Sensex surges 394 points to hit fresh closing high; Nifty ends near 14,650 – Times of India

NEW DELHI: Equity indices scaled fresh peaks on Wednesday with the benchmark BSE sensex rising nearly 400 points led by gains in IT and auto stocks. Both the indices jumped amid positive cues from global markets.
After touching an intra-day high of 49,875, the 30-share BSE index surged 394 points or 0.80 per cent to close at record peak of 49,792; while, the broader NSE Nifty settled at fresh closing high of 14,645.
Tech Mahindra, Maruti, M&M, Asian Paints, Reliance and Infosys were the top gainers in the sensex pack rising as much as 2.75 per cent.
While PowerGrid, NTPC, HDFC Bank, ITC and Nestle India were the top losers falling up to 2.20 per cent.
On the NSE, sub-indices Nifty IT, Auto and PSU Bank gained up to 2.29 per cent.
According to analysts, domestic markets took cues from global equities which rose to record highs after US Treasury Secretary nominee Janet Yellen called for a hefty fiscal relief package to help the economy hit by the Covid-19 crisis.
“These are the indicators investors are watching for… This is a classic bull run, which will continue until the central bankers take away the accommodative stance, which will not happen in the near future,” Saurabh Jain, assistant vice president of research at SMC Global Securities told news agency Reuters.
US President-elect Joe Biden, who will be sworn into office later today, laid out a $1.9 trillion stimulus package proposal to boost the economy last week.
Meanwhile, foreign institutional investors (FIIs) were net purchasers of Indian equities on Tuesday, putting in Rs 257.55 crore on a net basis while domestic investors sold shares worth Rs 199 crore on a net basis.
(With inputs from agencies)