Sensex hits 49,000 for the first time; Nifty above 14,400
(Sourced from PTI)
Equity benchmark Sensex surged over 400 points in early trade on Monday to top the 49,000 mark for the first time, tracking gains in IT stocks amid a largely positive trend in global equities and massive FPI inflow. After touching a record intra-day high of 49,260.21, it was trading 0.83 percent higher at 49,187.96. NSE Nifty jumped 0.78 percent to 14,459.70 in opening deals.
On the Sensex chart, Infosys was the top gainer, rising around 4 percent, followed by HCL Tech, ITC, HDFC Bank, Bharti Airtel, HUL, and TCS. On the other hand, Axis Bank, Maruti, ONGC, Bajaj Finance, and Reliance Industries were among the laggards. In the previous session, the Sensex had closed 1.43 percent higher at 48,782.51, while Nifty rallied 1.48 percent to close at 14,347.25.
Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs. 6,029.83 crore on Friday. According to Binod Modi, Head-Strategy at Reliance Securities, domestic equities continue to look firm. Continued improvement in COVID-19 recovery rates and the announcement of the vaccination drive from January 16 would offer comfort to markets.
"Robust earnings performance delivered by TCS and expectations of strong 3QFY21 earnings by companies may propel fresh highs. FPIs flow may continue to remain favorable given the status of the global economy, the stance of global central bankers, and the weak dollar," Modi said.
While Infosys was the highest earner in the Indian capital market, elsewhere in Asia, bourses in Hong Kong, Tokyo, and Seoul were trading with significant gains in mid-session deals, while Shanghai was in the red. Meanwhile, due to the weak dollar, the global oil benchmark Brent crude was trading 1.29 percent lower at $55.27 per barrel.