Sensex breaches 50,000 mark, Reliance gains 2.2 per cent
Equity benchmark indices scaled new record highs during early hours on Thursday with the Sensex crossing 50,000 mark for the first time.
Equity benchmark indices scaled new record highs during early hours on Thursday with the Sensex crossing 50,000 mark for the first time. The bull run on D-Street was largely on the back of favourable global cues as investors hoped for more economic stimulus from new US President Joe Biden.
Nifty metal and realty, all sectoral indices at the National Stock Exchange were in the positive zone with Nifty auto advancing by 1.1 per cent, private bank by 0.6 per cent and FMCG by 0.5 per cent.
Among stocks, Reliance Industries gained by 2.2 per cent to Rs 2,100.35 per share after the market regulator Securities and Exchange Board of India (SEBI) gave a go-ahead to Future Group's scheme of arrangement and sale of assets to the Mukesh Ambani-led conglomerate. Kishore Biyani-led Future Enterprises and Future Retail were up by 4.9 per cent to Rs 12.01 and Rs 81.35 per share respectively.
Bajaj Finserv gained by 3.7 per cent, Bajaj Finance by 3 per cent, Bajaj Auto by 1.4 per cent, Tata Motors by 3.4 per cent and UPL by 2.6 per cent. However, metal stocks lost shine with JSW Steel and Hindalco dipping by 0.8 per cent and Tata Steel by 0.7 per cent. Adani Ports, HDFC, GAIL and Tata Consultancy Services also traded lower with thin margins.
Meanwhile, Asian stocks rose to new record highs tracking US markets as investors hoped for more economic stimulus from newly inaugurated US President Joe Biden to offset damage wreaked by Covid-19 pandemic. MSCI's broadest index of Asia Pacific shares outside Japan touched record highs and was last up by 0.85 per cent with markets across the region posting gains.
Hong Kong's Hang Seng breached the 30,000 level and rose by 0.31 per cent while Japan's Nikkei was up by 0.72 per cent. The rises in Asia followed fresh record highs on Wall Street overnight. The Dow Jones Industrial Average rose by 0.83 per cent, the S&P 500 gained by 1.39 per cent and the Nasdaq Composite added 1.97 per cent.