Nifty Closes Above 14,000 For First Time As Markets Extend Rally

The Sensex ended 117.65 points, or 0.25 per cent, higher at 47,868.98, rising for the eighth day in a row, and the Nifty settled at 14,018.50, up 36.75 points, or 0.26 per cent, from its previous close — both record closing highs. (Track Sensex, Nifty Here) Adani Ports, Tata Consultancy Services, ITC, Mahindra & Mahindra and State Bank of India (SBI), ending between 1.49 per cent and 4.39 per cent higher, were the top percentage gainers in the Nifty basket of 50 shares. ICICI Bank, SBI Life, Hindalco, HDFC Bank and Titan, down 0.58-1.36 per cent each, were the worst hit among 15 laggards in the index. (Also Read: These Were The Best-Performing Blue Chips Of 2020) TCS, ITC and SBI were the biggest boosts for Sensex, contributing more than 100 points to the gain in the 30-scrip index. Friday's upmove was broad-based as the S&P BSE Midcap and Smallcap indices closed 1.24 per cent and 0.90 per cent higher respectively. The BSE's broadest gauge — which tracks 501 shares — rose 0.49 per cent. Rain Industries, Indiamart Intermesh, Trident, BHEL and JK Paper, finishing the day between 7.05 per cent and 13.53 per cent higher, were the best performers among 350 gainers in the S&P BSE 500 index. Analysts say the ongoing liquidity-driven rally is backed by optimism around the development of COVID-19 vaccines and a fast recovery from the pandemic-caused slowdown. "Most of the auto companies reported impressive sales data today for December, indicating the economy is coming back on track. Robust tractor sales by Escorts indicate that the rural economy is doing well... Though fiscal deficit has already exceeded the budgeted figure, liquidity is still strong in the markets," Anita Gandhi, director at Arihant Capital, told NDTV. The Nifty Auto index rose 0.86 per cent for the day, after Maruti Suzuki India and Ashok Leyland — ending 0.49 per cent and 3.72 per cent higher respectively — reported higher December sales. "We are soon entering the corporate results season. Till then, liquidity will decide the fate of the markets as valuations are a bit expensive," she added. Investors' wealth has increased by Rs 10.48 lakh crore since December 21, with the market capitalisation of BSE-listed shares rising to Rs 189.27 lakh crore, BSE data shows. Most Asian and European financial markets were shut for a public holiday. Global share markets notched solid-to-spectacular yearly gains despite major economies upended by the COVID-19 as investors looked to a post-pandemic world. .(With inputs from agencies)

Nifty Closes Above 14,000 For First Time As Markets Extend Rally

NDTV Profit

NDTV Profit

Follow Us

DISCOVER US FASTER

DOWNLOAD THE APP