who gave the go-ahead for Biden to start receiving daily intelligence briefings. Investors now await the FOMC's minutes from its last meeting due later today for clues on the direction of monetary policy.

The dollar index eased 0.11% to $92.12 against a basket of currencies.

Crude oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures up 1.09% to $48.27 per barrel.

Domestic markets:

Back home, domestic equity indices closed at record high level on Tuesday (24 November 2020), tracking positive global cues. All the sectoral indices on the NSE ended in the green. The barometer index, the S&P BSE Sensex, rose 445.87 points or 1.01% at 44,523.02. The Nifty 50 index advanced 128.70 points or 1% at 13,055.15. Both the indices attained record closing high levels.

Foreign portfolio investors (FPIs) bought shares worth Rs 4,563.18 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 2,522.11 crore in the Indian equity market on 24 November, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 5 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Tuesday as investors in the region react to more positive coronavirus vaccine news, as well as U.S. President-elect Joe Biden's choice of former Federal Reserve Chair Janet Yellen as Treasury secretary. Yellen oversaw a solid economic expansion during her term as Fed chair from 2014 to 2018 in the wake of the financial crisis.

Meanwhile, the Trump administration has begun the transition process to President-elect Biden, making federal resources available for his transition into office.

In US, stocks rose on Monday after AstraZeneca and the University of Oxford said their coronavirus vaccine was up to 90% effective, becoming the third inoculation this month that was revealed to be effective in trial data.

In economic data, IHS Markit said their U.S. manufacturing and services purchasing managers' indexes hit multiyear highs. The flash U.S. services index rose to 57.7, its highest level in more than five years. The manufacturing PMI popped to 56.7, its highest level in over six years.

Meanwhile, UK Prime Minister Boris Johnson announced Monday the country's national lockdown would end on December 2 with certain conditions in place.

Domestic markets:

Back home, domestic benchmark indices ended with modest gains on Monday, tracking positive global cues on hopes for imminent coronavirus vaccines. The barometer index, the S&P BSE Sensex, rose 194.90 points or 0.44% at 44,077.15. The Nifty 50 index advanced 67.40 points or 0.52% at 12,926.45.

Foreign portfolio investors (FPIs) bought shares worth Rs 4,738.44 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,944.05 crore in the Indian equity market on 23 November, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 49 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Monday trade as investors continue to watch for coronavirus developments. Markets in Japan are closed for a holiday.

On the economic data front, Singapore's economy contracted 5.8% in the third quarter, according to the country's Ministry of Trade and Industry.

Developments surrounding the coronavirus will likely continue to weigh on investor sentiment. South Korea is set to impose stricter distancing regulations for the greater Seoul area and southwestern region in an attempt to stem a resurgence of the coronavirus, as per reports.

In US, stocks fell on Friday as rising new coronavirus cases, coupled with questions around central-bank funding for key emergency programs, cast doubt on a swift economic recovery.

Also weighing on sentiment Friday was a disagreement between the Treasury Department and the Federal Reserve over the continuation of funding for some of the emergency programs implemented during the recession.

On the coronavirus vaccine front, Pfizer and BioNTech said they applied for an emergency use authorization for their vaccine from the Food and Drug Administration. The companies said they can be ready to ship the vaccine within hours after the FDA approves the authorization.

Domestic markets:

Back home, key equity benchmarks ended a volatile session with modest gains on Friday. A recovery in global stock markets supported buying in domestic shares. The barometer index, the S&P BSE Sensex, rose 282.29 points or 0.65% at 43,882.25. The Nifty 50 index advanced 87.35 points or 0.68% at 12,859.05.

Foreign portfolio investors (FPIs) bought shares worth Rs 3,860.78 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,868.66 crore in the Indian equity market on 20 November, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 24 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Friday as investors remained cautious over the short-term economic impact of the coronavirus as cases around the world continue to rise.

Japan's manufacturing decline sped up in November as output and orders sagged, a business survey showed on Friday. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) fell to a seasonally adjusted 48.3 from a final 48.7 in October.

In US, stocks rose on Thursday following a report that US lawmakers may restart negotiations on economic stimulus.

The number of Americans seeking unemployment aid rose last week to 742,000. The Labour Department's report on Thursday showed that applications for benefits rose from 711,000 in the previous week.

