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Market Update: SENSEX Hits New Top
The BSE SENSEX added 456 points or 0.9% to a fresh high of 53,030 in early trade on Tuesday, tracking an overnight rebound in Wall Street overnight, with the Dow hitting its best day since March, ahead of US Federal Reserve chair Jerome Powells testimony to Congress. In his prepared remarks released late Monday, Powell reiterated that the central bank will continue its support to the economy. Traders were upbeat following reports that India on Monday administered a record number of daily COVID-19 vaccine doses of 8.3 million, amid a further easing of pandemic-induced restrictions. The country today saw 42,640 new coronavirus cases, bringing the cumulative figure to 29.98 million. Sentiment was also buoyed by a research note Monday by Jefferies saying India’s auto demand is recovering again after taking a big hit during the peak of the second COVID-19 wave in April and May. Maruti Suzuki India Ltd jumped 3.2%, while Larsen & Toubro Ltd climbed 1.4%. [/s2If]
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