INSUBCONTINENT EXCLUSIVE:
Reliance Industries, HDFC Bank and Infosys were the top boosts to SensexDomestic share markets extended recent gains to a fifth straight day
on Wednesday, led by heavyweight Tata Consultancy Services and Reliance Industries shares
The S-P BSE Sensex index rose 393.47 points - or 0.99 per cent - to touch 39,968.04 at the strongest level recorded during the session, and
the broader NSE Nifty 50 benchmark climbed to as high as 11,763.05, up 100.65 points - or 0.86 per cent - from its previous close
Gains in auto, IT and select financial stocks pushed the markets higher, however, losses in metal, pharmaceutical and energy shares kept the
11,738.85, up 76.45 points - or 0.66 per cent - from its previous close.Titan, Bajaj Auto, Hero MotoCorp, Maruti Suzuki and Reliance
Industries, HDFC Bank and Infosys were the top boosts to Sensex
fell.On the other hand, Bajaj Finance, Bharat Petroleum, Hindalco, Tata Motors and Power Grid, settling with losses of between 2.27 per cent
and 4.07 per cent, were the worst hit among 24 laggards in the index.Going forward, the domestic corporate earnings and the outcome of US
presidential elections will determine market direction, according to analysts."Main indices have almost reached the last high, given robust
improvement in global and domestic economy, in the last two quarters
But the earnings are still behind the curve, and it will be difficult to maintain the buoyancy given high prices," Vinod Nair, head of
recovery at its jewellery division in the July-September period
Consultancy Services shares closed 0.78 per cent higher, having earlier risen to a record high of Rs 2,761 apiece on the BSE, ahead of its
The IT company is also expected to lay out a highly-anticipated share buyback.Other technology stocks recovered early losses, with the Nifty
IT index ending 0.58 per cent higher, after the Trump administration announced a rule that may curb US companies' use of skilled foreign
workers by narrowing the definition of "specialty occupations" eligible for H-1B visas
It will require companies to pay higher wages to those enrolled in the visa program.Equities elsewhere in Asia soared to two-week highs,
despite overnight losses in Wall Street after US President Donald Trump abruptly cancelled talks with lawmakers on coronavirus-relief
spending plans.European share markets began Wednesday's session on a sluggish note, with the United Kingdom's FTSE 100 index last seen
trading 0.04 per cent lower
While France's CAC 40 index was down 0.13 per cent at the time, Germany's DAX 30 barometer was down 0.26 per cent.Mr Trump broke off
talks with Democrats in a Tweet, saying that negotiations will stop until after the election, when he promised a major stimulus bill,
sending US stocks on their steepest drop in two weeks.Analysts say some jitteriness can be expected in the domestic equity markets in the
near term."In the short-term, the market may turn a bit volatile, which is visible in the recent performance of secondary indices of mid and
small caps, having some resistance to maintain the trend
Sector- and stock-specific momentum, positive or negative, is expected to continue in line with the new norms of business in the economy,"
