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Sensex rallies 487 points to close above 49,000 for first time; IT stocks shine

Equity benchmark Sensex rallied 487 points on Monday to close at a fresh lifetime peak, tracking gains in Infosys, HDFC twins and HCL Tech amid massive foreign fund inflows.

PTI PTI
Mumbai Published on: January 11, 2021 16:09 IST
Sensex rallies 487 points to close above 49,000 for first time; IT stocks shine
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Sensex rallies 487 points to close above 49,000 for first time; IT stocks shine

Equity benchmark Sensex rallied 487 points on Monday to close at a fresh lifetime peak, tracking gains in Infosys, HDFC twins and HCL Tech amid massive foreign fund inflows. After touching a record intra-day high of 49,303.79, the 30-share BSE index ended 486.81 points or 1 per cent higher at 49,269.32.

Similarly, the broader NSE Nifty surged 137.50 points or 0.96 per cent to finish at 14,484.75. It hit a fresh intra-day high of 14,498.20.

On the Sensex chart, HCL Tech was the top gainer, soaring around 6 per cent, followed by Infosys, HDFC, Bajaj Auto, Maruti, Tech Mahindra and M&M.

On the other hand, Bajaj Finserv, Bajaj Finance, Reliance Industries, L&T, Kotak Bank and SBI were among the laggards.

According to Binod Modi, Head-Strategy at Reliance Securities, domestic equities remained in the grip of bulls with benchmark indices registering fresh highs as robust earnings performance by TCS and D-Mart bolstered investors' confidence.

"Continued improvement in COVID-19 recovery rates and announcement of vaccination process from January 16 offered comfort to markets. Further, expectations of sharp recovery in corporate earnings led by sustained rebound in key economic data may propel market to witness fresh highs in the near term," he stated.

FPI flow may continue to remain favourable given status of global economy, stance of global central bankers and weak dollar, he said, adding that domestic equities can also witness pre-Budget rally in the coming weeks considering broad expectations of pro-growth measures.

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 exchange data.

Elsewhere in Asia, bourses in Hong Kong and Seoul ended with gains, while Shanghai was in the red.

Stock exchanges in Europe were trading on a negative note in early deals.

Meanwhile, the global oil benchmark Brent crude was trading 1.52 per cent lower at USD 55.14 per barrel.

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