Sensex rallies over 350 points to hit record intra-day high
(Sourced from PTI)
Equity benchmark Sensex rallied over 350 points to scale a fresh intra-day record in early trade on Tuesday, tracking gains in index-heavyweights Reliance Industries, HDFC twins, and ICICI Bank, amid a positive trend in global equities. After touching a lifetime intra-day peak of 52,957.13, Sensex was trading 0.71 percent higher at 52,949.38 in initial deals. Similarly, the Nifty surged 0.73 percent to 15,861.55.
Maruti was the top gainer in the Sensex pack, rising over two percent, followed by M&M, L&T, TCS, ICICI Bank, SBI, and HDFC twins. On the other hand, Nestle India and Bajaj Finance were the laggards.
In the previous session, the 30-share BSE index Sensex ended 230.01 points or 0.44 percent higher at 52,574.46. Similarly, the broader NSE Nifty advanced 63.15 points or 0.40 percent to 15,746.50. Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs. 1,244.71 crore on Monday, as per provisional exchange data.
According to Binod Modi Head of Strategy at Reliance Securities, domestic equities look good as of now following firm global cues. US stocks finished sharply higher with Dow and S&P 500 recording 1.4-1.8 percent gains as investors focused on strengthening the US economy and strong corporate earnings. Further, India's daily caseload falling below 60,000 and ramp-up in vaccination programs offer comfort, Modi said.
"Expectations of a sharp improvement in high-frequency key economic indicators from the current month supported by the ease of business curbs should offer support," Modi said. Elsewhere in Asia, bourses in Shanghai, Seoul, and Tokyo were trading with gains in mid-session deals, while Hong Kong was in the red. Meanwhile, international oil benchmark Brent crude was trading 0.35 percent higher at $75.16 per barrel.
