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Wednesday, January 20, 2021

Vaccine, stimulus hopes keep market rally going, Sensex soars past 46,000

In the afternoon deals, the S&P BSE Sensex breached the 46,000-mark to touch a new lifetime high of 46,093.05, while the Nifty 50 too surged above the 13,500-level to hit 13,528.45.

By: ENS Economic Bureau | New Delhi | Updated: December 10, 2020 4:14:07 am
An electronic ticker board displays stock figures outside the Bombay Stock Exchange (BSE) building in Mumbai, India, on Tuesday, Dec. 11, 2018. (Photographer: Dhiraj Singh/Bloomberg)

Domestic markets continued their rally on Wednesday amid hopes of Covid vaccine, stimulus packages in India and developed nations, and faster rebound of the economy. The Sensex crossed the 46,000-mark and soared another 495 points to a record high of 46,103.50 and the NSE Nifty Index gained 136 points at 13,529.10 on all-round buying support.

The broader indices, too, showed decent traction and gained in the range of 0.4-0.5 per cent. Among the sectoral indices, banking and energy were among the top contributors. The Sensex has now gained over 5,000 points since November 1 this year.

The rupee strengthened by another 3 paise to mark its seven-week high of 73.57 against the US dollar on Wednesday.

Meanwhile, positive updates on the vaccine development have recently lifted Wall Street’s main indices to all-time highs, with the S&P 500 surpassing 3,700 points for the first time on Tuesday.

By 11:32 a.m. ET, the Dow Jones Industrial Average was down 72.68 points, or 0.24 per cent, at 30,101.20 and the S&P 500 eased off its record high to trade 0.20 per cent down at 3,694.77.

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