Domestic equity market benchmarks BSE Sensex and Nifty 50 are likely to open in the positive territory for the eighth straight session on Wednesday. A host of factors such as Bihar Assembly election outcome, vaccine development, the domestic stimulus package, consistent FII inflows, oil prices, rupee movement and other global cues pot Biden victory will keep the investors busy today. The Indian share market has been on a gaining spree so far in November. In the previous session, BSE Sensex surged 680.22 points or 1.60 per cent to end at a record closing high of 43,277.65 while the Nifty 50 rallied 170.10 points or 1.37 per cent to close at 12,631.10.
Key things to know ahead of market opening:
SGX Nifty: Trends on SGX Nifty suggest a gap-up opening for BSE Sensex and Nifty 50 on Wednesday. Nifty futures were trading 51.50 points higher at 12,706.50 on Singaporean Exchange.
Gland Pharma IPO: India’s biggest pharma IPO, Gland Pharma, attracted 22 per cent bids on the second day of the bidding process. The grey market premium has also been falling from the day of announcement of the price band by the company.
India in talks with COVID-19 vaccine manufacturers: A day after Pfizer Inc. and BioNTech SE announced more than 90 per cent efficacy of their potential vaccine for the coronavirus, the health ministry on Tuesday said the National Expert Group on Vaccine Administration for COVID-19 is in conversation with all vaccine manufacturers, including domestic and foreign ones, according to PTI.
FII and DII data: On Tuesday, foreign institutional investors (FIIs) lapped up shares worth Rs 5,627.32 crore, whereas domestic institutional investors (DIIs) offloaded shares worth Rs 2,309.19 crore on a net basis in the Indian equity market, according to the provisional data available on the NSE.
Global market: Asian stocks were trading mixed in early deals on Wednesday. Japan’s Nikkei rose 1.74 per cent while the Topix index gained 1.34 per cent. South Korea’s Kospi added 1.2 per cent. In overnight trade on Wall Street, the Nasdaq closed 1.4 per cent lower. The Dow Jones Industrial Average rose 0.9 per cent and the S&P 500 lost 0.14 per cent.
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