Stock Market Updates: Gains financial and IT shares supported the markets.
Domestic stock markets started the New Year on a positive note with benchmark indices scaling all-time peaks, after the NSE Nifty 50 index finished 2020 with a return of 15 per cent. The S&P BSE Sensex index rose 195.33 points, or 0.41 per cent, to 47,946.66 in morning deals, and the broader NSE Nifty 50 gauge added 52.10 points (0.37 per cent) to touch 14,033.85 — both record highs. Gains across most sectors supported the markets, led by financial, automobile and IT shares.
Here are 10 things to know about the markets today:
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At 9:30 am, the Sensex traded 140.92 points, or 0.30 per cent, higher at 47,892.25 while the Nifty was up 34.05 points, or 0.24 per cent, at 14,015.80. (Track Sensex, Nifty Here)
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Mahindra & Mahindra, UPL, Tata Consultancy Services, ONGC and Tata Motors, trading between 0.82 per cent and 2.06 per cent higher, were the top gainers in the Nifty basket of 50 shares.
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On the other hand, Hindalco, Sun Pharma, Divi’s Laboratories, Grasim and Titan, down 0.37-0.71 per cent each, were the worst hit among 14 laggards in the index.
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Infosys, Tata Consultancy Services and HDFC were the top contributors to the gain in Sensex.
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Analysts say optimism on a fast recovery from the coronavirus pandemic-caused slowdown continued to support investor sentiment.
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“Calendar year 2021 will be marked with hopes of early rollout of the COVID-19 vaccine, normalisation of activities and unperturbed growth recovery,” said Jaideep Hansraj, managing director and CEO of Kotak Securities.
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Most Asian markets were shut for a public holiday.
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Global share markets notched solid-to-spectacular yearly gains despite major economies upended by the COVID-19 as investors looked to a post-pandemic world.
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On Thursday, the Sensex had closed 0.01 per cent higher at 47,751.33, and the Nifty settled flat at 13,981.75 after rising briefly to life-time high of 14,024.85, as losses in IT firms and Reliance Industries offset gains in private sector lenders.
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Later that day, the Dow Jones Industrial Average rose 0.65 per cent, the S&P 500 gained 0.64 per cent, and the Nasdaq Composite added 0.14 per cent.
