5 Reasons Why Sensex Surged 609 Points Today

After staging a gap-up opening, Indian share markets witnessed positive trading activity throughout the day today and ended on a strong note.

Benchmark indices extended their winning streak into a third straight session with both Sensex and Nifty hitting their fresh record high levels.

At the closing bell, the BSE Sensex stood higher by 609 points (up 1.2%).

The NSE Nifty closed higher by 151 points (up 1%).

Axis Bank and ICICI Bank were among the top gainers today.

The SGX Nifty was trading at 15,332, up by 174 points, at the time of writing.

Both, the BSE Mid Cap index and the BSE Small Cap index ended higher by 1.4% and 0.4%, respectively.

On the sectoral front, gains were largely seen in the banking sector and finance sector.

Asian stock markets ended higher today. As of the most recent closing prices, the Hang Seng ended up by 0.45% and the Shanghai Composite ended up 1.43%. The Nikkei ended higher by 1.91%.

US stock futures are trading higher today indicating a positive opening for Wall Street indices, with Dow Futures trading up by 162 points (up 0.5%).

The rupee is trading at 72.65 against the US$.

Gold prices for the latest contract on MCX are trading flat at Rs 47,318 per 10 grams.

Here are Top 5 Factors Why Indian Share Markets Rallied Today

Firm Global Cues: Asian share markets traded on a form note today with as the global rollout of the COVID-19 vaccine raised hopes of a faster economic recovery. Apart from this, reports of fresh US stimulus also boosted sentiment.

Recovering Economy: Index of Industrial Production (IIP) for the month of December turned positive again and showed an expansion of 1%, primarily led by basic metals, pharmaceutical and petrochemical products, and overall positive growth in the manufacturing sector.

This comes after IIP had contracted by 1.9% in November. It had expanded in October and September after six straight months of contraction due to COVID-19.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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