Sensex climbs 300 points to scale new record in early trade, Nifty breaches 14,100-mark

Stock market today: The S&P BSE Sensex climbed 299.24 points (0.63 per cent) to breach the 48,000-mark for the first time ever and touch 48,168.22, while the broader Nifty 50 rose above the 14,100-mark to hit a record high of 14,114.15, climbing 95.65 points (0.68 per cent) from the previous close.

The benchmark equity indices on the BSE and National Stock Exchange (NSE) scaled new records in the opening deals on Monday after the Drug Controller General of India (DCGI) on Sunday approved the emergency use of both Oxford-AstraZeneca’s Covishield and Bharat Biotech’s Covaxin for immunisation against Covid-19 in India.

The S&P BSE Sensex climbed 299.24 points (0.63 per cent) to breach the 48,000-mark for the first time ever and touch 48,168.22, while the broader Nifty 50 rose above the 14,100-mark to hit a record high of 14,114.15, climbing 95.65 points (0.68 per cent) from the previous close.

Tata Consultancy Services (TCS), ICICI Bank, Infosys, Larsen & Toubro (L&T) and Hindustan Unilever (HUL) were the biggest contributors to the Sensex in the early trade on Monday.

All the sectoral indices were trading on a positive note in the early trade. The Nifty IT index was up around 1 per cent led by gains in TCS and Larsen & Toubro Infotech. The Nifty Metal index was up over 2 per cent led by NMDC and Steel Authority of India (SAIL). Apart from these, the key Bank Nifty was up over 0.75 per cent aided by The Federal Bank and IDFC First Bank.

In the previous session on Friday, the Sensex had risen by 117.65 points (0.25 per cent) to close at a fresh lifetime-high of 47,868.98, while the Nifty closed at an all-time high of 14,018.50.

Global market

Asian shares resumed their ascent on Monday as investors pinned their hope on vaccines to eventually deliver a global economic upturn, even as a possible tightening in virus rules for Tokyo pulled Japanese stocks off 30-year highs.

After a slow start, MSCI’s broadest index of Asia-Pacific shares outside Japan swung 1.2 per cent higher, hitting another all-time peak.

South Korea climbed 2 per cent to a record, led by the chip and auto sectors, while Chinese blue chips added 0.3 per cent.

E-Mini futures for the S&P 500 were steady after also touching a record high. EUROSTOXX 50 futures were flat, while FTSE futures rose 0.4 per cent.

Investors are still counting on central banks to keep money cheap while coronavirus vaccines help revive the global economy over time, though much of that optimism is already priced in and the virus still spreading.

Japan’s Nikkei shed early gains, falling 0.4 per cent after Prime Minister Yoshihide Suga confirmed the government was considering a state of emergency for Tokyo and three surrounding prefectures.

— global market input from Reuters

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