Market snaps 5-day losing streak led by realty, banking and metal
At close, the Sensex was up 498.58 points or 0.64% at 78,540.17, and the Nifty was up 165.95 points or 0.70% at 23,753.45.
Positive global cues pushed equity benchmarks higher to end all-time high on Friday. The S&P BSE Sensex closed 689.19 points or 1.43 per cent higher at 48,782.51. The broader NSE Nifty rallied 209.90 points or 1.48 per cent to close at its record high of 14,347.25.
Earlier in the day, Sensex had touched an intra-day record of 48,854.34 and Nifty hit a life-time peak of 14,367.30.
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Gainers on the Sensex pack were led by Maruti, rising around 6 per cent, followed by Tech Mahindra, Infosys, UltraTech Cement, PowerGrid and NTPC.
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On the other hand, IndusInd Bank, Bharti Airtel, SBI, ITC and HDFC were the laggards.
According to Binod Modi, Head-Strategy at Reliance Securities, growing expectations of stronger fiscal stimulus in the US after Congress confirmed President-elect Joe Biden’s victory has fuelled equities rally globally.
“Markets completely downplayed earlier concerns of reversal of lower tax rates in the scenario of Democrats taking control of both the houses of Congress,” he added.
A sustained rebound in key economic data for December 2020 and likely commencement of vaccination drive shortly in India augur well for domestic equities, he said, adding that the underlying strength of domestic equities is intact, which essentially can propel benchmark indices to witness fresh highs in coming weeks.
“FPIs are unlikely to turn net sellers barring select weeks of days considering the status of global economy, stance of global central bankers and weak dollar,” he stated.
On the broader market front, the S&P BSE MidCap and SmallCap ended with gains at 1 per cent and 0.72 per cent higher.
Elsewhere in Asia, bourses in Hong Kong, Tokyo and Seoul ended with significant gains, while Shanghai was in the red.
Stock exchanges in Europe were also trading on a positive note in early deals.
Meanwhile, the global oil benchmark Brent crude was trading 0.59 per cent higher at USD 54.70 per barrel.
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