Sensex, Nifty scale fresh record peaks on positive global cues – Times of India

NEW DELHI: Equity indices on Wednesday continued to move upwards with the benchmark BSE sensex rising more than 300 points amid firm global cues. The 30-share BSE index hit an intraday high of 44,825 in early trade; while the broader NSE Nifty moved 90 points higher to scale fresh lifetime peak of 13,146.
Top gainers in the sensex pack included ONGC, Axis Bank, ICICI Bank, SBI, HDFC twins (HDFC Bank and HDFC) and Tata Steel with their shares rising as much as 4.93 per cent.
On the NSE platform, except for Nifty IT, all other sub-indices were trading in green with Nifty PSU Bank and Bank up as much as 1.60 per cent.
Sensex had ended 446 points or 1.01 per cent higher at a record 44,523 on Tuesday; while Nifty rose 129 points or 1 per cent to close above the 13,000-mark for the first time at 13,055.
World shares rallied to a record peak on Wednesday, following an overnight surge that saw the Dow Jones benchmark crack 30,000 for the first time as investors cheered a dramatically improved global outlook.

The formal start of US president-elect Joe Biden’s transition to the White House and increasing confidence a Covid-19 vaccine would be ready soon ushered in renewed appetite for global shares.
After weeks of waiting, President Donald Trump’s administration on Monday cleared the way for Biden to prepare for the start of his administration, giving him access to briefings and funding.
“The main thing now is that it has become official that the Biden administration will start. And we have ample liquidity from the world’s central banks,” Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities told news agency Reuters.
“I expect the honeymoon between financial markets and the Biden administration and stocks’ bull trend could continue until around his inauguration in January,” he said, adding reality checks could follow, once he will be sworn in.
Reports that Biden planned to nominate former Federal Reserve chair Janet Yellen as treasury secretary — a move that could shift the focus heavily toward efforts to tackle growing economic inequality — also cheered markets.
Also, investors bet forthcoming virus vaccine shots could ease the pain on various industries that have been hit hardest by the pandemic, from tourism to energy, despite the ongoing severe outbreak of the virus in many parts of the world.
Meanwhile, buying by foreign institutional investors (FIIs) has crossed Rs 50,000 crore in a month in November for the first time ever. There are still some days left to go in the month.
Till November 24, FIIs have bought equities worth Rs 50,501.07 crore and on Tuesday they bought equities worth Rs 4,563.18 crore.
(With agency inputs)