5 Reasons Why Sensex Zoomed 689 Points Today

Trump Concedes: With the US Congress affirming Joe Biden's electoral college victory over President Donald Trump, it ends the uncertainty surrounding the elections as well as the equity markets. Donald Trump conceded on Thursday that Biden will be the next US president.

Economic Recovery: As per economists, the Indian economy may grow at 8-11.5% at constant prices and 11.5% with current prices in 2021-22. The central government expects the GDP to shrink less than expected.

IT and Automobile Stocks Rally: Automobile and IT heavyweights such as Infosys, TCS, Tech Mahindra, Maruti Suzuki, and M&M surged in the range of 3-5%. IT stocks rallied ahead of the December quarter numbers of TCS.

Rising Oil Prices: Crude oil prices hit 11-month highs today, on track for a strong weekly gain as a rally in global equities fed risk appetite and stoked bullish sentiment following Saudi Arabia's pledge to cut output.

We will keep you updated on how these factors develop in the coming days and what effect they have on Indian stock markets. Stay tuned!

Speaking of stock markets, note that since the lows in March 2020, the smallcap index has gained more than 110%.

In news from the pharma sector, Sun Pharma and Strides Pharma Science were among the top buzzing stocks today.

Shares of Sun Pharma rose 3% to hit an over two-year high of Rs 622.50 on the BSE on expectations of steady earnings visibility.

The board of directors of Sun Pharma are scheduled to meet on January 29, 2021, to consider and approve the financial results of the company for the quarter ended December 31, 2020 (Q3FY21).

Sun Pharma's results for the quarter ended September 2020 (Q2FY21) were above estimate on all fronts, mainly on account of better-than-expected operational performance, tax gain on the creation of deferred tax assets, higher other income, and lower interest expense.

Sun Pharma's share price ended the day up by 3.1%.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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