NEW DELHI: Stock indices climbed all-time highs Wednesday with the benchmark BSE Sensex rising more than 400 points amid positive investor sentiment over the launch of Covid-19 vaccines.
The BSE index rose 403 points or 0.87 percent to close at 46,666; while the broader NSE Nifty it moved 115 points or 0.85 percent to settle at 13,683.
The sensex 30-share package reached an intraday high of 46,705; and Nifty looked at the 13,700 mark.
With today’s surge, both indices have hit record highs in 17 out of 26 sessions.
The stocks have posted six consecutive weekly gains, driven by record inflows from foreign institutional investors, progress on Covid vaccines globally and signs of a nascent domestic economic recovery.
“The improvement (for the markets) from here seems limited and there could be some correction … but that correction would be taken as a buying opportunity and should be used well to enter some good quality stocks,” Gaurav Garg, head of research at CapitalVia Global Research in Indore told Reuters news agency.
The top winners in the sensex package included ONGC, Bharti Airtel, HDFC, Titan, Asian Paints, Mahindra & Mahindra and TCS with their shares up 3.11 percent.
On the NSE platform, Nifty Realty jumped as much as 5.14 percent. However, the Nifty PSU Bank Index, which tracks state lenders, declined.
The Reserve Bank of India (RBI) said in a working paper on Tuesday that banks need to strengthen themselves for the full impact of monetary policy.
Asian stocks also rose on optimism from the US economic stimulus.
On the domestic front, S&P Global Ratings on Tuesday raised India’s growth forecast for the current fiscal year to (-) 7.7 percent from (-) 9 percent previously estimated due to rising demand and falling rates. of Covid-19 infection.
The BSE index rose 403 points or 0.87 percent to close at 46,666; while the broader NSE Nifty it moved 115 points or 0.85 percent to settle at 13,683.
The sensex 30-share package reached an intraday high of 46,705; and Nifty looked at the 13,700 mark.
With today’s surge, both indices have hit record highs in 17 out of 26 sessions.
The stocks have posted six consecutive weekly gains, driven by record inflows from foreign institutional investors, progress on Covid vaccines globally and signs of a nascent domestic economic recovery.
“The improvement (for the markets) from here seems limited and there could be some correction … but that correction would be taken as a buying opportunity and should be used well to enter some good quality stocks,” Gaurav Garg, head of research at CapitalVia Global Research in Indore told Reuters news agency.
The top winners in the sensex package included ONGC, Bharti Airtel, HDFC, Titan, Asian Paints, Mahindra & Mahindra and TCS with their shares up 3.11 percent.
On the NSE platform, Nifty Realty jumped as much as 5.14 percent. However, the Nifty PSU Bank Index, which tracks state lenders, declined.
The Reserve Bank of India (RBI) said in a working paper on Tuesday that banks need to strengthen themselves for the full impact of monetary policy.
Asian stocks also rose on optimism from the US economic stimulus.
On the domestic front, S&P Global Ratings on Tuesday raised India’s growth forecast for the current fiscal year to (-) 7.7 percent from (-) 9 percent previously estimated due to rising demand and falling rates. of Covid-19 infection.
Retail inflation fell to 6.93 percent in November due to lower food prices, although it remained above the Reserve Bank’s comfort level, official data showed.
Foreign portfolio investors (FPIs) were net buyers in the capital markets, buying shares worth 2,484.09 crore on Tuesday, according to exchange data.
(With inputs from agencies)
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