The benchmark equity indices on the BSE and National Stock Exchange (NSE) ended around 1 per cent higher to settle at fresh record closing highs on Monday led by gains in information technology (IT) and automobile stocks.
The S&P BSE Sensex rose 486.81 points (1.00 per cent) to settle at a record closing high of 49,269.32. During the intraday session, the BSE benchmark had breached the 49,000-mark to touch a record high of 49,303.79. Likewise, the broader Nifty 50 rose 137.50 points (0.96 per cent) to end at a fresh closing high of 14,484.75. During the day, the 50-share benchmark index had hit a lifetime high of 14,498.20.
HCL Technologies, Infosys, Housing Development Finance Corporation (HDFC), Maruti Suzuki India, Tech Mahindra and Bajaj Auto were the biggest gainers on Monday, while Bajaj Finserv, Bajaj Finance, Reliance Industries (RIL), Larsen & Toubro (L&T), Kotak Mahindra Bank and State Bank of India (SBI) were the top losers. (see heatmap below)
Among sectors, the Nifty IT index was the top performer on Monday after it ended 3.31 per cent higher led by HCL Tech, Infy and Wipro. It was followed by Nifty Auto index that rose 2.61 per cent driven by Tata Motors, Ashok Leyland, Bajaj Auto and Maruti.
Here’s how the sectoral indices performed:
In the broader market, the S&P BSE MidCap index ended 14.42 points (0.08 per cent) lower at 19,124.30 while the S&P BSE SmallCap settled at 18,876.44, down by 32.15 points (0.17 per cent).
“Improved outlook for third quarter earnings along with strong global cues helped Sensex to breach 49,000 mark. The rally in the market was led by the IT sector backed by firm earnings results, however, small and mid-cap stocks were under pressure. Hopes of a new US stimulus to be unveiled this week created an upbeat movement in Wall Street while profit booking is seen in the European markets. This ongoing rally is being fueled by strong Q3 earnings preview, foreign fund inflow and optimism around Union Budget 2021,” Vinod Nair, Head of Research at Geojit Financial Services, said in a statement.
World shares slipped from record highs on Monday as caution over rising coronavirus cases saw some profit-taking from investors, while Treasury yields remained close to 10-month highs, indicating expectations for global reflation from anticipated US fiscal stimulus.
Worldwide coronavirus cases surpassed 90 million on Monday, according to Reuters tally.
European shares dipped in early trading, with rising coronavirus cases across the continent and China dragging down commodity stocks. Germany’s DAX lost 0.75 per cent, Britain’s FTSE 100, Italy’s FTSE MIB, and France’s CAC 40 fell about half a percent each, and Spain’s IBEX fell 0.1 per cent.
With Asian stock markets also lower, MSCI’s All Country World index, which tracks stocks across 49 countries, was down 0.2 per cent, just off Friday’s record high.
Futures for the S&P 500 slipped 0.6 per cent from record highs, after gaining 1.8 per cent last week. EUROSTOXX 50 futures eased 0.1 per cent and FTSE futures were flat.
–global market input from Reuters
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