Preliminary data released earlier on Thursday University of Oxford and AstraZeneca's vaccine candidate triggered a similar immune response among all adults. Oxford and AstraZeneca's data came a day after Pfizer and BioNTech said their Covid-19 vaccine candidate was 95% effective.

Domestic markets:

Back home, domestic equity barometers ended near the day's low on Thursday, dragged by banks and financial stocks. Concerns about rising coronavirus infections across the globe eclipsed the enthusiasm surrounding COVID-19 vaccine development. The barometer index, the S&P BSE Sensex, tumbled 580.09 points or 1.31% to 43,599.96. The Nifty 50 index slumped 166.55 points or 1.29% at 12,771.70.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,180.61 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,854.94 crore in the Indian equity market on 19 November, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 110 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Thursday as concerns about rising coronavirus infections.

In US, stocks closed steeply lower after a late-session sell-off on Wednesday as investors weighed surging COVID-19 infections and mounting shutdowns against encouraging vaccine developments.

A surge in new COVID-19 infections prompted New York City, which has the largest school district in the United States, to halt in-person learning starting from Thursday. New York City joined other large school districts in cities like Boston, Detroit, Las Vegas, Philadelphia that have recently canceled in-person learning due to rising coronavirus cases.

Pfizer and BioNTech on Wednesday said that a final data analysis found their coronavirus vaccine was 95% effective in preventing Covid-19 and appeared to fend off severe disease. Meanwhile Moderna said preliminary phase three trial data showed its vaccine was more than 94% effective.

Domestic markets:

Back home, domestic equity benchmarks ended near the day's high after a volatile session on Wednesday. Global shares were positive on optimism over COVID-19 vaccine progress. The barometer index, the S&P BSE Sensex, jumped 227.34 points or 0.52% at 44,180.05. The Nifty 50 index added 64.05 points or 0.50% at 12,938.25.

Foreign portfolio investors (FPIs) bought shares worth Rs 3,071.93 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,789.85 crore in the Indian equity market on 18 November, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 3 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Wednesday as investors remained cautious despite vaccine hopes, even as coronavirus cases continued to surge.

Japanese exports in October did much better than expected, falling 0.2%, according to the Ministry of Finance. It followed a 4.9% drop in September. Exports were helped by a rise in demand for Japanese cars by China and the U.S., which drove up shipments.

In US, stocks retreated from record closing highs on Tuesday, ending lower as surging COVID-19 cases, the growing threat of a fresh round of economic lockdowns and weak retail sales data dampened the euphoria caused by potential vaccine breakthroughs.

On Tuesday, U.S. Fed Chair Jerome Powell warned that the surge in cases is a concern for an economic recovery that has “a long way to go.”

Domestic markets:

Back home, domestic equity indices ended near the day's high on Tuesday, tracking strength in other Asian indices. The barometer index, the S&P BSE Sensex, rose 314.73 points or 0.72% at 43,952.71. The Nifty 50 index advanced 93.95 points or 0.74% at 12,874.20.

Foreign portfolio investors (FPIs) bought shares worth Rs 4,905.35 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,829.16 crore in the Indian equity market on 17 November, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 52 points at the opening bell.

The annual rate of inflation based on Wholesale Price Index (WPI), stood at 1.48% (provisional) in October 2020 (over October 2019). The figure stood at 1.32% in September.

Global markets:

Overseas, Asian stocks are trading higher on Tuesday as vaccine hopes once again lifted Wall Street to record highs. Airline stocks got a boost.

In US, Wall Street was buoyed to record highs on news of another promising coronavirus vaccine, which supported hopes of a quicker economic recovery.

Investor sentiment shot up after Moderna Inc said its experimental COVID-19 vaccine was 94.5% effective in preventing infection based on interim late-state data. The Cambridge, Massachusetts-based firm became the second drugmaker, after Pfizer Inc, to announce promising trial data in the development of a vaccine to defeat the pandemic.

Domestic markets:

Back home, key benchmarks trimmed initial gains and ended with decent gains on the Muhurat trading session on Saturday. The barometer index, the S&P BSE Sensex, gained 194.98 points or 0.45% at 43,637.98. The Nifty 50 index added 60.30 points or 0.47% at 12,780.25. Stock markets were closed on Monday, 16 November 2020 on account of Diwali Balipratipada.

