The benchmark stock indices have opened the day on a positive note once again on encouraging news on the vaccine front.Join us as we follow the top business news through the day.10:20 AMA day after RCEP, Jaishankar slams trade pacts, globalisationIndia has allowed other countries “unfair” trade and manufacturing advantages “in the name of openness”, asserted External Affairs Minister S. Jaishankar, in a speech criticising the effects of globalisation on Monday. Speaking just a day after the 15-nation Regional Comprehensive Economic Partnership (RCEP) was signed, Mr. Jaishankar was particularly scathing of trade agreements, which he said had forced India to “deindustrialise”.“In the name of openness, we have allowed subsidised products and unfair production advantages from abroad to prevail. And all the while, this was justified by the mantra of an open and globalised economy,” Mr. Jaishankar said at the Deccan Dialogue conference supported by the Ministry of External Affairs.Without directly referring to the RCEP, the world’s largest trading bloc that India decided to walk out of a year ago, Mr. Jaishankar said that the government had decided to move away from trading arrangements, towards an “Aatmanirbhar Bharat (self-dependent India)” policy where India could decide the rules and consolidate “comprehensive national power”.
10:00 AMSensex, Nifty scale record high levels supported by positive vaccine newsThe good news keep pouring in for stocks.PTI reports: “Equity benchmark indices Sensex and Nifty opened on a bullish note and hit record high levels in early trade on Tuesday, tracking positive cues from global markets amid improved risk appetite supported by fresh vaccine news.The 30-share BSE index rallied 274.66 points or 0.63 per cent to scale the fresh peak of 43,912.64.Similarly, the broader NSE Nifty gained 74.45 points or 0.58 per cent to a lifetime high of 12,854.70.Tata Steel was the top gainer in the Sensex pack, rising over 4 per cent, followed by Bharti Airtel, SBI, HDFC Bank, M&M, Asian Paints and Reliance Industries.On the other hand, HCL Tech, Infosys, Bajaj Auto, ITC, Axis Bank and Bajaj Finance were among the losers.In the special Muhurat trading session to mark the beginning of Hindu Samvat year 2077 on Saturday, BSE Sensex soared 194.98 points or 0.45 per cent to close at a record 43,637.98. The broader NSE Nifty advanced 60.30 points, or 0.47 per cent, to finish at its lifetime high of 12,780.25.Equity markets were closed on Monday on account of Balipratipada.On the global front, US equities surged to record high after biotech group Moderna said its COVID-19 vaccine was highly effective.Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo were trading higher in mid-session deals, while Shanghai was in the red.The wholesale price-based inflation on Monday rose to an eight-month high of 1.48 per cent in October, as manufactured products turned costlier.Brent crude futures, the global oil benchmark, rose 0.75 per cent to USD 44.15 per barrel.”9:30 AMS&P 500, Dow close at all-time highs on reignited vaccine hopesThe S&P 500 and Dow Jones industrial average notched record closing highs on Monday as news of another promising coronavirus vaccine fanned hopes of eradicating COVID-19, while spiking infections and new shutdowns threatened to hobble a recovery from the pandemic recession.All three major U.S. stock indexes advanced and with its new closing record, the blue-chip Dow is the last of the three to reclaim levels reached in February, before lockdowns sent the markets into free-fall.The Russell 2000 also hit an all-time closing high.Value, cyclical and small cap shares outperformed the broader market.