Sensex zooms 403 points to hit record closing high; Nifty settles above 13,650 – Times of India
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NEW DELHI: Equity indices scaled record highs on Wednesday with the benchmark BSE sensex rising over 400 points amid positive investor sentiment over roll out of Covid-19 vaccines.
The BSE index surged 403 points or 0.87 per cent to close at 46,666; while the broader NSE Nifty moved 115 points or 0.85 per cent to settle at 13,683.
The 30-share sensex pack touched an intraday high of 46,705; and Nifty eyed 13,700-mark.
With today’s rise, both the indexes have now hit record highs in 17 of 26 sessions.
Equities have posted six straight weekly gains, boosted by record inflows from foreign institutional investors, progress on Covid vaccines globally and signs of a nascent domestic economic recovery.
“Upside (for the markets) from here seems limited and there could be some correction … but that correction would be taken as a buying opportunity and should be used well to enter some good quality stocks,” Gaurav Garg, head of research at CapitalVia Global Research in Indore told news agency Reuters.
Top gainers in the sensex pack included ONGC, Bharti Airtel, HDFC, Titan, Asian Paints, Mahindra & Mahindra and TCS with their stocks up as much as 3.11 per cent.
On the NSE platform, Nifty Realty jumped as much as 5.14 per cent. Though, Nifty PSU Bank Index, which tracks state-run lenders, declined.
The Reserve Bank of India (RBI) said on Tuesday in a working paper that banks need strengthening for the full impact of monetary policy.
Asian stocks were also higher on account of US economic stimulus optimism.
On the domestic front, S&P Global Ratings on Tuesday raised India’s growth projection for the current fiscal to (-) 7.7 per cent from (-) 9 per cent estimated earlier on rising demand and falling Covid-19 infection rates.
The BSE index surged 403 points or 0.87 per cent to close at 46,666; while the broader NSE Nifty moved 115 points or 0.85 per cent to settle at 13,683.
The 30-share sensex pack touched an intraday high of 46,705; and Nifty eyed 13,700-mark.
With today’s rise, both the indexes have now hit record highs in 17 of 26 sessions.
Equities have posted six straight weekly gains, boosted by record inflows from foreign institutional investors, progress on Covid vaccines globally and signs of a nascent domestic economic recovery.
“Upside (for the markets) from here seems limited and there could be some correction … but that correction would be taken as a buying opportunity and should be used well to enter some good quality stocks,” Gaurav Garg, head of research at CapitalVia Global Research in Indore told news agency Reuters.
Top gainers in the sensex pack included ONGC, Bharti Airtel, HDFC, Titan, Asian Paints, Mahindra & Mahindra and TCS with their stocks up as much as 3.11 per cent.
On the NSE platform, Nifty Realty jumped as much as 5.14 per cent. Though, Nifty PSU Bank Index, which tracks state-run lenders, declined.
The Reserve Bank of India (RBI) said on Tuesday in a working paper that banks need strengthening for the full impact of monetary policy.
Asian stocks were also higher on account of US economic stimulus optimism.
On the domestic front, S&P Global Ratings on Tuesday raised India’s growth projection for the current fiscal to (-) 7.7 per cent from (-) 9 per cent estimated earlier on rising demand and falling Covid-19 infection rates.
Retail inflation declined to 6.93 per cent in November on softer food prices, though it remained above the comfort level of the Reserve Bank, official data showed.
Foreign portfolio investors (FPIs) were net buyers in the capital markets as they purchased shares worth Rs 2,484.09 crore on Tuesday, according to exchange data.
(With inputs from agencies)
Watch Sensex surges 403 points to hit record closing high; Nifty settles above 13,650
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