Foreign portfolio investors (FPIs) sold shares worth Rs 78.53 crore, while domestic institutional investors (DIIs), were also net sellers to the tune of Rs 20.27 crore in the Indian equity market on 13 November, provisional data showed.

Trading for Samvat 2077 is likely to begin on strong note. Markets will remain open today, 14 November 2020 from 18:15 IST to 19:15 IST on account of Muhurat trading (Diwali – Laxmi Pujan). Muhurat trading is the auspicious stock market trading for an hour on Diwali (Deepawali).

Stock market will remain closed on Monday, 16 November 2020 on account of Diwali Balipratipada.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 63 points at the opening bell.

Global markets:

Overseas, U.S. stock indexes closed sharply higher Friday, notching a pair of fresh records, as Wall Street wrapped up a week framed by optimism over the prospects of vaccines and treatments for COVID-19 and yet gloom over a spike in the viral outbreak in the U.S. and Europe.

The Dow Jones Industrial Average closed up 399.64 points, or 1.4%, to reach 29,479.81, and briefly traded higher than its February 12 closing record at 29,551.42. Meanwhile, the S&P 500 index gained 48.14 points to close at 3,585.15, for a gain of 1.4%, a fresh record. The Nasdaq Composite Index climbed 119.70 points, a gain of 1%, ending at 11,829.29.

Investors are keeping an eye on Joe Biden's transition to the White House after he has been projected the winner of the 2020 U.S. presidential election against incumbent Donald Trump.

In economic reports, the producer-price index advanced 0.3% last month, the government said Friday. Separately, a report on consumer sentiment from the University of Michigan revealed worries bubbling up about the coronavirus resurgence, U.S. falling to 77 in November from a previous reading of 81.8.

Domestic markets:

Back home, equity indices ended a volatile trading session with small gains on Friday. The FMCG shares declined while metal and pharma shares advanced. The barometer index, the S&P BSE Sensex, rose 85.81 points or 0.2% at 43,443. The Nifty 50 index gained 29.15 points or 0.23% to 12,719.95.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,935.92 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,462.42 crore in the Indian equity market on 13 November, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 106 points at the opening bell.

On the macro front, the growth rate of India's retail inflation, which is measured by the Consumer Price Index (CPI), climbed 7.61% in month of October. The CPI for the month of September was also revised to 7.27% from 7.34%.

Separately, the country's factory output, which is measured in terms of Index of Industrial Production (IIP), witnessed a growth of 0.2% in the month of September, according to two separate data released by the Ministry of Statistics & Programme Implementation (MoSPI) on Thursday. The IIP had contracted by 4.6% in September 2019.

Global markets:

Overseas, Asian stocks are trading lower on Friday as coronavirus cases continue to surge in the U.S., dimming optimism from positive vaccine news earlier in the week.

In US, Wall Street ended sharply lower on Thursday as U.S. coronavirus infections surged and investors weighed the timeline for the mass rollout of an effective vaccine.

Investor focus on Friday was likely on the coronavirus situation in the U.S., as daily new cases of the virus continue to rise in the country, setting fresh records.

U.S. Federal Reserve Chairman Jerome Powell warned Thursday that the “next few months could be challenging” despite recent developments on the vaccine front. “From our standpoint, it's just too soon to assess with any confidence the implications of the news for the path of the economy, especially in the near term,” Powell said regarding the vaccine.

On Thursday, top Democrats in the U.S. Congress urged renewed negotiations over a multitrillion-dollar coronavirus aid proposal, but the top Republican immediately rejected their approach as too expensive, continuing a months-long impasse.

On the data front, the number of Americans filing new claims for unemployment benefits fell to a seven-month low last week. Initial claims for state unemployment benefits totalled a seasonally adjusted 709,000 for the week ended November 7 compared to 757,000 in the prior week, the Labor Department said on Thursday.

Domestic markets:

Back home, the benchmark indices snapped an eight-day rising streak on Thursday as the economic measures announced by Finance Minister Nirmala Sitharaman failed to cheer investors. The barometer index, the S&P BSE Sensex, dropped 236.48 points or 0.54% at 43,357.19. The Nifty 50 index declined 58.35 points or 0.46% at 12,690.80.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,514.12 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,239.43 crore in the Indian equity market on 12 November, provisional data showed.

