Sensex hits another record high of 45,897 points amid COVID-19 vaccine progress
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With India on the path to approving coronavirus vaccines for the public, raising bets of an economic recovery, key equity indices opened on a positive note on Wednesday with the BSE Sensex hitting another record high of 45,897.23 points.
Around 9.16 a.m., Sensex was trading at 45,846.68, higher by 238.17 points or 0.52 per cent from its previous close of 45,608.51 points.
It opened at 45,891.04 and has touched an intra-day low of 45,792.01 points.
The Nifty50 on the National Stock Exchange was trading at 13,463.35, up 70.40 points or 0.53 per cent from its previous close.
Oil and gas, metal, energy and IT stocks led the across-the-board buying on Wednesday morning. The top gainers on the Sensex were ONGC, ITC and TCS, while the only losers so far were Ultratech Cement and Maruti Suzuki India.
The recent bull-run has been on the back of a similar trend in the global markets amid optimism on the vaccine front for COVID-19. On Tuesday, the Centre said that it may approve some coronavirus vaccines over the next few weeks and an estimated 30 crore people would be inoculated in the first tranche.
An expert committee of the Central Drugs Standard Control Organisation (CDSCO) will meet on Wednesday to review applications for the approval of the Covid-19 vaccine.
Applications of drug manufacturing companies - Pfizer, Serum Institute of India and Bharat Biotech seeking for emergency use authorisation for their Covid-19 vaccine candidates are pending with the committee.
The decision was taken late on Monday evening after the Hyderabad-based Bharat Biotech became the third pharmaceutical firm to apply to the Drugs Controller General of India (DCGI) for emergency use authorisation for its indigenously developed Covid-19 vaccine Covaxin.
Britain on Tuesday started a mass COVID-19 vaccination campaign. Adding to market optimism, Johnson & Johnson said it could obtain late-stage trial results for a single-dose vaccine in January, earlier than expected.
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Shiv Sena (UBT) chief Uddhav Thackeray on Wednesday hit out the BJP, saying that by inducting former Congress leader Ashok Chavan, the ruling party has also become a part of the multi-crore Adarsh Housing Society scam now. Earlier, the BJP used to target Chavan saying the families of martyrs were fooled in the Adarsh scam, but now the same party is involved in fooling them, he alleged.
Thackeray was addressing a press conference at Nanded in Maharashtra, where he arrived to campaign for the Maha Vikas Aghadi (MVA) candidate Vasant Chavan from the Nanded Lok Sabha constituency.
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Jamie Dimon, the chief executive of US banking giant JPMorgan Chase, has praised Prime Minister Narendra Modi and berated the “liberal press” for criticising him.
Dimon, in a webinar hosted by The Economic Club of New York, praised Modi's government for alleviating poverty and implementing reforms. “Modi has done an unbelievable job in India. I know the liberal press here; they beat the hell out of him. “He has taken 400 million people out of poverty," Dimon was quoted as saying.
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The Reserve Bank of India (RBI) on Wednesday released a compiled master direction raising the minimum capital requirement for asset reconstruction companies (ARCs) to begin securitization to Rs 300 crore from Rs 100 crore as on October 11, 2022.
The central bank said that the regulation would be effective from April 24, 2024. ARCs, as on October 11, 2022, have been provided a glide path to achieve the minimum required Net Owned Fund (NOF) of Rs 300 crore.
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Reliance Jio has become the world's largest mobile operator in data traffic consumption, surpassing China Mobile. According to global analytics firm Tefficient, the Indian telecom operator's total traffic reached 40.9 exabytes in the January-March quarter, compared to China Mobile's 38.
Jio also has the second-largest 5G subscriber base globally, with 108 million users. More than 28 per cent of its total wireless data traffic is now consumed by 5G users, said the company in an analyst presentation.
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Congress leader Rahul Gandhi on Wednesday accused Prime Minister Narendra Modi of waiving off loans worth Rs 16 trillion of his billionaire friends, and said the country will never forgive him for this "crime".
In a post in Hindi on X, he said this money could have been used to cure the pain of Indians but was spent on creating hype for the ilk of those like 'Adanis'.
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