Sensex, Nifty Soar To Record Closing Highs As Markets Extend Rally

Domestic stock markets continued to rise for a sixth straight day on Wednesday tracking record highs in Asian equities, as optimism around a fast economic recovery from the coronavirus-caused slowdown boosted investor sentiment. The S&P BSE Sensex index gained 194.77 points to touch an all-time high of 47,807.85, and the broader NSE Nifty 50 benchmark added 109.7 points to an all-time high of 13,982.90, during the session. Gains in automobile and metal shares supported the markets. (Track Sensex, Nifty Here) .The Sensex ended 133.14 points, or 0.28 per cent, higher at 47,746.22, and the Nifty settled at 13,981.95, up 49.35 points, or 0.35 per cent, from its previous close — both record closing highs. .UltraTech Cement, Grasim, Shree Cement, Bajaj Finance and Eicher Motors, closing between 2.46 per cent and 4.42 per cent higher, were the top percentage gainers in the Nifty basket of 50 shares. .On the other hand, IndusInd Bank, Sun Pharma, Axis Bank, State Bank of India and Bharti Airtel, finishing the day 0.82-1.47 per cent lower each, were the worst hit among 16 laggards in the index. .Bajaj Finance, Kotak Mahindra Bank, UltraTech Cement and HDFC Bank were the biggest contributors to the gain in Sensex. (Also Read: Rangebound Trade, Volatility Likely In Markets As Year Comes To A Close, Say Analysts).Investors' wealth increased by Rs 9.17 lakh crore in the six-day period, as the market capitalisation of BSE-listed companies rose to Rs 187.97 lakh crore, exchange data showed..The Nifty Bank index — which tracks stocks of 12 major lenders in the country — declined 0.06 per cent, snapping a five-day rally that pushed it higher by 6.33 per cent..The sector took a breather a day after the Reserve Bank of India (RBI) said the country's financial sector should brace for challenging times ahead with an increased risk of deterioration in asset quality and lower demand for loans..Financial shares had been catching up with the broader market's advance as foreign investors bet that a rebound in economic activity will benefit lenders..Meanwhile, share markets around the globe moved near record highs as investors bet on a strong economic recovery next year, with the upbeat mood pushing the safe-haven dollar to its lowest since April 2018..Asian shares hit a record peak and European equities rose, gaining for a sixth straight day, as AstraZeneca and Oxford University's coronavirus vaccine became the second to be approved by Britain, helping the FTSE 100 add as much as 0.20 per cent in early trade..MSCI's world stocks index remained upbeat, however, up 0.20 per cent and within touching distance of the record highs it had set on Tuesday. The index is up 14 per cent this year and nearly 70 per cent from its March lows..A new, more transmittable variant of the virus is spreading rapidly but European Union countries have also begun rolling out Pfizer and BioNTech's vaccine this week..The E-Mini S&P 500 futures traded 0.40 per cent higher, indicating a positive start for Wall Street on Wednesday, a day after the US markets retreated from an intraday record high..Senate Majority Leader Mitch McConnell had on Tuesday put off a vote on President Donald Trump's call to increase COVID-19 relief checks..Conviction that global monetary authorities will continue to pump liquidity into the banking system to support the pandemic-stricken economy underpin risk assets.

Sensex, Nifty Soar To Record Closing Highs As Markets Extend Rally

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