The market is likely to open lower as profit booking may emerge after recent rally.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 53 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Thursday, buoyed again by continued global stimulus efforts and hopes of a coronavirus vaccine.

In US, the S&P 500 and Nasdaq Composite rose on Wednesday as tech shares recovered. The blue-chip Dow ended the session slightly in the red. The Dow Jones Industrial Average fell 23.29 points, or 0.08%, to 29,397.63, the S&P 500 gained 27.13 points, or 0.77%, to 3,572.66 and the Nasdaq Composite added 232.58 points, or 2.01%, to 11,786.43.

Domestic markets:

Back home, the market extended its winning run to eighth consecutive session on Wednesday. Pharma and auto shares rallied while PSU banks corrected. The barometer index, the S&P BSE Sensex, gained 316.02 points or 0.73% at 43,593.67. The Nifty 50 index added 118.05 points or 0.93% at 12,749.15.

Foreign portfolio investors (FPIs) bought shares worth Rs 6,207.19 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,463.86 crore in the Indian equity market on 11 November, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 54 points at the opening bell.

On the political front, the National Democratic Alliance (NDA) is all set to form the next government in Bihar after defeating the Tejashwi Yadav-led Mahagathbandhan in the assembly elections. The NDA won 125 seats, clearing the majority mark in the 243-member Assembly. The Mahagathbandhan or the Grand Alliance won 110 seats.

Global markets:

Overseas, Asian stocks are trading higher on Wednesday as hopes for a successful coronavirus vaccine lifted expectations of a swift reopening of the global economy.

In US, the Dow Jones Industrial Average rose on Tuesday, building on its sharp gains from the previous session as a market rotation out of names that thrived during the pandemic and into stocks linked to an economic recovery continued. However, the S&P 500 and Nasdaq Composite struggled amid a sharp decline in major tech names.

Domestic markets:

Back home, domestic equity benchmarks ended at record high levels on Tuesday. Sentiment was upbeat after US drug maker Pfizer said large-scale trials of its coronavirus vaccine showed it was more than 90% effective in preventing infection. The barometer index, the S&P BSE Sensex, rallied 680.22 points or 1.60% at 43,277.65. The Nifty 50 index spurted 170.05 points or 1.36% at 12,631.10.

Foreign portfolio investors (FPIs) bought shares worth Rs 5,627.32 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,309.19 crore in the Indian equity market on 10 November, provisional data showed.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could jump 176 points at the opening bell.

The third and final phase of Bihar election ended on 7 November 2020. The results will be declared today, 10 November 2020. The market will closely watch results as exit polls reportedly indicated that the Tejashwi Yadav-led Mahagathbandhan could get a majority in the Bihar election. The majority mark is 122. Most of the exit polls predicted RJD to again emerge as the single largest party.

Global markets:

Overseas, Asian stocks are trading higher on Tuesday as investors in the region reacted to positive developments overnight on the coronavirus vaccine front.

China's consumer price index rose 0.5% in October from a year ago, according to data from the country's National Bureau of Statistics. The producer price index for China declined 2.1% year-on-year in October, unchanged from a 2.1% drop in September.

In US, the Dow Jones Industrial Average and S&P 500 jumped on Monday as investors cheered trial data from drugmakers Pfizer and BioNTech indicating their Covid-19 vaccine is more than 90% effective. However, the Nasdaq Composite closed lower as traders rotated out of high-flying technology names that outperformed during the pandemic into more beaten-down value stocks.

While the vaccine study is still ongoing and requires approval, Pfizer and BioNTech said they had found no serious safety concerns so far and expected to seek U.S. emergency use authorization later this month.

The 90% effective rate from Pfizer and Germany's BioNTech was better than what the market was expecting. Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, has said that a vaccine that was 50% to 60% effective would be acceptable.

Domestic markets:

Back home, the domestic equity benchmarks surged on Monday, extending gains for the sixth trading session. The rally was broad based with banks, financials and IT stocks at the fore. The barometer index, the S&P BSE Sensex, rallied 704.37 points or 1.68% at 42,597.43. The Nifty 50 index spurted 197.50 points or 1.61% at 12,461.05.

Foreign portfolio investors (FPIs) bought shares worth Rs 4,548.39 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,036.31 crore in the Indian equity market on 9 November, provisional data showed.