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Markets scale new peaks on US stimulus, Brexit deal

Bullish momentum may remain alive
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Bullish momentum may remain alive

Highlights

Extending gains for the fourth straight session, key stock indices Sensex and Nifty raced to new peaks on Monday in line with broad-based rally in global equities as investors cheered a $2.3 trillion US stimulus package and last-minute Brexit deal.

Mumbai: Extending gains for the fourth straight session, key stock indices Sensex and Nifty raced to new peaks on Monday in line with broad-based rally in global equities as investors cheered a $2.3 trillion US stimulus package and last-minute Brexit deal.

The benchmark index Sensex settled up by 380.21 points or 0.81 per cent at its all-time closing high of 47,353.75. The index also scaled its fresh record intra-day peak of 47,406.72 on the back of gains in banking and energy stocks. The NSE Nifty ended 123.95 points or 0.90 per cent up at new closing high of 13,873.20. It also touched its all-time intra-day high of 13,885.30.

On the Sensex chart, Titan, SBI, L&T, IndusInd Bank, Ultratech Cement, HDFC Bank, and Asian Paints were top gainers. Reliance Industries, Kotak Bank, HDFC, ICICI Bank, Axis Bank, Bharti Airtel and ONGC were among the gainers. While, HUL, Sun Pharma, Dr Reddy and Bajaj FinServ closed with losses. Of the Sensex constituents, 26 stocks settled with gains and 4 with losses.

In the previous trading day on Thursday, the 30-share Sensex had surged 529.36 points or 1.14 per cent to close at 46,973.54. The broader NSE Nifty had zoomed 148.15 points or 1.09 per cent to 13,749.25.

Markets were closed on Friday on account of Christmas. "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," Vinod Nair, Head of Research at Geojit Financial services, said.

US President Donald Trump has signed into law a massive $2.3 trillion spending bill that includes a $900 billion coronavirus relief package, averting a government shutdown and extending coronavirus aid to millions suffering from the economic impact of the pandemic. Trump initially had refused to approve the legislation for days after receiving it. He had called the bill "a disgrace".

The advancement of 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," Nair said. (PTI)

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