Sensex zooms 487 points to hit fresh record closing; Nifty eyes 14500 – Times of India

NEW DELHI: Equity indices continued to march higher on Monday tracking gains in IT stocks and massive foreign fund inflow. The benchmark BSE sensex jumped 487 points or 1 per cent to hit fresh record closing of 49,269; while the broader NSE Nifty moved 138 points or 0.96 per cent higher to settle at 14,485.
Top gainers in the 30-share BSE pack included HCL Tech, Infosys, HDFC, Bajaj Auto, Maruti and Tech Mahindra with their shares rising as much as 5.93 per cent. On the NSE platform, sub-indices Nifty IT and Nifty Auto outperformed the index by gaining as much as 3.31 per cent.
“Domestic equities continue to look firm amid improvement in Covid-19 recovery rates and announcement of vaccination process from January 16,” Binod Modi, head-strategy at Reliance Securities, told news agency PTI.
“Additionally, robust earnings performance delivered by TCS (Tata Consultancy Services) and expectations of strong 3QFY21 earnings by companies led by sustained rebound in key economic data may propel the market to witness fresh highs in the near term.
“FPIs flow may continue to remain favourable given the status of the global economy, the stance of global central bankers and the weak dollar,” he added.
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.
“The results of TCS and D-Mart have surprised the market. Also, the new US government might increase the stimulus package. These are the reasons the market is very positive,” AK Prabhakar, head of research at IDBI Capital in Mumbai, told Reuters.
“The earnings have already been surprising and we are bullish on IT, pharma and banking results. Anything to do with digital is doing good. The rally is so strong derailment of this run is the difficult part,” Prabhakar added.
(With inputs from agencies)

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