Sensex Zooms 487 Points; IT & Automobile Stocks Rally

Indian share markets hit fresh record highs today with the BSE Sensex crossing the 49,000-mark on hopes of a robust recovery in Q3 earnings and favorable global cues.

It was reported today that the Union Budget papers will not be printed for the first time since Independence, due to COVID-19 pandemic.

The Union Budget will be presented on February 1 by finance minister Nirmala Sitharaman. The budget session will begin on January 29 and go on till April 8.

At the closing bell, the BSE Sensex stood higher by 487 points (up 1%).

The NSE Nifty closed higher by 138 points (up 0.96%).

HCL Tech and Infosys were among the top gainers today.

The SGX Nifty was trading at 14,496, up by 121 points, at the time of writing.

The BSE Mid Cap index ended down by 0.1%, and the BSE Small Cap index ended down by 0.2%.

On the sectoral front, gains were largely seen in the IT sector, the automobile sector, and FMCG sector. IT stocks surged following the stellar performance of TCS in the December quarter.

Metal and energy stocks, on the other hand, witnessed selling pressure.

Over 450 stocks including Tata Motors, HCL Tech, Infosys, Wipro, Ashok Leyland, Varun Beverages, Godrej Consumer, Maruti Suzuki, TCS, TVS Motor, MRF, and Avenue Supermarts among others hit a new 52-week high.

Asian stock markets closed on a mixed note today as worries over Sino-US tensions continued to weigh on the market, while a jump in new domestic COVID-19 cases also dampened sentiment.

As of the most recent closing prices, the Hang Seng ended up by 0.1% and the Shanghai Composite ended down 1.1%.

US stock futures are trading lower today indicating a negative opening for Wall Street indices. Nasdaq Futures are trading down by 58 points (down 0.4%), while Dow Futures are trading down by 188 points (down 0.6%).

The rupee is trading at 73.42 against the US$.

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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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