Mumbai, January 11
Equity benchmarks Sensex and Nifty soared to lifetime highs for the second straight session on Monday as encouraging corporate earnings prompted investors to accumulate IT, finance and auto stocks.
After touching a record intra-day high of 49,303.79, the 30-share BSE Sensex ended 486.81 points higher at 49,269.32, closing above the 49,000-level for the first time.
Similarly, the broader NSE Nifty surged 137.50 points to finish at its fresh lifetime high of 14,484.75. It hit a record 14,498.20 during the session.
IT stocks led the rally after TCS on Friday reported a 7.2% jump in December quarter net to Rs 8,701 crore and projected double-digit revenue growth for FY22.
HCL Tech was the top gainer in the Sensex pack, vaulting 6.09%, followed by Infosys, HDFC, Maruti, Tech Mahindra, Bajaj Auto and M&M. On the other hand, Bajaj Finserv, Bajaj Finance, Reliance Industries, L&T, Kotak Bank and SBI were among the laggards, shedding up to 1.92%.
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 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. Sector-wise, BSE IT, teck, auto, FMCG, realty, telecom and healthcare indices rallied up to 3.63%. — PTI
Both indices at lifetime high
- After touching a record intra-day high of 49,303.79, the Sensex ended 486.81 points higher at 49,269.32, closing above the 49,000-level for the first time
- Similarly, the Nifty surged 137.50 points to finish at its fresh lifetime high of 14,484.75. It hit a record 14,498.20 during the session
- IT stocks led the rally after TCS on Friday reported a 7.2% jump in December quarter net to Rs 8,701 crore and projected double-digit revenue growth for FY22
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