Sensex, Nifty Hit All-Time Highs Amid Gains Across Sectors

. . No comments:

Indian share markets registered new record highs in early trade on Monday tracking gains in Asian equities, as investors remained optimistic about COVID-19 vaccines and US President Donald Trump's approval of a pandemic relief package aided risk sentiment globally

The S&P BSE Sensex index jumped 381.17 points, or 0.81 per cent, to touch 47,354.71 at the strongest level of the day, and the broader NSE Nifty 50 benchmark climbed to as high as 13,865.45, adding 116.2 points, or 0.85 per cent, from its previous close -- both all-time highs. Gains across most sectors -- led by financial shares -- supported the upmove in the markets.

At 10:53 am, the Sensex traded 270.75 points, or 0.58 per cent, higher at 47,244.29 while the Nifty was up 85.45 points, or 0.62 per cent, at 13,834.70. 

Forty seven stocks in the Nifty basket of 50 shares traded in the positive territory. 

Tata Motors, Coal India, JSW Steel, Tata Steel and SBI, trading between 1.41 per cent and 3.72 per cent higher, were the top percentage gainers in the index. 

Reliance Industries, HDFC Bank, Infosys and ICICI Bank were the biggest boosts for Sensex.

Broader Asian shares rose at the start of the final trading week of 2020 as Mr Trump signed into law a pandemic aid and spending package, averting a partial federal government shutdown in the United States.

Foreign institutional investors (FIIs) have fuelled the recent rally in the domestic markets, having net invested ₹ 62,648 crore into Indian capital markets so far this month, including ₹ 56,643 crore in equities alone, according to NSDL data. With this, December is on track to become a third straight month of net inflows into the capital markets.

"The Nifty is likely to be around the current levels at the end of the year," Mr Vijayakumar added. 

The markets took support from gains across Asian markets, with MSCI's broadest index of Asia Pacific shares outside Japan trading 0.12 per cent higher at the last count.  Japan's Nikkei 225 benchmark was up 0.61 per cent. 

Stocks have tended to perform well in the last five trading days of December, and the first two of January, a phenomenon known as the Santa Claus rally which has lifted equities in 55 out of 74 years since 1945, according to CFRA Research. This year, the period started on December 24.


No comments:

Post a Comment

Popular News

Archives

Topics

Archive

Recent News

Visitors