The rupee snapped its three-session winning streak and settled for the day 3 paise lower at 73.07 against the US dollar on Friday. (Image source: Bloomberg) The benchmark equity indices on the BSE and National Stock Exchange (NSE) ended nearly 1 per cent higher on Monday settling at their record closing highs led by gains in metals and banking stocks amid positive sentiment in the global market.
The S&P BSE Sensex climbed 380.21 points (0.81 per cent) to settle at its highest closing mark at 47,353.75. During the intraday trade, the BSE benchmark had hit a record high of 47,406.72. Likewise, the broader Nifty 50 too ended at its record closing high of 13,873.20, gaining 123.95 points (0.90 per cent). The 50-share benchmark had hit an all-time high of 13,885.30 during intraday.
The HDFC twins comprising of HDFC Bank and Housing Development Finance Corporation (HDFC) along with ICICI Bank, Larsen & Toubro (L&T) and Kotak Mahindra Bank were the biggest contributors to Sensex’s rise on Monday. See heatmap below
Gainers and losers of the day on the Sensex. (Source: BSE)
Among the sectoral indices, the key Nifty Bank index ended 1.57 per cent aided by RBL Bank, Punjab National Bank (PNB) and The Federal Bank. Apart from banks, the Nifty Metal index too surged 2.56 per cent led by Steel Authority of India (SAIL), APL Apollo Tubes and Welspun Corp.
Here’s how the sectoral indices performed:
Sectoral gainers and losers of the day on the National Stock Exchange. (Source: NSE)
In the broader market, the S&P BSE MidCap index ended at 17,823.23, up 146.53 points (0.83 per cent), while the S&P BSE SmallCap settled at 17,938.59, up 263.06 points (1.49 per cent).
“Indian market started on an upbeat note in the final week of the year owing to positive global cues. The global market cheered the news of the $2.3 trillion pandemic stimulus announced in the US and the historic post-Brexit trade deal struck between the UK and EU. The advancement of a rollout of COVID-19 vaccines in India too uplifted domestic sentiments, leading to positive momentum across all the sectors. We can expect the momentum to be maintained as investors are focusing more on the positive side of these events and are not worried about the peak valuations and lockdowns triggered by the new strain of virus” Vinod Nair, Head of Research at Geojit Financial Services, said in a post-market statement.
Global Market
Global shares rose and the dollar softened on Monday after US President Donald Trump signed a $2.3 trillion spending package and as investors continued to celebrate a last-minute trade deal clinched between Britain and the European Union.
By backing down from his earlier threat to block the bipartisan bill, Trump allowed millions of Americans to continue receiving unemployment benefits and averted a federal government shutdown.
The MSCI world index, which tracks shares in 49 nations, rose 0.3 per cent by 0907 GMT, boosted by strong opening gains in Europe and a positive session in Asia overnight, although trading was thinner due to the festive period.
The euro STOXX index rose 0.9 per cent in the first trading session after London and Brussels signed an eleventh hour deal on Thursday evening that preserves zero tariff access to each other’s markets. The British market was closed for the Boxing Day holiday.
US S&P futures rose 0.6 per cent in their first trade after the Christmas holiday, edging near a record touched last week.
Earlier Japan’s Nikkei advanced 0.7 per cent and China stocks also rose, helped by strong industrial profit data. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1 per cent.
— global market input from Reuters
