Today highlight market

 Sensex 41,340.16 ▲ 1.78%

Nifty 12,120.30 ▲ 1.78%

The markets ended up by nearly 2% today.

It seems that the news of US presidential candidate Joe Biden’s high chances of victory is making investors optimistic.

In fact, today, only 2 companies in Nifty ended in the red. And in Sensex, all companies were in the green. 

The Sensex and Nifty have already reached levels similar to pre-lockdown levels.

Top Gainers (Nifty)

Hindalco Ind.	Rs 187.35  ▲ 6.15%
SBI	Rs 218.65  ▲ 5.63%
IndusInd Bank	Rs 714.40  ▲ 5.36%
Tata Steel	Rs 425.50  ▲ 5.35%
BPCL	Rs 366.30  ▲ 5.00%

Top Losers (Nifty)

Hero MotoCorp	Rs 2944.35  ▼ 0.80%
HDFC Life	Rs 592.05  ▼ 0.37%

Saudi Fund Invests in Reliance Retail

The Public Investment Fund will invest Rs 9,555 crores in Reliance Retail Ventures Ltd. (RRVL), a Reliance Industries subsidiary.

The investment translates to a stake of 2.04%. PIF is the 10th investor in RRVL since September 9, 2020.

PIF is a sovereign wealth fund based out of Saudi Arabia.

The shares of the company ended 2.18% higher at Rs 1,955 per share. The announcement was made after market hours.

U.S. Election Results

According to the Associated Press, Democratic candidate Joe Biden has 264 seats while Republican candidate Donald Trump has 214 seats so far.

Counting is still on. Candidates need 270 seats to win.

Counting is slow and delayed due to the higher use of mail-in votes in this election.

Many US media houses are concluding victory for Joe Biden.

Donald Trump has however disputed this calling the counting of votes a “fraud”. He has already filed cases in multiple US states against practices he calls unfair.

There have been reports of protests in the US from both sides.

It appears full clarity on this matter will emerge by Friday.

India Developed Vaccine Might be Available by February

India developed vaccine, Covaxin, developed by Bharat Biotech and ICMR is slated to be ready in the first quarter of 2021.

It might be available in limited quantities starting from February itself. Currently, the vaccine is in the final phase of trials.

The head of ICMR’s research management, policy, planning, and coordination cell, Rajni Kant has said that the health ministry can decide to administer the vaccine to certain high-risk individuals earlier than the launch of the vaccine also.