Sensex zooms 834 points to close at 49,398; Nifty settles above 14,500

Sensex zooms 834 points to close at 49,398; Nifty settles above 14,500

NEW DELHI: Equity indices jumped higher on Tuesday with the benchmark BSE SENSEX rising over 800 points led by gains in realty, metal and financial stocks.

The 30-share BSE index surged 834 points or 1.72 per cent to close at 49,398; while the broader NSE Nifty settled 240 points or 1.68 per cent higher at 14,521.

Top gainers in the sensex pack included Bajaj Finserv, Bajaj, Finance, Sun Pharma, HDFC, ICICI Bank and L&T with their shares rising as much as 6.77 per cent.

While Tech Mahindra, ITC and M&M were the only losers falling up to 0.30 per cent.

On the NSE platform, all sub-indices finished in green with Nifty Realty, Metal and PSU Bank gaining up to 4.19 per cent.

According to analysts, investors are eyeing upbeat global cues ahead of a new presidency under US President-elect Joe Biden.

A new US President is taking over and a lot of positive announcements are coming in, which could keep the markets alive,” Rusmik Oza, head of fundamental research at Kotak Securities told news agency Reuters, referring to stimulus plans under Biden’s regime.

Further ‘big stimulus’ (in the US) along with the huge liquidity created by the unprecedented monetary stimulus can keep markets buoyant. But, there is a risk of bubble valuation,” he added.

Meanwhile, foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs 650.60 crore on Monday, as per exchange data.

(With inputs from agencies)

refrence : Times of India

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