Benchmarks hit new peaks; Reliance, IT stocks sparkle
Sensex, Nifty end at all-time
high; RIL, IT stocks sparkle
Stronger rupee adds to momentum
– Rising for the fourth straight session, the Sensex climbed 181.54 points to finish at its fresh lifetime high of 45,608.51
– A strong recovery in the rupee added to the momentum
– The Nifty rose for the sixth consecutive day, up 37.20 points to 13,392.95 — its new closing record
Mumbai, December 8
Equity indices finished at fresh record highs on Tuesday, propelled by market heavyweight Reliance Industries and IT stocks, as investors remained in buying mode amid unabated foreign fund inflows.
A strong recovery in the rupee added to the momentum, traders said.
Rising for the fourth straight session, the Sensex climbed 181.54 points to finish at its fresh lifetime high of 45,608.51.
The Nifty rose for the sixth consecutive day, up 37.20 points to 13,392.95 — its new closing record.
UltraTech Cement was the top gainer in the Sensex pack, rising 3.15%, followed by TCS, Reliance Industries, HCL Tech, Infosys, SBI and Kotak Bank.
RIL jumped 1.82% after its chairman Mukesh Ambani said the company will roll out 5G telecom services in the second half of 2021. On the other hand, Sun Pharma, IndusInd Bank, NTPC, Tech Mahindra, ONGC and Asian Paints were among the laggards, shedding up to 2.36%.
“Since November, PSU banks have been outperforming the market and this rally continued and took Indian benchmark indices to new highs in today’s volatile session. Reports of emergency vaccine rollout in India and hopes of a stimulus package in the US and Japan has also helped in keeping momentum live.
“European stocks are experiencing negative waves due to fading hopes of Brexit trade talks and an increasing number of COVID cases. Although the markets are at an all-time high, the expected updates on vaccine rollouts and stimulus packages have the potential to take markets further,” said Vinod Nair, Head of Research at Geojit Financial Services. — PTI
